Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h +0.008%

Price spread now: Deribit against OKX−0.048%46s7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$200.198% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.674%+$67 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.048%, 7d avg −0.133%

Together, before fees+0.761%+$76 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.084% dearer against OKX than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.133%): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 4 days funding on this pair paid +0.674%, so the current rate has only just turned against you. The two prices were read 46 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	OKX XAU-USDT-SWAP	4,348.4	0.0259	pay 0.0259% / 8h	5h 06m	$165.3M	$283.2M	100x
Short	Deribit GOLD_USDC-PERPETUAL	4,346.3	0.0141	get 0.0018% / 1h	6m 31s	$254K	$752K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$24.79
Price spread: −0.048% → −0.133%: $8.45
Slippage, 4 orders: −$2.76
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.11
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Deribit: live order book, 57 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 OKX live order book, 3 min ago	0.12 bp	5.1 bp −$5	5.4 bp −$54	7.1 bp −$713	16.2 bp −$8,092
Sell Deribit live order book, 57 min ago	0.12 bp	3.6 bp −$4	4.2 bp −$42	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
Gate XAU_USDT	0.0000%	4h	4,349.8	+0.033%	$264.3M	$417.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,353.4	+0.114%	$93K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.7	−0.130%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	−0.021%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.8	−0.105%	$13.4M	$38.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.046%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0039%	4h	4,347.4	−0.023%	$70.8M	$334.0M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.4	0.000%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0041%	24h	4,347.1	−0.030%	$4.1M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.3	+0.734%	—	$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	−0.032%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,346.8	−0.038%	$20.6M	$42.6M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.9	−0.103%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344	−0.101%	$293.7M	$48.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344.1	−0.098%	$15.1M	$56.8M	25x	as long as short
Variational Omni XAU	+0.0053%	4h	4,347.3	−0.025%	$48.5M	$27.8M	—	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,350.1	+0.039%	$1.4M	$2.9M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,348.9	+0.011%	$20.1M	$39.9M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,344.7	−0.085%	$33K	—	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,346.9	−0.035%	$370.9M	$320.5M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,346.7	−0.038%	$410.4M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0078%	8h	4,347.5	−0.021%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0081%	4h	4,345.3	−0.071%	$30.3M	$58.5M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,347	−0.031%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.096%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347	−0.032%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,346.3	−0.048%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,348.6	+0.005%	$47K	$77K	25x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0141%	1h	4,346.3	−0.048%	$254K	$752K	25x
Bullet GOLD-USD	+0.0192%	1h	4,347.1	−0.031%	$60K	$83K	10x	as long as short
Phemex XAUUSDT	+0.0193%	4h	4,351.3	+0.067%	$2.2M	$1.1M	100x	as long as short
Bybit XAUUSDT	+0.0207%	4h	4,348.1	−0.006%	$84.3M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0214%	4h	4,347.3	−0.025%	$70.2M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAPlong	+0.0259%	8h	4,348.4	long leg	$165.3M	$283.2M	100x
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344.8	−0.083%	$593K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0293%	4h	4,348.1	−0.006%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0405% / S −0.0219%	1h	4,348.2	−0.004%	$248K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0447%	1h	4,342.9	−0.127%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0587%	4h	4,355	+0.152%	$2.9M	$4.2M	75x	as long as short