Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0151%/8h= +16.5% APRpaid last 24h +0.019%

Price spread now: Bybit against Ondo Perps+0.108%7-day average +0.154% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days+0.157%+$16 · spread now +0.108%, 7d avg +0.154%

Together, before fees+0.210%+ Points / potential airdropOndo Perps: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.045% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.108% now, against its 7-day average of +0.154%). If the spread goes back, that is −$5 on $10k: about 24 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.054% in total) that is about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XAU-USD.P	4,343.8	0.0050	pay 0.0006% / 1h	46m 09s	$15.1M	$57.7M	25x
Short	Bybit XAUUSDT	4,348.5	0.0201	get 0.0101% / 4h	1h 46m	$84.4M	$145.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.108%Rate

Funding earned: $31.64
Price spread: +0.108% → +0.154%: −$4.52
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $11.12
Costs to cover: 0.160%
Break-even: 4.5 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	6.4 bp −$64	10.6 bp −$1,059	29.4 bp −$14.7K

Ondo Perps: 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
Hotstuff GOLD-PERP	−0.0016%	1h	4,344.4	+0.014%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.9	+0.117%	$264.7M	$407.3M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.7	+0.183%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.7	−0.025%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.2	+0.079%	$3.4M	$12.4M	25x	as long as short
Bluefin GOLD-PERP	+0.0012%	1h	4,341.9	−0.043%	$25K	$14K	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.6	−0.026%	$13.6M	$39.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.153%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,344.5	+0.017%	$4.2M	$36.4M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.3	+0.104%	$3.8M	$4.6M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.1	+0.836%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.8	+0.070%	$5.6M	$1.9M	20x	as long as short
Aster XAUUSD1	+0.0047%	4h	4,348	+0.096%	$70.0M	$331.4M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.1	+0.007%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.6	+0.019%	$293.3M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.Plong	+0.0050%	1h	4,343.8	long leg	$15.1M	$57.7M	25x
Lighter XAU	+0.0056%	1h	4,345.7	+0.045%	$20.6M	$41.9M	25x	as long as short
Lighter RH XAU	+0.0080%	1h	4,348.3	+0.105%	$20.1M	$39.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,346.7	+0.067%	$19K	$5K	5x	as long as short
Binance XAUUSDT	+0.0098%	4h	4,347.3	+0.081%	$411.2M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.1	+0.007%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,347.3	+0.080%	$371.2M	$316.6M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,344	+0.005%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	+0.094%	$48.3M	$27.9M	—	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.6	+0.064%	$161K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.130%	$1.4M	$3.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0118%	1h	4,346.4	+0.060%	$4.3M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,342.6	−0.028%	$30.2M	$58.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	+0.093%	$47K	$77K	25x	as long as short
Bybit XAUUSDTshort	+0.0201%	4h	4,348.5	+0.108%	$84.4M	$145.1M	150x
Bitget XAUUSDT	+0.0208%	4h	4,347.5	+0.086%	$69.6M	$109.3M	100x	as long as short
Bullet GOLD-USD	+0.0210%	1h	4,347.4	+0.083%	$58K	$83K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0248%	8h	4,347.9	+0.095%	$164.3M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,343.9	+0.002%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0349%	1h	4,345.5	+0.040%	$259K	$704K	25x	as long as short
Phemex XAUUSDT	+0.0353%	4h	4,350.2	+0.148%	$2.2M	$1.1M	100x	as long as short
BloFin XAU-USDT	+0.0366%	4h	4,347.8	+0.093%	—	$4.7M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0209%	1h	4,347.4	+0.083%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0574%	4h	4,353	+0.212%	$2.8M	$4.2M	75x	as long as short