Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.052%

Price spread now: Bybit against Kraken Futures+0.058%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.198%−$20 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.058%, 7d avg +0.085%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.085%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAUUSD	4,344.7	0.0270	pay 0.0034% / 1h	4m 56s	$593K	$133K	25x
Short	Bybit XAUUSDT	4,347.3	0.0208	get 0.0104% / 4h	1h 04m	$84.4M	$145.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$12.89
Price spread: +0.058% → +0.085%: −$2.62
Slippage, 4 orders: −$8.13
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.64
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Bybit: live order book, 4 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, 58 min ago	2.06 bp	7.9 bp −$8	11.3 bp −$113	47.5 bp −$4,752	doesn't fit
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	6.5 bp −$65	10.9 bp −$1,089	33.1 bp −$16.6K

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
Gate XAU_USDT	0.0000%	4h	4,348.2	+0.079%	$265.3M	$417.4M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352	+0.167%	$92K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.5	−0.029%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.1	+0.056%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.1	−0.061%	$13.4M	$38.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.131%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0040%	4h	4,346.5	+0.040%	$70.8M	$334.0M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.4	+0.085%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0041%	24h	4,344.4	−0.007%	$4.1M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.3	+0.819%	—	$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
QFEX GOLD-USD	+0.0046%	1h	4,347.3	+0.059%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,345.1	+0.009%	$20.6M	$42.6M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343	−0.040%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,343.7	−0.023%	$293.7M	$48.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344	−0.016%	$15.1M	$56.8M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,350.1	+0.124%	$1.4M	$2.9M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,347.2	+0.058%	$20.1M	$39.9M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,346	+0.030%	$48.5M	$27.7M	—	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,344	−0.017%	$33K	—	25x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,346.2	+0.033%	$370.8M	$320.6M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,345.8	+0.026%	$410.3M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0078%	8h	4,347.6	+0.066%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0085%	4h	4,343.7	−0.024%	$30.2M	$58.5M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,346.8	+0.047%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,344	−0.017%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347	+0.052%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,346.8	+0.048%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,346	+0.029%	$47K	$77K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0187%	1h	4,345.3	+0.013%	$254K	$752K	25x	as long as short
Bullet GOLD-USD	+0.0192%	1h	4,347.4	+0.062%	$60K	$83K	10x	as long as short
Phemex XAUUSDT	+0.0201%	4h	4,349.9	+0.119%	$2.2M	$1.1M	100x	as long as short
Bybit XAUUSDTshort	+0.0208%	4h	4,347.3	+0.058%	$84.4M	$145.4M	150x
Bitget XAUUSDT	+0.0216%	4h	4,346.1	+0.032%	$70.2M	$109.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0260%	8h	4,347.6	+0.066%	$165.3M	$283.3M	100x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0270%	1h	4,344.7	long leg	$593K	$133K	25x
BloFin XAU-USDT	+0.0297%	4h	4,347.2	+0.057%	$15.7M	$4.6M	100x	as long as short
Bluefin GOLD-PERP	+0.0403%	1h	4,342.3	−0.056%	$25K	$14K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0405% / S −0.0220%	1h	4,347.4	+0.062%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0590%	4h	4,352.4	+0.178%	$2.9M	$4.2M	75x	as long as short