Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0226%/8h= −24.8% APRpaid last 24h −0.046%

Price spread now: MEXC against Kraken Futures+0.047%51s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.208% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.047%, 7d avg +0.064%

Together, before fees−0.295%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.064%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 51 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	Kraken Futures PF_XAUUSD	4,305.2	0.0328	pay 0.0041% / 1h	34m 18s	$573K	$138K	25x
Short	MEXC XAU_USDT	4,307.2	0.0102	get 0.0051% / 4h	3h 34m	$361.8M	$337.5M	1000x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$47.5
Price spread: +0.047% → +0.064%: −$1.7
Slippage, 4 orders: −$6.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$70
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; MEXC: live order book, 5 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 Kraken Futures live order book, 64 min ago	2.53 bp	8.4 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	7.0 bp −$697	22.3 bp −$11.1K

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
Hotstuff GOLD-PERP	−0.0032%	1h	4,305.5	+0.008%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,311.7	+0.152%	$92K	$6.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,303.6	−0.037%	$278K	—	250x	as long as short
GRVT XAU_USDT_Perp	+0.0012%	4h	4,308	+0.067%	$1.4M	$3.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.051%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,306.8	+0.038%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.7	+0.779%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,306	+0.019%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,304.5	−0.015%	$291.0M	$53.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,304.2	−0.022%	$4.3M	$1.8M	20x	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	4,302.7	−0.056%	$15.0M	$55.8M	25x	as long as short
Aster XAUUSD1	+0.0052%	4h	4,308.4	+0.075%	$73.4M	$271.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,303.9	−0.029%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,306.6	+0.033%	$2K	$13K	5x	as long as short
Extended XAU-USD	+0.0064%	1h	4,302.9	−0.052%	$13.1M	$36.2M	25x	as long as short
Lighter XAU	+0.0080%	1h	4,306.6	+0.033%	$20.3M	$28.9M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,305.9	+0.017%	$46.6M	$29.2M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,306.1	+0.022%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,303.3	−0.043%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,305.2	0.000%	$275K	$218K	50x	as long as short
MEXC XAU_USDTshort	+0.0102%	4h	4,307.2	+0.047%	$361.8M	$337.5M	1000x
Lighter RH XAU	+0.0104%	1h	4,308.6	+0.081%	$19.8M	$39.9M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,306.4	+0.029%	$159K	$87	10x	as long as short
Binance XAUUSDT	+0.0104%	4h	4,308	+0.065%	$434.2M	$2.22B	100x	as long as short
Kalshi KXGOLDPERP	+0.0109%	24h	4,309.8	+0.108%	$3.7M	$46.5M	15x	as long as short
edgeX XAUUSDC	+0.0111%	4h	4,306.8	+0.037%	$30.0M	$61.5M	50x	as long as short
Bybit XAUUSDT	+0.0119%	4h	4,310.6	+0.126%	$77.4M	$157.7M	150x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,306.7	+0.036%	$4.4M	$13.1M	25x	as long as short
Gate XAU_USDT	+0.0160%	4h	4,309.9	+0.111%	$297.1M	$427.0M	100x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,307.7	+0.059%	$70.4M	$125.2M	100x	as long as short
Bullet GOLD-USD	+0.0196%	1h	4,307.5	+0.054%	$58K	$81K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0238%	1h	4,307.7	+0.059%	$134K	$846K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,310.4	+0.122%	$171.2M	$330.4M	100x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0328%	1h	4,305.2	long leg	$573K	$138K	25x
BloFin XAU-USDT	+0.0369%	4h	4,307.1	+0.045%	$16.2M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0467% / S −0.0314%	1h	4,307.9	+0.064%	$255K	—	111x	as long as short
Phemex XAUUSDT	+0.0527%	4h	4,310	+0.113%	$2.2M	$955K	100x	as long as short
HTX XAU-USDT	+0.1118%	4h	4,315.8	+0.247%	$3.2M	$6.2M	75x	as long as short
Bluefin GOLD-PERP	+0.4125%	1h	4,306.6	+0.034%	$25K	$1K	20x	as long as short