Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0183%/8h= −20.1% APRpaid last 24h −0.025%

Price spread now: Bitget against Kraken Futures+0.071%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now +0.071%, 7d avg +0.073%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.106% in total (about -5.5% 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	Kraken Futures PF_XAUUSD	4,359.9	0.0225	pay 0.0028% / 1h	30m 51s	$595K	$150K	25x
Short	Bitget XAUUSDT	4,363	0.0042	get 0.0021% / 4h	3h 30m	$69.5M	$113.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$38.47
Price spread: +0.071% → +0.073%: −$0.14
Slippage, 4 orders: −$6.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$67.26
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 42 min ago; Bitget: live order book, 3 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 Kraken Futures live order book, 42 min ago	1.42 bp	9.3 bp −$9	15.3 bp −$153	50.3 bp −$5,029	doesn't fit
Sell Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	7.5 bp −$75	11.3 bp −$1,128	doesn't fit

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
Hotstuff GOLD-PERP	−0.0048%	1h	4,360	+0.002%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,362.8	+0.066%	$71.1M	$200.6M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,363.9	+0.090%	$265.6M	$414.6M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,362.5	+0.059%	$48.0M	$28.0M	—	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,360.1	+0.004%	$4.0M	$36.5M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,367.3	+0.169%	$93K	$10.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,359	−0.022%	$267K	—	250x	as long as short
MEXC XAU_USDT	+0.0010%	4h	4,362.8	+0.067%	$373.2M	$325.9M	1000x	as long as short
Binance XAUUSDT	+0.0012%	4h	4,362.8	+0.066%	$410.6M	$2.15B	100x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,359.4	−0.011%	$30.3M	$60.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.218%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,364.2	+0.098%	$3.8M	$4.7M	40x	as long as short
Bitget XAUUSDTshort	+0.0042%	4h	4,363	+0.071%	$69.5M	$113.3M	100x
QFEX GOLD-USD	+0.0045%	1h	4,362.8	+0.066%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,397	+0.850%	—	$1.0M	25x	as long as short
BloFin XAU-USDT	+0.0046%	4h	4,363.5	+0.081%	$15.5M	$4.5M	100x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,363	+0.071%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,359.7	−0.005%	$293.9M	$52.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358.2	−0.039%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,361.9	+0.045%	$48K	$64K	25x	as long as short
Lighter XAU	+0.0072%	1h	4,362	+0.048%	$20.6M	$43.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0079%	8h	4,362.9	+0.067%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,362.3	+0.054%	$162K	$87	10x	as long as short
Lighter RH XAU	+0.0096%	1h	4,364.4	+0.104%	$20.2M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,360.1	+0.004%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,359.8	−0.003%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,360.8	+0.019%	$275K	$204K	50x	as long as short
Bybit XAUUSDT	+0.0101%	4h	4,363.6	+0.085%	$83.0M	$143.7M	150x	as long as short
Extended XAU-USD	+0.0128%	1h	4,358.6	−0.030%	$13.5M	$44.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0129%	1h	4,362.4	+0.057%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,365.2	+0.122%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0193%	8h	4,364.3	+0.100%	$165.6M	$286.3M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,361.5	+0.036%	$235K	$656K	25x	as long as short
Bullet GOLD-USD	+0.0213%	1h	4,363.2	+0.075%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0225%	1h	4,359.9	long leg	$595K	$150K	25x
Bluefin GOLD-PERP	+0.0233%	1h	4,355.5	−0.101%	$26K	$22K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,363.2	+0.075%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0534%	4h	4,366.9	+0.159%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0625%	4h	4,366.3	+0.147%	$2.9M	$3.9M	75x	as long as short