Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h −0.006%

Price spread now: OKX against Deribit+0.048%46s7-day average +0.134% · 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—prices read too far apart to compare

costs, in and out, $10k−$220.218% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.670%−$67 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now +0.048%, 7d avg +0.134%

Together, before fees−0.591%−$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.086% cheaper against Deribit than usual: you would sell low and buy high (spread +0.048% now, against its 7-day average of +0.134%). If the spread goes back, that is −$9 on $10k: about 4.6 days of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.670%, so the current rate has only just turned in your favour. The two prices were read 46 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	Deribit GOLD_USDC-PERPETUAL	4,353.7	0.0164	pay 0.0020% / 1h	37m 31s	$234K	$661K	25x
Short	OKX XAU-USDT-SWAP	4,355.8	0.0225	get 0.0225% / 8h	6h 37m	$164.9M	$284.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $12.89
Price spread: +0.048% → +0.134%: −$8.55
Slippage, 4 orders: −$4.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.43
Costs to cover: 0.218%
Break-even: 16.5 days

Slippage from Deribit: live order book, 31 min ago; OKX: live order book, 2 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, 31 min ago	0.12 bp	7.9 bp −$8	9.1 bp −$91	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	7.0 bp −$698	13.5 bp −$6,728

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	−0.0323%	1h	4,348.4	−0.121%	$25K	$14K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,354.9	+0.026%	$69.7M	$292.1M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,357.2	+0.079%	$263.1M	$407.9M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.9	+0.005%	$4.1M	$36.5M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,360	+0.145%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.4	−0.052%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.7	−0.046%	$13.6M	$43.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,352.8	−0.021%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.075%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,354.7	+0.023%	$20.6M	$43.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,356	+0.053%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,388.2	+0.792%	—	$1.0M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,357.1	+0.077%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,352.8	−0.021%	$294.0M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,352.7	−0.023%	$15.0M	$57.7M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,354.8	+0.025%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,353	−0.016%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0061%	4h	4,355.7	+0.046%	$48.3M	$28.4M	—	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.9	−0.064%	$2.0M	$5.0M	25x	as long as short
edgeX XAUUSDC	+0.0084%	4h	4,350.2	−0.080%	$30.3M	$60.6M	50x	as long as short
Paradex XAU-USD-PERP	+0.0084%	8h	4,355.6	+0.044%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0084%	4h	4,355.8	+0.047%	$372.3M	$321.6M	1000x	as long as short
Binance XAUUSDT	+0.0086%	4h	4,354	+0.006%	$409.2M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,352.4	−0.030%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.9	+0.004%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,354.4	+0.015%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,354.7	+0.023%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,355.3	+0.036%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0136%	4h	4,357.5	+0.087%	$1.4M	$2.9M	25x	as long as short
Bitget XAUUSDT	+0.0150%	4h	4,354.5	+0.019%	$69.2M	$109.7M	100x	as long as short
Bullet GOLD-USD	+0.0158%	1h	4,355.4	+0.039%	$59K	$83K	10x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0164%	1h	4,353.7	long leg	$234K	$661K	25x
Bybit XAUUSDT	+0.0185%	4h	4,355.2	+0.035%	$84.1M	$143.6M	150x	as long as short
OKX XAU-USDT-SWAPshort	+0.0225%	8h	4,355.8	+0.048%	$164.9M	$284.3M	100x
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,352.7	−0.024%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.255%	$15.5M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0368%	4h	4,359.7	+0.137%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,355.3	+0.037%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0527%	4h	4,359.5	+0.133%	$2.9M	$3.9M	75x	as long as short