Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.050%

Price spread now: GMX against BloFin+0.026%129s7-day average 0.000% · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.133%−$13 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.026%, 7d avg 0.000%

Together, before fees−0.165%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.026% dearer against BloFin than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of 0.000%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 3 days (−0.133% in total) that is about 16 hours. The two prices were read 129 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	BloFin XAU-USDT	4,322.4	0.0337	pay 0.0168% / 4h	1h 24m	$16.2M	$4.6M	100x
Short	GMX GOLD/USD [ETH-USDC]	4,323.5	L +0.0462% / S −0.0307%	get 0.0038% / 1h	24m 33s	$252K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$6.19
Price spread: +0.026% → 0.000%: $2.58
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$27.6
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 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 BloFin live order book, 4 min ago	0.16 bp	6.2 bp −$6	6.2 bp −$62	8.2 bp −$825	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	−0.0087%	1h	4,316.6	−0.134%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,327.2	+0.112%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.080%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0011%	4h	4,323.6	+0.028%	$77.3M	$154.9M	150x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,319	−0.078%	$32K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.649%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	+0.024%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	−0.008%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,355.3	+0.762%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319.1	−0.075%	$291.5M	$51.2M	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	4,318.2	−0.096%	$15.0M	$55.3M	25x	as long as short
Lighter XAU	+0.0064%	1h	4,321.8	−0.012%	$20.3M	$30.6M	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.7	+0.055%	$72.5M	$277.1M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.3	−0.047%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,321.8	−0.014%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0077%	24h	4,323.9	+0.036%	$3.8M	$43.7M	15x	as long as short
Extended XAU-USD	+0.0080%	1h	4,318.5	−0.088%	$12.9M	$37.0M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.1	+0.018%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.1	−0.005%	$47.3M	$28.9M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,322.8	+0.009%	$362.1M	$331.0M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,322.8	+0.010%	$417.2M	$2.12B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.6	−0.064%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,318.8	−0.082%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.058%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.1	−0.006%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0108%	4h	4,318.8	−0.083%	$30.0M	$59.5M	50x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,324.8	+0.057%	$281.2M	$418.6M	100x	as long as short
Lighter RH XAU	+0.0112%	1h	4,324.4	+0.048%	$19.8M	$38.9M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320	−0.055%	$584K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0178%	1h	4,323	+0.016%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.1	+0.063%	$4.2M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,323.4	+0.024%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,322.5	+0.003%	$67.7M	$117.9M	100x	as long as short
HTX XAU-USDT	+0.0254%	4h	4,328.5	+0.141%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0304%	8h	4,323.3	+0.022%	$171.8M	$298.0M	100x	as long as short
Phemex XAUUSDT	+0.0330%	4h	4,325.7	+0.078%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDTlong	+0.0337%	4h	4,322.4	long leg	$16.2M	$4.6M	100x
Deribit GOLD_USDC-PERPETUAL	+0.0352%	1h	4,321.8	−0.013%	$191K	$836K	25x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0462% / S −0.0307%	1h	4,323.5	+0.026%	$252K	—	111x