Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.047%

Price spread now: Kraken Futures against MEXC−0.091%51s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as 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−$210.210% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.091%, 7d avg −0.064%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.028% cheaper against MEXC than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.064%). If the spread goes back, that is −$3 on $10k: about 16 hours of funding at the current rate (+$4 a day). The two prices were read 51 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	MEXC XAU_USDT	4,344.8	0.0118	pay 0.0059% / 4h	3h 07m	$370.8M	$321.3M	1000x
Short	Kraken Futures PF_XAUUSD	4,340.9	0.0259	get 0.0032% / 1h	7m 26s	$592K	$133K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now −0.091%Rate

Funding earned: $29.62
Price spread: −0.091% → −0.064%: −$2.76
Slippage, 4 orders: −$6.96
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $5.89
Costs to cover: 0.210%
Break-even: 5.6 days

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: live order book, 46 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 MEXC live order book, 2 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	3.9 bp −$395	23.7 bp −$11.8K
Sell Kraken Futures live order book, 46 min ago	2.36 bp	8.5 bp −$8	16.5 bp −$165	doesn't fit	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	−0.0002%	1h	4,337.5	−0.170%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,348.3	+0.080%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,340.9	−0.091%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,345.1	+0.007%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,340.9	−0.090%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.129%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,341.5	−0.077%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	+0.011%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,344.1	−0.017%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,377.4	+0.750%	—	$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
tradeXYZ xyz:GOLD	+0.0050%	1h	4,341.6	−0.074%	$293.7M	$49.1M	25x	as long as short
Bybit XAUUSDT	+0.0050%	4h	4,345.8	+0.023%	$80.0M	$152.0M	150x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.5	−0.076%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,341.7	−0.072%	$4.3M	$37.4M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,344	−0.020%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.7	−0.118%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,346.2	+0.031%	$268.5M	$418.8M	100x	as long as short
Paradex XAU-USD-PERP	+0.0065%	8h	4,344.7	−0.002%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0080%	1h	4,346.4	+0.037%	$20.2M	$40.1M	25x	as long as short
Aster XAUUSD1	+0.0096%	4h	4,346	+0.027%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,340.9	−0.090%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	−0.102%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,342.7	−0.050%	$48.4M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,343.1	−0.039%	$161K	$87	10x	as long as short
MEXC XAU_USDTlong	+0.0118%	4h	4,344.8	long leg	$370.8M	$321.3M	1000x
Binance XAUUSDT	+0.0120%	4h	4,344.9	0.000%	$418.7M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.110%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,342	−0.065%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,343.9	−0.022%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0204%	1h	4,344.6	−0.005%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,344.8	−0.001%	$59K	$82K	10x	as long as short
Phemex XAUUSDT	+0.0239%	4h	4,346.7	+0.043%	$2.2M	$967K	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,342.4	−0.056%	$204K	$826K	25x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0259%	1h	4,340.9	−0.091%	$592K	$133K	25x
Bitget XAUUSDT	+0.0274%	4h	4,345.5	+0.015%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0329%	8h	4,346	+0.027%	$167.2M	$282.9M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,344.5	−0.009%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,344.8	0.000%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0436%	4h	4,346.8	+0.045%	$2.8M	$4.6M	75x	as long as short