Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.018%

Price spread now: Variational Omni against Lighter−0.030%7-day average +0.045% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.030%, 7d avg +0.045%

Together, before fees+0.036%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.075% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,348.6	0.0056	pay 0.0007% / 1h	10m 16s	$20.6M	$42.6M	25x
Short	Variational Omni XAU	4,347.3	0.0053	get 0.0026% / 4h	1h 10m	$48.5M	$27.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.030%Rate

Funding earned: −$0.67
Price spread: −0.030% → +0.045%: −$7.49
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.16
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 4 min ago	0.19 bp	0.2 bp $0	1.2 bp −$12	5.6 bp −$556	17.9 bp −$8,974
Sell Variational Omni RFQ quote, 4 min ago	1.55 bp	doesn't fit	1.6 bp −$16	2.4 bp −$240	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
Gate XAU_USDT	0.0000%	4h	4,351.1	+0.057%	$264.3M	$416.3M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,353.6	+0.116%	$93K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,345.7	−0.067%	$267K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,349	+0.010%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,345.7	−0.067%	$13.5M	$38.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.042%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0039%	4h	4,349.5	+0.021%	$70.6M	$334.1M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349	+0.009%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0040%	24h	4,348.3	−0.007%	$4.1M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.3	+0.775%	—	$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	4,347.4	−0.028%	$5.7M	$2.0M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.7	−0.090%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,346.8	−0.041%	$293.9M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345.8	−0.065%	$15.1M	$56.8M	25x	as long as short
Variational Omni XAUshort	+0.0053%	4h	4,347.3	−0.030%	$48.5M	$27.8M	—
GRVT XAU_USDT_Perp	+0.0054%	4h	4,350.6	+0.046%	$1.4M	$2.9M	25x	as long as short
Lighter XAUlong	+0.0056%	1h	4,348.6	long leg	$20.6M	$42.6M	25x
Lighter RH XAU	+0.0056%	1h	4,350.6	+0.046%	$20.1M	$39.9M	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,349.5	+0.020%	$372.1M	$319.9M	1000x	as long as short
Binance XAUUSDT	+0.0073%	4h	4,349.4	+0.019%	$410.4M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0078%	8h	4,349.2	+0.014%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0090%	4h	4,346.3	−0.054%	$30.3M	$58.4M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,348.4	−0.005%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,345.6	−0.070%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.5	−0.026%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,348.7	+0.002%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.4	+0.041%	$47K	$77K	25x	as long as short
Hotstuff GOLD-PERP	+0.0144%	1h	4,346.4	−0.051%	$33K	—	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0187%	1h	4,348	−0.014%	$254K	$752K	25x	as long as short
Bullet GOLD-USD	+0.0191%	1h	4,349.6	+0.023%	$60K	$83K	10x	as long as short
Phemex XAUUSDT	+0.0198%	4h	4,353.3	+0.108%	$2.2M	$1.1M	100x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,350.7	+0.047%	$84.4M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0214%	4h	4,349.4	+0.019%	$70.3M	$109.5M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0257%	8h	4,350.7	+0.048%	$165.4M	$283.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,346.8	−0.041%	$593K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0293%	4h	4,349.3	+0.015%	$15.6M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0404% / S −0.0218%	1h	4,349.4	+0.019%	$248K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0533%	1h	4,343.7	−0.112%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0580%	4h	4,354.5	+0.137%	$2.9M	$4.2M	75x	as long as short