Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.098%

Price spread now: BloFin against Lighter−0.016%90s7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.136% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.016%, 7d avg +0.053%

Together, before fees+0.421%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.069% cheaper against Lighter than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.053%). If the spread goes back, that is −$7 on $10k: about 28 hours of funding at the current rate (+$6 a day). The two prices were read 90 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	Lighter XAU	4,370.2	0.0040	pay 0.0005% / 1h	17m 40s	$20.7M	$44.9M	25x
Short	BloFin XAU-USDT	4,369.5	0.0240	get 0.0120% / 4h	17m 40s	$14.8M	$4.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.016%Rate

Funding earned: $42
Price spread: −0.016% → +0.053%: −$6.9
Slippage, 4 orders: −$1.6
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $21.5
Costs to cover: 0.136%
Break-even: 3.4 days

Slippage from Lighter: live order book, 6 min ago; BloFin: live order book, 6 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 Lighter live order book, 6 min ago	0.29 bp	0.4 bp $0	1.4 bp −$14	6.8 bp −$682	16.2 bp −$8,090
Sell BloFin live order book, 6 min ago	0.31 bp	6.3 bp −$6	6.4 bp −$64	7.2 bp −$715	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
Bluefin GOLD-PERP	−0.0223%	1h	4,366	−0.096%	$26K	$22K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,363.7	−0.149%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,372.9	+0.061%	$71.7M	$225.1M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,371.2	+0.024%	$410.6M	$2.14B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,371.5	+0.031%	$82.6M	$142.5M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,373.8	+0.084%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,372.3	+0.047%	$267.5M	$416.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,371.3	+0.025%	$375.5M	$324.0M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,371	+0.018%	$69.6M	$113.4M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,366.6	−0.083%	$48.5M	$30.2M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,364.9	−0.121%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,370.5	+0.007%	$4.0M	$36.2M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,378	+0.179%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,370.1	−0.001%	$268K	—	250x	as long as short
edgeX XAUUSDC	+0.0008%	4h	4,359.1	−0.255%	$30.3M	$58.8M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,372	+0.041%	$5.5M	$1.9M	20x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.452%	$619	$54	52x	as long as short
Lighter XAUlong	+0.0040%	1h	4,370.2	long leg	$20.7M	$44.9M	25x
StandX XAU-USD	+0.0040%	1h	4,369.2	−0.023%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,407.3	+0.849%	—	$1.0M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,372.9	+0.062%	$20.2M	$42.2M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,367.5	−0.062%	$294.0M	$52.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,367.6	−0.059%	$14.6M	$56.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0054%	8h	4,371	+0.019%	$19K	$5K	5x	as long as short
Extended XAU-USD	+0.0056%	1h	4,368.2	−0.046%	$13.1M	$45.5M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,369.6	−0.014%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,373.1	+0.066%	$162K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,367.8	−0.055%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,362.3	−0.181%	$277K	$204K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0102%	1h	4,373.2	+0.069%	$4.3M	$1.8M	20x	as long as short
Bullet GOLD-USD	+0.0106%	1h	4,373.6	+0.078%	$59K	$81K	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,370.1	−0.002%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0162%	8h	4,372.1	+0.044%	$158.6M	$275.4M	100x	as long as short
HTX XAU-USDT	+0.0174%	4h	4,378.5	+0.189%	$2.8M	$3.7M	75x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0208%	1h	4,372.1	+0.044%	$236K	$736K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0219%	1h	4,371.2	+0.022%	$603K	$136K	25x	as long as short
BloFin XAU-USDTshort	+0.0240%	4h	4,369.5	−0.016%	$14.8M	$4.5M	100x
Phemex XAUUSDT	+0.0308%	4h	4,372.3	+0.049%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,373.6	+0.078%	$252K	—	111x	as long as short