Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.068%

Price spread now: Lighter against HTX−0.125%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.125%, 7d avg −0.095%

Together, before fees+0.059%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Lighter is 0.030% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XAU-USDT	4,345.8	0.0596	pay 0.0298% / 4h	3h 26m	$2.8M	$4.6M	75x
Short	Lighter XAU	4,340.3	0.0048	get 0.0006% / 1h	26m 18s	$20.7M	$34.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$115.02
Price spread: −0.125% → −0.095%: −$2.96
Slippage, 4 orders: −$2.56
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$132.53
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Lighter: live order book, 13 min ago.

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 HTX live order book, 3 min ago	0.01 bp	6.0 bp −$6	8.2 bp −$82	14.1 bp −$1,410	doesn't fit
Sell Lighter live order book, 13 min ago	0.43 bp	0.6 bp −$1	1.7 bp −$17	9.0 bp −$895	21.5 bp −$10.8K

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
SunX XAU-USDT	0.0000%	4h	4,345.4	−0.008%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.203%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,341.2	−0.105%	$3.8M	$12.4M	25x	as long as short
Bybit XAUUSDT	+0.0021%	4h	4,341.8	−0.090%	$79.9M	$152.3M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,336.9	−0.205%	$13.3M	$37.1M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.107%	$619	$54	52x	as long as short
Bluefin GOLD-PERP	+0.0035%	1h	4,335.5	−0.236%	$25K	$14K	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,342.3	−0.079%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,340.3	−0.125%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.7	+0.643%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAUshort	+0.0048%	1h	4,340.3	−0.125%	$20.7M	$34.6M	25x
tradeXYZ xyz:GOLD	+0.0050%	1h	4,337.8	−0.183%	$293.4M	$49.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,338.4	−0.170%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,339.3	−0.148%	$4.2M	$37.4M	15x	as long as short
Paradex XAU-USD-PERP	+0.0054%	8h	4,340.6	−0.119%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0056%	1h	4,342.4	−0.078%	$20.2M	$39.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.5	−0.144%	$2.1M	$4.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,337.9	−0.181%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,342.9	−0.066%	$268.9M	$416.7M	100x	as long as short
Aster XAUUSD1	+0.0091%	4h	4,342.9	−0.065%	$71.5M	$332.0M	20x	as long as short
Variational Omni XAU	+0.0100%	4h	4,341.1	−0.106%	$48.3M	$27.6M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337.8	−0.183%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,337.5	−0.189%	$274K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,340.5	−0.121%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,341.3	−0.103%	$370.9M	$320.0M	1000x	as long as short
Binance XAUUSDT	+0.0116%	4h	4,341.1	−0.107%	$417.7M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0122%	4h	4,337.8	−0.183%	$30.2M	$58.1M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,338.4	−0.169%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0204%	4h	4,341.8	−0.091%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0215%	1h	4,341.2	−0.105%	$4.3M	$1.9M	20x	as long as short
Bullet GOLD-USD	+0.0216%	1h	4,341.4	−0.101%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,339.3	−0.148%	$205K	$826K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.3	−0.171%	$592K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0259%	4h	4,344.5	−0.029%	$2.2M	$967K	100x	as long as short
Bitget XAUUSDT	+0.0262%	4h	4,341.8	−0.091%	$71.0M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0324%	8h	4,342.7	−0.070%	$167.0M	$281.8M	100x	as long as short
BloFin XAU-USDT	+0.0356%	4h	4,341.7	−0.093%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.3	−0.103%	$250K	—	111x	as long as short
HTX XAU-USDTlong	+0.0596%	4h	4,345.8	long leg	$2.8M	$4.6M	75x