Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.023%

Price spread now: GMX against Variational Omni+0.018%50s7-day average +0.017% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now +0.018%, 7d avg +0.017%

Together, before fees+0.112%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 50 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	Variational Omni XAU	4,349.5	0.0108	pay 0.0054% / 4h	2h 50m	$48.5M	$27.6M	—
Short	GMX GOLD/USD [ETH-USDC]	4,350.2	L +0.0427% / S −0.0252%	get 0.0032% / 1h	50m 39s	$251K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.018%Rate

Funding earned: $30.37
Price spread: +0.018% → +0.017%: $0.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $18.41
Costs to cover: 0.120%
Break-even: 2.8 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; GMX: no order-book sample. 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 Variational Omni RFQ quote, 4 min ago	1.55 bp	doesn't fit	1.6 bp −$16	4.2 bp −$422	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0115%	1h	4,344.4	−0.116%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,354.6	+0.117%	$93K	$8.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,346.4	−0.071%	$272K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,346.4	−0.070%	$13.2M	$37.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.022%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,351.4	+0.044%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,348.9	−0.013%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.7	+0.764%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,346.6	−0.066%	$33K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,346.7	−0.064%	$293.7M	$49.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,346.6	−0.066%	$15.1M	$56.7M	25x	as long as short
Kalshi KXGOLDPERP	+0.0054%	24h	4,348.7	−0.018%	$4.2M	$39.4M	15x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,350.9	+0.032%	$3.7M	$12.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,349.3	−0.005%	$20.7M	$30.3M	25x	as long as short
Bybit XAUUSDT	+0.0068%	4h	4,351.4	+0.045%	$80.2M	$151.7M	150x	as long as short
Paradex XAU-USD-PERP	+0.0071%	8h	4,350.2	+0.017%	$19K	$5K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,347	−0.057%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,351.9	+0.056%	$268.8M	$396.3M	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.5	−0.068%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,344.6	−0.112%	$274K	$203K	50x	as long as short
Aster XAUUSD1	+0.0107%	4h	4,350.4	+0.020%	$71.6M	$331.2M	20x	as long as short
Variational Omni XAUlong	+0.0108%	4h	4,349.5	long leg	$48.5M	$27.6M	—
Lighter RH XAU	+0.0112%	1h	4,351.8	+0.052%	$20.1M	$38.0M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,349.4	−0.002%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,350.2	+0.016%	$370.2M	$317.5M	1000x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0118%	1h	4,348.6	−0.020%	$203K	$826K	25x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,350.3	+0.019%	$419.5M	$2.09B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0126%	4h	4,346.5	−0.069%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0127%	1h	4,344.5	−0.114%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,342.6	−0.159%	$30.2M	$58.0M	50x	as long as short
Bullet GOLD-USD	+0.0166%	1h	4,350.3	+0.019%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0174%	1h	4,350.2	+0.017%	$4.3M	$2.0M	20x	as long as short
Phemex XAUUSDT	+0.0195%	4h	4,352.9	+0.078%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0246%	1h	4,347	−0.057%	$591K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0278%	4h	4,350.8	+0.030%	$71.5M	$108.3M	100x	as long as short
HTX XAU-USDT	+0.0307%	4h	4,351.8	+0.053%	$2.8M	$4.6M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0335%	8h	4,351.4	+0.044%	$168.0M	$282.3M	100x	as long as short
BloFin XAU-USDT	+0.0361%	4h	4,349.3	−0.005%	$15.8M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0427% / S −0.0252%	1h	4,350.2	+0.018%	$251K	—	111x