Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.021%

Price spread now: GMX against GRVT−0.042%51s7-day average +0.007% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.112%+$11 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.042%, 7d avg +0.007%

Together, before fees+0.186%+ Points / potential airdropGRVT: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.049% cheaper against GRVT than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.007%). If the spread goes back, that is −$5 on $10k: about 26 hours of funding at the current rate (+$4 a day). The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XAU_USDT_Perp	4,351.1	0.0088	pay 0.0044% / 4h	17m 34s	$1.4M	$2.9M	25x
Short	GMX GOLD/USD [ETH-USDC]	4,349.3	L +0.0417% / S −0.0236%	get 0.0030% / 1h	17m 34s	$248K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GRVTbpFee GMXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $31.16
Price spread: −0.042% → +0.007%: −$4.88
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $5.28
Costs to cover: 0.210%
Break-even: 5.8 days

Slippage unknown: GRVT: live order book, 1 min ago; GMX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 1 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	802.2 bp −$80.2K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XAU on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx XAU/USDC	0.0000%	1h	4,349.2	−0.045%	$3.4M	$12.2M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,350.4	−0.016%	$265.1M	$415.9M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,353.4	+0.053%	$93K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,345.1	−0.138%	$272K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,346.5	−0.106%	$33K	—	25x	as long as short
Lighter XAU	+0.0032%	1h	4,348.1	−0.070%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,345.6	−0.127%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.016%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,350.3	−0.019%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.9	−0.028%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0041%	1h	4,348.7	−0.056%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.5	+0.721%	—	$1.0M	25x	as long as short
Kalshi KXGOLDPERP	+0.0047%	24h	4,348.1	−0.069%	$4.2M	$37.3M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.5	−0.106%	$2.0M	$4.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,346.8	−0.099%	$293.9M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345.7	−0.124%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,350.1	−0.023%	$71.2M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0077%	4h	4,349.2	−0.043%	$48.5M	$28.0M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,349	−0.048%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perplong	+0.0088%	4h	4,351.1	long leg	$1.4M	$2.9M	25x
Binance XAUUSDT	+0.0089%	4h	4,349.4	−0.039%	$413.4M	$2.09B	100x	as long as short
MEXC XAU_USDT	+0.0090%	4h	4,349.7	−0.033%	$372.1M	$318.7M	1000x	as long as short
Pacifica XAU	+0.0100%	1h	4,346	−0.118%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,348.9	−0.052%	$275K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,344.3	−0.156%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,348.8	−0.053%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,346.9	−0.096%	$30.3M	$58.2M	50x	as long as short
Phoenix GOLD	+0.0142%	1h	4,349	−0.049%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0157%	1h	4,349.2	−0.044%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0186%	1h	4,349.3	−0.042%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,346.3	−0.111%	$593K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0215%	4h	4,352.2	+0.024%	$2.2M	$967K	100x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,349.8	−0.030%	$70.1M	$109.3M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,347.7	−0.078%	$206K	$823K	25x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,350.8	−0.008%	$85.3M	$145.1M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0294%	8h	4,350.7	−0.010%	$165.5M	$282.5M	100x	as long as short
BloFin XAU-USDT	+0.0331%	4h	4,351.1	−0.001%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0417% / S −0.0236%	1h	4,349.3	−0.042%	$248K	—	111x
HTX XAU-USDT	+0.0623%	4h	4,354.6	+0.079%	$2.9M	$4.3M	75x	as long as short