Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.030%

Price spread now: Lighter against OKX−0.049%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$120.117% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.049%, 7d avg −0.057%

Together, before fees+0.053%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XAU-USDT-SWAP	4,353.5	0.0164	pay 0.0164% / 8h	1h 48m	$158.5M	$268.4M	100x
Short	Lighter XAU	4,351.4	0.0032	get 0.0004% / 1h	48m 24s	$20.8M	$43.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$27.71
Price spread: −0.049% → −0.057%: $0.82
Slippage, 4 orders: −$1.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$38.57
Costs to cover: 0.117%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Lighter: live order book, 5 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, 6 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.2 bp −$622	17.6 bp −$8,797
Sell Lighter live order book, 5 min ago	0.44 bp	0.6 bp −$1	3.0 bp −$30	10.2 bp −$1,019	23.0 bp −$11.5K

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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,350.2	−0.076%	$600K	$160K	25x	as long as short
tradeXYZ xyz:GOLD	−0.0069%	1h	4,348.4	−0.117%	$292.8M	$53.5M	25x	as long as short
Hotstuff GOLD-PERP	−0.0008%	1h	4,347.8	−0.131%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,353.1	−0.009%	$71.3M	$238.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,352.7	−0.019%	$410.0M	$2.09B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,353.1	−0.008%	$82.5M	$141.8M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,353	−0.012%	$3.4M	$12.6M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,353.7	+0.005%	$271.1M	$406.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,352.9	−0.014%	$375.6M	$349.0M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,353.2	−0.006%	$67.3M	$110.8M	100x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XAU	0.0000%	4h	4,351.3	−0.050%	$47.9M	$32.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,352.5	−0.024%	$1.4M	$3.2M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,350.8	−0.062%	$3.9M	$33.9M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,356.7	+0.073%	$93K	$10.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.2	−0.098%	$267K	—	10x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,352	−0.034%	$5.5M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0014%	4h	4,346.6	−0.159%	$30.3M	$58.2M	50x	as long as short
HTX XAU-USDT	+0.0027%	4h	4,356.9	+0.079%	$2.8M	$3.8M	75x	as long as short
Lighter XAUshort	+0.0032%	1h	4,351.4	−0.049%	$20.8M	$43.3M	25x
Lighter RH XAU	+0.0032%	1h	4,353	−0.011%	$20.2M	$41.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.4	−0.095%	$13.0M	$49.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.071%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.4	−0.071%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.9	+0.767%	—	$995K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,351.6	−0.044%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349	−0.103%	$14.5M	$55.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,353.3	−0.004%	$19K	$6K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,351.9	−0.036%	$161K	$87	10x	as long as short
Bullet GOLD-USD	+0.0086%	1h	4,352.8	−0.016%	$59K	$84K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,349.7	−0.087%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.4	−0.141%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,392.7	+0.900%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,348.1	−0.124%	$47K	$65K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0118%	1h	4,351.4	−0.048%	$221K	$853K	25x	as long as short
OKX XAU-USDT-SWAPlong	+0.0164%	8h	4,353.5	long leg	$158.5M	$268.4M	100x
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,350.3	−0.074%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,352.7	−0.019%	$14.7M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0325%	4h	4,354.1	+0.014%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0450% / S −0.0246%	1h	4,352.8	−0.016%	$251K	—	29x	as long as short