Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h −0.094%

Price spread now: Bybit against GMX−0.079%271s7-day average +0.012% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.323%−$32 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.079%, 7d avg +0.012%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.091% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.012%). Swap the legs. The two prices were read 271 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	GMX GOLD/USD [ETH-USDC]	4,332.8	L +0.0466% / S −0.0313%	pay 0.0058% / 1h	56m 51s	$256K	—	111x
Short	Bybit XAUUSDT	4,329.3	0.0140	get 0.0070% / 4h	2h 56m	$81.6M	$170.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$68.3
Price spread: −0.079% → +0.012%: −$9.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.39
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.01 bp	5.6 bp −$6	6.4 bp −$64	13.1 bp −$1,311	51.8 bp −$25.9K

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
SunX XAU-USDT	0.0000%	4h	4,333.7	+0.021%	$92K	$6.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,330.7	−0.048%	$275K	—	250x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0024%	1h	4,327.4	−0.124%	$2.0M	$5.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.407%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0038%	1h	4,328.4	−0.101%	$6.6M	$3.0M	20x	as long as short
Bluefin GOLD-PERP	+0.0039%	1h	4,323.5	−0.214%	$25K	$1K	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,332.7	−0.002%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,362.5	+0.686%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,326.4	−0.147%	$32K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,324.3	−0.195%	$292.1M	$55.5M	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	4,325.5	−0.167%	$15.1M	$57.3M	25x	as long as short
RISEx XAU/USDC	+0.0056%	1h	4,330.3	−0.056%	$4.6M	$13.6M	25x	as long as short
Paradex XAU-USD-PERP	+0.0058%	8h	4,328.9	−0.088%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,329.3	−0.080%	$74.4M	$273.0M	20x	as long as short
Extended XAU-USD	+0.0080%	1h	4,325.6	−0.166%	$12.7M	$35.8M	25x	as long as short
Variational Omni XAU	+0.0093%	4h	4,332	−0.018%	$47.2M	$30.1M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,333.5	+0.017%	$43K	$67K	25x	as long as short
Lighter RH XAU	+0.0096%	1h	4,329.2	−0.083%	$19.8M	$38.5M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,325.7	−0.163%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330	−0.064%	$284K	$232K	50x	as long as short
Gate XAU_USDT	+0.0102%	4h	4,330.4	−0.054%	$300.5M	$428.6M	100x	as long as short
Lighter XAU	+0.0104%	1h	4,326.8	−0.137%	$20.2M	$29.3M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,328.7	−0.093%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,329.1	−0.085%	$353.7M	$347.7M	1000x	as long as short
Binance XAUUSDT	+0.0115%	4h	4,328.2	−0.106%	$435.7M	$2.36B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,328.9	−0.089%	$4.3M	$1.7M	20x	as long as short
Kalshi KXGOLDPERP	+0.0120%	24h	4,332.4	−0.008%	$3.5M	$48.6M	15x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,330.2	−0.060%	$30.3M	$64.9M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,331.1	−0.037%	$1.4M	$3.0M	25x	as long as short
Bybit XAUUSDTshort	+0.0140%	4h	4,329.3	−0.079%	$81.6M	$170.1M	150x
Bullet GOLD-USD	+0.0180%	1h	4,329.4	−0.078%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0196%	4h	4,328.4	−0.102%	$72.0M	$132.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0212%	1h	4,327.6	−0.119%	$134K	$781K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0244%	8h	4,329.5	−0.075%	$171.2M	$355.2M	100x	as long as short
BloFin XAU-USDT	+0.0355%	4h	4,329.7	−0.071%	$16.2M	$5.5M	100x	as long as short
Phemex XAUUSDT	+0.0361%	4h	4,333.1	+0.007%	$2.2M	$961K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0411%	1h	4,326.6	−0.142%	$582K	$150K	25x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0466% / S −0.0313%	1h	4,332.8	long leg	$256K	—	111x
HTX XAU-USDT	+0.1112%	4h	4,337.3	+0.106%	$3.2M	$7.0M	75x	as long as short