Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h +0.009%

Price spread now: Bitget against Deribit+0.066%7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.632%−$63 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.066%, 7d avg +0.121%

Together, before fees−0.592%−$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.055% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.121%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,361.7	0.0117	pay 0.0015% / 1h	37m 52s	$235K	$735K	25x
Short	Bitget XAUUSDT	4,364.6	0	get 0.0000% / 4h	37m 52s	$66.9M	$111.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$24.56
Price spread: +0.066% → +0.121%: −$5.54
Slippage, 4 orders: −$5.26
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$54.37
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from Deribit: live order book, 41 min ago; Bitget: live order book, 1 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 Deribit live order book, 41 min ago	0.12 bp	8.6 bp −$9	9.9 bp −$99	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.01 bp	6.1 bp −$6	7.1 bp −$71	12.7 bp −$1,273	doesn't fit

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	−0.0240%	1h	4,358.7	−0.068%	$26K	$21K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,363.3	+0.037%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,364.4	+0.063%	$71.6M	$227.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,364.3	+0.059%	$407.2M	$2.11B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,364.9	+0.073%	$82.8M	$141.4M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,363.9	+0.051%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,365.1	+0.077%	$267.8M	$408.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,364.2	+0.057%	$376.7M	$321.8M	1000x	as long as short
Bitget XAUUSDTshort	0.0000%	4h	4,364.6	+0.066%	$66.9M	$111.3M	100x
Variational Omni XAU	0.0000%	4h	4,365.9	+0.096%	$48.5M	$30.6M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,366.2	+0.102%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,361	−0.016%	$4.0M	$35.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,368.2	+0.148%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,359.8	−0.044%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0008%	4h	4,360.9	−0.018%	$30.3M	$58.3M	50x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,360.3	−0.032%	$33K	—	25x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,363.2	+0.034%	$5.6M	$1.7M	20x	as long as short
Lighter XAU	+0.0032%	1h	4,363.7	+0.045%	$20.8M	$44.5M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,365.6	+0.089%	$20.2M	$41.7M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,360.7	−0.023%	$13.0M	$46.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.259%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,366.7	+0.115%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,397.8	+0.828%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,360.8	−0.021%	$293.6M	$52.1M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,360.2	−0.034%	$14.5M	$56.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,363.8	+0.048%	$19K	$6K	5x	as long as short
Bullet GOLD-USD	+0.0057%	1h	4,363.7	+0.046%	$60K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0078%	1h	4,363.1	+0.032%	$4.3M	$1.8M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,362.7	+0.022%	$162K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.9	−0.018%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,363.4	+0.038%	$277K	$204K	50x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0117%	1h	4,361.7	long leg	$235K	$735K	25x
HTX XAU-USDT	+0.0144%	4h	4,367.2	+0.126%	$2.8M	$3.8M	75x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,360.3	−0.032%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0155%	8h	4,364.8	+0.071%	$157.9M	$271.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0220%	1h	4,361	−0.015%	$602K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,365.2	+0.081%	$14.8M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0316%	4h	4,367.3	+0.128%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,363.6	+0.043%	$252K	—	111x	as long as short