Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.008%

Price spread now: Bybit against Polymarket Perps+0.029%47s7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as 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−$190.194% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 7 days+0.042%+$4 · spread now +0.029%, 7d avg +0.099%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.071% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.099%). Swap the legs. The two prices were read 47 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	Polymarket Perps GOLD-USD	4,355	0.0050	pay 0.0006% / 1h	25m 37s	$4.3M	$1.7M	20x
Short	Bybit XAUUSDT	4,356.3	0	get 0.0000% / 4h	1h 25m	$82.6M	$141.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$10.5
Price spread: +0.029% → +0.099%: −$7.08
Slippage, 4 orders: −$0.45
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$37.03
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bybit: 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 Polymarket Perps live order book, 3 min ago	0.12 bp	4.3 bp −$4	4.6 bp −$46	5.6 bp −$557	doesn't fit
Sell Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	13.7 bp −$1,370	37.8 bp −$18.9K

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	4,352.9	−0.049%	$600K	$141K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356.3	+0.029%	$71.4M	$234.3M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,355.4	+0.009%	$409.6M	$2.08B	100x	as long as short
Bybit XAUUSDTshort	0.0000%	4h	4,356.3	+0.029%	$82.6M	$141.2M	150x
RISEx XAU/USDC	0.0000%	1h	4,355.4	+0.009%	$3.5M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.9	+0.044%	$271.9M	$409.4M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,355.4	+0.008%	$376.8M	$351.8M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,355.6	+0.014%	$67.0M	$110.2M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,353.8	−0.027%	$48.0M	$31.7M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,355.7	+0.016%	$1.4M	$3.2M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,352.5	−0.057%	$4.0M	$34.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,359.2	+0.097%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.9	−0.071%	$267K	—	250x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,354.8	−0.005%	$5.6M	$1.9M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0010%	1h	4,350.9	−0.094%	$292.8M	$53.0M	25x	as long as short
edgeX XAUUSDC	+0.0016%	4h	4,350.8	−0.098%	$30.3M	$58.3M	50x	as long as short
Lighter XAU	+0.0032%	1h	4,354.6	−0.009%	$21.0M	$44.3M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,356.7	+0.038%	$20.2M	$42.0M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,352.1	−0.066%	$13.0M	$49.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.105%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,355.3	+0.007%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,389.5	+0.792%	—	$1.0M	25x	as long as short
Polymarket Perps GOLD-USDlong	+0.0050%	1h	4,355	long leg	$4.3M	$1.7M	20x
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.4	−0.082%	$14.4M	$55.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,354.9	−0.001%	$19K	$6K	5x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,350.5	−0.103%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,354.4	−0.013%	$161K	$87	10x	as long as short
HTX XAU-USDT	+0.0088%	4h	4,358.7	+0.086%	$2.8M	$3.8M	75x	as long as short
Bullet GOLD-USD	+0.0097%	1h	4,355.2	+0.005%	$60K	$85K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,352.2	−0.064%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	−0.039%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,389.1	+0.783%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,352.6	−0.055%	$48K	$65K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0156%	8h	4,356.4	+0.032%	$158.9M	$267.2M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,352.9	−0.048%	$2.0M	$5.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,354.5	−0.011%	$221K	$760K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,355.4	+0.010%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0318%	4h	4,358.4	+0.079%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,355.1	+0.003%	$251K	—	111x	as long as short