Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0193%/8h= +21.2% APRpaid last 24h +0.020%

Price spread now: GMX against Bybit−0.020%7-day average −0.012% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.020%, 7d avg −0.012%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,347.4	0.0059	pay 0.0030% / 4h	3h 03m	$80.0M	$152.1M	150x
Short	GMX GOLD/USD [ETH-USDC]	4,346.5	L +0.0428% / S −0.0252%	get 0.0032% / 1h	3m 10s	$250K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.020%Rate

Funding earned: $40.58
Price spread: −0.020% → −0.012%: −$0.87
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $16.71
Costs to cover: 0.230%
Break-even: 4.1 days

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	6.4 bp −$64	12.4 bp −$1,241	35.8 bp −$17.9K
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	−0.0015%	1h	4,339.2	−0.189%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.8	+0.079%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.113%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,345.9	−0.033%	$3.7M	$12.6M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.4	−0.114%	$13.2M	$37.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.070%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	−0.048%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,344.7	−0.062%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,379	+0.727%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,343.1	−0.098%	$293.8M	$49.1M	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	4,342.1	−0.122%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,344.6	−0.064%	$4.3M	$39.3M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,345.4	−0.046%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,343.1	−0.098%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0058%	4h	4,347.9	+0.013%	$268.6M	$419.5M	100x	as long as short
Bybit XAUUSDTlong	+0.0059%	4h	4,347.4	long leg	$80.0M	$152.1M	150x
Paradex XAU-USD-PERP	+0.0068%	8h	4,345.5	−0.044%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0088%	1h	4,348	+0.015%	$20.2M	$40.3M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,341.5	−0.135%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,341.7	−0.131%	$274K	$203K	50x	as long as short
Aster XAUUSD1	+0.0101%	4h	4,346.5	−0.020%	$71.5M	$331.5M	20x	as long as short
Variational Omni XAU	+0.0105%	4h	4,345.4	−0.047%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,344.6	−0.063%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0120%	4h	4,346.5	−0.020%	$370.6M	$322.2M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346.5	−0.021%	$418.7M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0121%	4h	4,342.4	−0.115%	$30.2M	$58.0M	50x	as long as short
Hotstuff GOLD-PERP	+0.0128%	1h	4,342.9	−0.103%	$33K	—	25x	as long as short
Phoenix GOLD	+0.0136%	1h	4,341.7	−0.131%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,346.6	−0.017%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0164%	1h	4,345.2	−0.050%	$204K	$827K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0202%	1h	4,346.2	−0.027%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0205%	1h	4,346.5	−0.020%	$59K	$82K	10x	as long as short
Phemex XAUUSDT	+0.0216%	4h	4,349.1	+0.039%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,343.2	−0.096%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0276%	4h	4,346.7	−0.016%	$71.1M	$108.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0331%	8h	4,347.3	−0.002%	$167.3M	$283.4M	100x	as long as short
BloFin XAU-USDT	+0.0362%	4h	4,346.5	−0.020%	$15.8M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0378%	4h	4,348.7	+0.029%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0428% / S −0.0252%	1h	4,346.5	−0.020%	$250K	—	111x