Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0256%/8h= +28.0% APRpaid last 24h +0.041%

Price spread now: OKX against Lighter+0.025%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 7 days−0.002%$0 · spread now +0.025%, 7d avg +0.059%

Together, before fees−0.014%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.033% cheaper against Lighter than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.059%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.012% 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	4,322.6	0.0056	pay 0.0007% / 1h	40m 46s	$20.3M	$30.4M	25x
Short	OKX XAU-USDT-SWAP	4,323.7	0.0312	get 0.0312% / 8h	1h 40m	$170.6M	$297.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.025%Rate

Funding earned: $53.73
Price spread: +0.025% → +0.059%: −$3.34
Slippage, 4 orders: −$2.13
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $38.25
Costs to cover: 0.121%
Break-even: 2.0 days

Slippage from Lighter: live order book, 8 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 Lighter live order book, 8 min ago	0.53 bp	1.0 bp −$1	1.9 bp −$19	7.4 bp −$737	19.5 bp −$9,731
Sell OKX live order book, 3 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	5.9 bp −$589	12.0 bp −$5,998

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	−0.0116%	1h	4,317.3	−0.122%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,327.4	+0.111%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,320.1	−0.059%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0007%	4h	4,323.7	+0.025%	$77.3M	$156.0M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,319.3	−0.077%	$13.2M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.643%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,325.2	+0.060%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322.3	−0.007%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356	+0.772%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.1	−0.058%	$291.5M	$51.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319.5	−0.071%	$15.0M	$55.6M	25x	as long as short
Lighter XAUlong	+0.0056%	1h	4,322.6	long leg	$20.3M	$30.4M	25x
Hotstuff GOLD-PERP	+0.0072%	1h	4,320.2	−0.056%	$32K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320	−0.060%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0072%	24h	4,325	+0.055%	$3.8M	$43.4M	15x	as long as short
Aster XAUUSD1	+0.0073%	4h	4,324.7	+0.047%	$72.5M	$298.7M	20x	as long as short
Paradex XAU-USD-PERP	+0.0073%	8h	4,323.5	+0.021%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.4	+0.019%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0088%	4h	4,324.8	+0.050%	$281.8M	$413.6M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	+0.006%	$47.4M	$29.0M	—	as long as short
Lighter RH XAU	+0.0096%	1h	4,325.2	+0.060%	$19.8M	$38.5M	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,323	+0.008%	$362.5M	$328.6M	1000x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,322.8	+0.005%	$415.6M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	−0.037%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.7	−0.068%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.4	−0.052%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.4	−0.005%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,318.5	−0.096%	$30.0M	$61.4M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320.3	−0.053%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0181%	1h	4,323.5	+0.021%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.9	+0.075%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,323.8	+0.028%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0220%	4h	4,327.2	+0.106%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,322.9	+0.006%	$68.0M	$119.0M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0282%	1h	4,322.7	+0.002%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0312%	8h	4,323.7	+0.025%	$170.6M	$297.5M	100x
BloFin XAU-USDT	+0.0339%	4h	4,323.3	+0.016%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0375%	4h	4,326.2	+0.084%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,323.6	+0.024%	$252K	—	111x	as long as short