Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.037%

Price spread now: Deribit against Bybit−0.088%45s7-day average −0.132% · 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−$210.206% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.685%+$68 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now −0.088%, 7d avg −0.132%

Together, before fees+0.630%+$63 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.044% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.132%. The two prices were read 45 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	Bybit XAUUSDT	4,348.9	0.0202	pay 0.0101% / 4h	1h 48m	$84.3M	$145.1M	150x
Short	Deribit GOLD_USDC-PERPETUAL	4,345.1	0.0280	get 0.0035% / 1h	48m 35s	$259K	$703K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.088%Rate

Funding earned: $16.34
Price spread: −0.088% → −0.132%: $4.42
Slippage, 4 orders: −$2.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $0.2
Costs to cover: 0.206%
Break-even: 6.9 days

Slippage from Bybit: live order book, 6 min ago; Deribit: live order book, 15 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 Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	7.3 bp −$73	13.9 bp −$1,394	35.6 bp −$17.8K
Sell Deribit live order book, 15 min ago	0.12 bp	3.6 bp −$4	4.2 bp −$42	doesn't fit	doesn't fit

XAU on 38 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	−0.0050%	1h	4,342.1	−0.158%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0040%	1h	4,344.6	−0.099%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	−0.008%	$264.3M	$406.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.5	+0.059%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.146%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.1	−0.041%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.8	−0.141%	$13.6M	$40.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.035%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,345.3	−0.083%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.009%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.5	+0.726%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,347.1	−0.042%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.051%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.6	−0.099%	$293.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.7	−0.120%	$15.1M	$57.7M	25x	as long as short
Aster XAUUSD1	+0.0053%	4h	4,348.4	−0.012%	$70.0M	$331.2M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,345.6	−0.077%	$20.6M	$41.9M	25x	as long as short
Lighter RH XAU	+0.0080%	1h	4,348.2	−0.016%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347	−0.044%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.8	−0.118%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.040%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.024%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0104%	4h	4,347.6	−0.030%	$410.1M	$2.10B	100x	as long as short
MEXC XAU_USDT	+0.0108%	4h	4,347.5	−0.034%	$371.4M	$316.4M	1000x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,346.9	−0.047%	$161K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0114%	1h	4,346.8	−0.049%	$4.3M	$1.9M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.012%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.011%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	−0.026%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	−0.045%	$58K	$83K	10x	as long as short
Bybit XAUUSDTlong	+0.0202%	4h	4,348.9	long leg	$84.3M	$145.1M	150x
Bitget XAUUSDT	+0.0210%	4h	4,347.4	−0.034%	$69.6M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,348.6	−0.007%	$164.4M	$282.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344	−0.113%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0280%	1h	4,345.1	−0.088%	$259K	$703K	25x
Phemex XAUUSDT	+0.0353%	4h	4,349.8	+0.020%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347	−0.045%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0593%	4h	4,353.1	+0.096%	$2.8M	$4.2M	75x	as long as short