Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.026%

Price spread now: OKX against Kraken Futures+0.056%45s7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as 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−$260.264% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now +0.056%, 7d avg +0.087%

Together, before fees−0.187%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.031% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.087%). Swap the legs. The two prices were read 45 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	4,351.7	0.0269	pay 0.0034% / 1h	13m 35s	$593K	$139K	25x
Short	OKX XAU-USDT-SWAP	4,354.1	0.0239	get 0.0239% / 8h	6h 13m	$164.9M	$281.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$6.38
Price spread: +0.056% → +0.087%: −$3.11
Slippage, 4 orders: −$6.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$35.84
Costs to cover: 0.264%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 54 min ago; OKX: 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, 54 min ago	1.57 bp	7.1 bp −$7	14.2 bp −$142	49.8 bp −$4,979	doesn't fit
Sell OKX live order book, 5 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.6 bp −$656	12.8 bp −$6,386

XAU on 38 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
Gate XAU_USDT	0.0000%	4h	4,355.5	+0.088%	$263.4M	$414.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,358.7	+0.160%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,350.8	−0.021%	$269K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,351.2	−0.011%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.1	−0.037%	$13.5M	$41.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.029%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,352	+0.007%	$4.1M	$36.1M	15x	as long as short
Aster XAUUSD1	+0.0035%	4h	4,353.9	+0.050%	$70.4M	$300.7M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.7	+0.161%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.7	+0.805%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,351.4	−0.006%	$294.1M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349.7	−0.045%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353.6	+0.044%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,352.9	+0.027%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,355.4	+0.085%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,349.1	−0.059%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0076%	1h	4,352.2	+0.012%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.8	+0.049%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.100%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,351.4	−0.006%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	+0.022%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348	−0.085%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,353.9	+0.050%	$375.8M	$324.0M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,353.9	+0.050%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,353	+0.030%	$409.0M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,351.9	+0.005%	$30.3M	$60.0M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0120%	4h	4,355.1	+0.079%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.120%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,352.9	+0.028%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0168%	1h	4,354.6	+0.067%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,353.3	+0.038%	$83.7M	$144.2M	150x	as long as short
Bitget XAUUSDT	+0.0186%	4h	4,353	+0.030%	$69.5M	$109.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,353.7	+0.046%	$250K	$679K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0239%	8h	4,354.1	+0.056%	$164.9M	$281.6M	100x
Kraken Futures PF_XAUUSDlong	+0.0269%	1h	4,351.7	long leg	$593K	$139K	25x
Phemex XAUUSDT	+0.0373%	4h	4,357.9	+0.144%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,355	+0.076%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0557%	4h	4,359.9	+0.189%	$2.9M	$3.9M	75x	as long as short