Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.019%

Price spread now: OKX against Kraken Futures+0.078%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

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

costs, in and out, $10k−$280.283% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)−0.025%−$2 · spread now +0.078%, 7d avg +0.087%

Together, before fees−0.224%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.087%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.199%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAUUSD	4,329.8	0.0247	pay 0.0031% / 1h	26m 19s	$590K	$130K	25x
Short	OKX XAU-USDT-SWAP	4,333.2	0.0338	get 0.0338% / 8h	2h 26m	$170.2M	$292.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.078%Rate

Funding earned: $18.97
Price spread: +0.078% → +0.087%: −$0.95
Slippage, 4 orders: −$8.34
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$10.31
Costs to cover: 0.283%
Break-even: 10.8 days

Slippage from Kraken Futures: live order book, 22 min ago; OKX: 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, 22 min ago	2.90 bp	8.7 bp −$9	15.9 bp −$159	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.6 bp −$661	12.8 bp −$6,395

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	−0.0056%	1h	4,328.7	−0.026%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0002%	1h	4,325.7	−0.095%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,336.7	+0.158%	$92K	$8.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,328.7	−0.026%	$271K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,329.1	−0.018%	$13.2M	$37.1M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.476%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,329.8	−0.001%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,331.2	+0.032%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,365.5	+0.824%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,331.6	+0.041%	$20.7M	$31.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329.6	−0.005%	$292.5M	$50.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,329.7	−0.003%	$15.0M	$56.7M	25x	as long as short
Bybit XAUUSDT	+0.0051%	4h	4,333.4	+0.083%	$78.7M	$155.0M	150x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,333.2	+0.078%	$3.7M	$12.2M	25x	as long as short
Kalshi KXGOLDPERP	+0.0058%	24h	4,330.7	+0.020%	$4.0M	$40.9M	15x	as long as short
Gate XAU_USDT	+0.0066%	4h	4,334.5	+0.107%	$273.1M	$406.8M	100x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,332.5	+0.062%	$19K	$5K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,329.8	−0.001%	$2.1M	$4.7M	25x	as long as short
Lighter RH XAU	+0.0088%	1h	4,333.5	+0.084%	$19.9M	$38.7M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,328.5	−0.031%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,328.1	−0.040%	$275K	$204K	50x	as long as short
Aster XAUUSD1	+0.0109%	4h	4,333.8	+0.092%	$71.6M	$332.2M	20x	as long as short
Variational Omni XAU	+0.0111%	4h	4,333.1	+0.077%	$48.3M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,332.2	+0.054%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,333.2	+0.078%	$363.7M	$324.2M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,332.7	+0.066%	$414.2M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0122%	4h	4,329.6	−0.006%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0127%	1h	4,327.2	−0.061%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0130%	4h	4,331.5	+0.040%	$30.1M	$59.0M	50x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,333	+0.074%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0171%	1h	4,333	+0.073%	$4.2M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0247%	1h	4,329.8	long leg	$590K	$130K	25x
HTX XAU-USDT	+0.0257%	4h	4,336.4	+0.152%	$2.8M	$4.8M	75x	as long as short
Bitget XAUUSDT	+0.0278%	4h	4,332.6	+0.063%	$73.6M	$113.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0281%	1h	4,331.8	+0.046%	$199K	$825K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0338%	8h	4,333.2	+0.078%	$170.2M	$292.2M	100x
BloFin XAU-USDT	+0.0362%	4h	4,330.9	+0.026%	$16.1M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0399%	4h	4,336.8	+0.161%	$2.2M	$960K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0451% / S −0.0288%	1h	4,332.9	+0.071%	$250K	—	111x	as long as short