Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.068%

Price spread now: HTX against Lighter+0.111%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.111%, 7d avg +0.095%

Together, before fees−0.060%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.095%, so right now this pair is about funding alone: +$6 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 -0.011% 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	Lighter XAU	4,331.6	0.0048	pay 0.0006% / 1h	26m 01s	$20.7M	$31.0M	25x
Short	HTX XAU-USDT	4,336.4	0.0257	get 0.0128% / 4h	2h 26m	$2.8M	$4.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.111%Rate

Funding earned: $43.83
Price spread: +0.111% → +0.095%: $1.57
Slippage, 4 orders: −$6.94
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $26.46
Costs to cover: 0.189%
Break-even: 2.8 days

Slippage from Lighter: live order book, 8 min ago; HTX: 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 Lighter live order book, 8 min ago	0.29 bp	0.4 bp $0	1.3 bp −$13	6.5 bp −$649	18.5 bp −$9,225
Sell HTX live order book, 3 min ago	0.01 bp	7.5 bp −$7	11.7 bp −$117	13.5 bp −$1,351	26.1 bp −$13.0K

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	−0.067%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0002%	1h	4,325.7	−0.136%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,336.7	+0.117%	$92K	$8.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,328.7	−0.067%	$271K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,329.8	−0.042%	$13.2M	$37.1M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.434%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,329.8	−0.042%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,331.2	−0.009%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,365.5	+0.783%	—	$1.0M	25x	as long as short
Lighter XAUlong	+0.0048%	1h	4,331.6	long leg	$20.7M	$31.0M	25x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329.5	−0.048%	$292.5M	$50.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,329.7	−0.044%	$15.0M	$56.7M	25x	as long as short
Bybit XAUUSDT	+0.0051%	4h	4,334.6	+0.070%	$78.7M	$154.9M	150x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,333.2	+0.037%	$3.7M	$12.2M	25x	as long as short
Kalshi KXGOLDPERP	+0.0058%	24h	4,332.8	+0.028%	$4.0M	$40.9M	15x	as long as short
Gate XAU_USDT	+0.0066%	4h	4,334.8	+0.075%	$273.1M	$407.0M	100x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,332.5	+0.021%	$19K	$5K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,329.8	−0.042%	$2.1M	$4.7M	25x	as long as short
Lighter RH XAU	+0.0088%	1h	4,333.9	+0.054%	$19.9M	$38.7M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,328.5	−0.072%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,328.1	−0.081%	$275K	$204K	50x	as long as short
Aster XAUUSD1	+0.0109%	4h	4,336.1	+0.104%	$71.6M	$332.2M	20x	as long as short
Variational Omni XAU	+0.0111%	4h	4,332	+0.009%	$48.3M	$27.4M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,332.2	+0.013%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,333.3	+0.038%	$363.7M	$324.3M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,335	+0.078%	$414.4M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0122%	4h	4,329.6	−0.047%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0127%	1h	4,327.2	−0.102%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0130%	4h	4,331.5	−0.001%	$30.1M	$59.0M	50x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,333	+0.033%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0171%	1h	4,333	+0.032%	$4.2M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,329.8	−0.041%	$590K	$130K	25x	as long as short
HTX XAU-USDTshort	+0.0257%	4h	4,336.4	+0.111%	$2.8M	$4.8M	75x
Bitget XAUUSDT	+0.0278%	4h	4,334	+0.056%	$73.6M	$113.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0281%	1h	4,331.8	+0.005%	$199K	$825K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0338%	8h	4,334.3	+0.062%	$170.2M	$292.3M	100x	as long as short
BloFin XAU-USDT	+0.0362%	4h	4,330.9	−0.015%	$16.1M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0399%	4h	4,336.8	+0.120%	$2.2M	$960K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0451% / S −0.0288%	1h	4,332.9	+0.030%	$250K	—	111x	as long as short