Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.081%

Price spread now: Variational Omni against GMX−0.026%50s7-day average −0.017% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.328%−$33 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.026%, 7d avg −0.017%

Together, before fees−0.325%+ Points / potential airdropVariational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. The two prices were read 50 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]	4,326	L +0.0463% / S −0.0307%	pay 0.0058% / 1h	34m 27s	$253K	—	111x
Short	Variational Omni XAU	4,324.9	0.0089	get 0.0045% / 4h	34m 27s	$47.2M	$29.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.026%Rate

Funding earned: −$78.34
Price spread: −0.026% → −0.017%: −$0.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$91.28
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	1.54 bp	doesn't fit	1.8 bp −$18	3.9 bp −$392	doesn't fit

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	−0.0105%	1h	4,320.7	−0.124%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERP	−0.0096%	1h	4,322.4	−0.084%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,330.3	+0.099%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,322.7	−0.076%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.564%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.2	+0.027%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,324.6	−0.033%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,358.4	+0.748%	—	$1.0M	25x	as long as short
Bybit XAUUSDT	+0.0049%	4h	4,327.9	+0.042%	$77.6M	$153.2M	150x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,323	−0.070%	$291.8M	$51.5M	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	4,321.5	−0.106%	$15.0M	$55.6M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,327.4	+0.032%	$72.9M	$272.0M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,324.9	−0.025%	$20.3M	$29.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,325.1	−0.021%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.9	−0.072%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAUshort	+0.0089%	4h	4,324.9	−0.026%	$47.2M	$29.3M	—
Kalshi KXGOLDPERP	+0.0092%	24h	4,327.3	+0.029%	$3.8M	$44.6M	15x	as long as short
Phoenix GOLD	+0.0096%	1h	4,323.8	−0.052%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,326.2	+0.003%	$364.0M	$327.3M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,326.6	+0.013%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,326.8	+0.018%	$425.3M	$2.13B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.4	−0.084%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,324.5	−0.036%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,324.9	−0.026%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0106%	4h	4,328.5	+0.057%	$285.1M	$415.9M	100x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,323.1	−0.068%	$30.1M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,327.6	+0.036%	$20.0M	$39.1M	25x	as long as short
Extended XAU-USD	+0.0128%	1h	4,321.8	−0.097%	$13.2M	$36.8M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,326.1	+0.002%	$70.2M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0204%	1h	4,326	0.000%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,326.2	+0.004%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,323	−0.070%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,324.2	−0.042%	$163K	$870K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0276%	8h	4,326.8	+0.018%	$173.8M	$299.3M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,325.8	−0.006%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0362%	4h	4,328.9	+0.067%	$2.2M	$975K	100x	as long as short
HTX XAU-USDT	+0.0411%	4h	4,331.9	+0.135%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0463% / S −0.0307%	1h	4,326	long leg	$253K	—	111x
RISEx XAU/USDC	+0.0643%	1h	4,326.1	+0.002%	$4.6M	$13.3M	25x	as long as short