Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0370%/8h= +40.5% APRpaid last 24h +0.042%

Price spread now: Deribit against Bybit−0.055%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.688%+$69 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now −0.055%, 7d avg −0.129%

Together, before fees+0.621%+$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.074% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.129%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,321.9	0.0006	pay 0.0003% / 4h	1h 50m	$77.4M	$157.4M	150x
Short	Deribit GOLD_USDC-PERPETUAL	4,319.5	0.0375	get 0.0047% / 1h	50m 59s	$193K	$830K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.055%Rate

Funding earned: $77.66
Price spread: −0.055% → −0.129%: $7.38
Slippage, 4 orders: −$4.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $62.16
Costs to cover: 0.229%
Break-even: 1.4 days

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 58 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 Bybit live order book, 3 min ago	0.01 bp	5.6 bp −$6	7.0 bp −$70	10.4 bp −$1,038	31.1 bp −$15.6K
Sell Deribit live order book, 58 min ago	0.12 bp	3.6 bp −$4	4.6 bp −$46	doesn't fit	doesn't fit

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	−0.0037%	1h	4,314.2	−0.178%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,324.4	+0.057%	$92K	$8.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,316.4	−0.128%	$270K	—	250x	as long as short
Bybit XAUUSDTlong	+0.0006%	4h	4,321.9	long leg	$77.4M	$157.4M	150x
Extended XAU-USD	+0.0032%	1h	4,316.8	−0.117%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.660%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,325	+0.072%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,319.4	−0.057%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.3	+0.727%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,317.8	−0.094%	$291.3M	$51.7M	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	4,316.4	−0.126%	$15.0M	$55.9M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,319.7	−0.051%	$20.3M	$30.2M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,319.8	−0.048%	$32K	—	25x	as long as short
Kalshi KXGOLDPERP	+0.0069%	24h	4,321.9	0.000%	$3.9M	$43.0M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.1	−0.087%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,320.1	−0.042%	$19K	$5K	5x	as long as short
Gate XAU_USDT	+0.0078%	4h	4,322.9	+0.023%	$273.8M	$407.8M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323.7	+0.043%	$1.4M	$3.0M	25x	as long as short
Aster XAUUSD1	+0.0080%	4h	4,321.2	−0.015%	$72.4M	$314.0M	20x	as long as short
Variational Omni XAU	+0.0089%	4h	4,326.3	+0.102%	$47.1M	$29.2M	—	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,320.8	−0.025%	$361.1M	$325.5M	1000x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,320.8	−0.025%	$413.2M	$2.13B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,320.2	−0.039%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,316.2	−0.132%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.048%	$272K	$208K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,322	+0.003%	$19.8M	$38.3M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,319.6	−0.052%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,319.3	−0.060%	$30.1M	$60.8M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,317.2	−0.109%	$588K	$130K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,321.8	−0.002%	$4.2M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0200%	1h	4,320.5	−0.031%	$59K	$81K	10x	as long as short
HTX XAU-USDT	+0.0213%	4h	4,322.7	+0.019%	$2.8M	$5.0M	75x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,320.2	−0.039%	$4.2M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0236%	4h	4,321.3	−0.013%	$67.9M	$119.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0316%	8h	4,321.7	−0.004%	$170.2M	$296.4M	100x	as long as short
BloFin XAU-USDT	+0.0340%	4h	4,322.3	+0.009%	$16.1M	$4.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0375%	1h	4,319.5	−0.055%	$193K	$830K	25x
Phemex XAUUSDT	+0.0418%	4h	4,323.4	+0.034%	$2.2M	$962K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,320.5	−0.031%	$252K	—	111x	as long as short