Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0243%/8h= +26.6% APRpaid last 24h +0.027%

Price spread now: GMX against Bybit+0.080%7-day average −0.012% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.107%+$11 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.080%, 7d avg −0.012%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.092% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,307.2	0.0069	pay 0.0034% / 4h	7m 55s	$77.4M	$154.7M	150x
Short	GMX GOLD/USD [ETH-USDC]	4,310.7	L +0.0465% / S −0.0312%	get 0.0039% / 1h	7m 55s	$254K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.080%Rate

Funding earned: $50.98
Price spread: +0.080% → −0.012%: $9.16
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $37.13
Costs to cover: 0.230%
Break-even: 1.9 days

Slippage unknown: Bybit: live order book, 1 min ago; GMX: no order-book sample. 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 Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	6.2 bp −$62	9.7 bp −$965	32.6 bp −$16.3K
Sell GMX no order-book sample	—	—	—	—	—

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
Hotstuff GOLD-PERP	−0.0032%	1h	4,308.8	+0.037%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,313.8	+0.152%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,306.1	−0.026%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.003%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,309.3	+0.048%	$5.7M	$2.7M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.2	+0.835%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,306.2	−0.024%	$290.2M	$52.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,307.2	0.000%	$15.0M	$55.3M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,307.9	+0.016%	$72.8M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0063%	8h	4,310.9	+0.086%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin GOLD-PERP	+0.0063%	1h	4,305.1	−0.050%	$25K	$1K	20x	as long as short
Bybit XAUUSDTlong	+0.0069%	4h	4,307.2	long leg	$77.4M	$154.7M	150x
Lighter XAU	+0.0072%	1h	4,308.9	+0.039%	$20.2M	$30.2M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,306.4	−0.019%	$2.0M	$5.1M	25x	as long as short
Phoenix GOLD	+0.0096%	1h	4,313.9	+0.155%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0099%	24h	4,312.9	+0.132%	$3.7M	$45.2M	15x	as long as short
Variational Omni XAU	+0.0100%	4h	4,316.5	+0.215%	$47.1M	$29.0M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,307.8	+0.013%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,313.5	+0.146%	$272K	$209K	50x	as long as short
StandX XAU-USD	+0.0103%	1h	4,320	+0.297%	$3.8M	$4.5M	40x	as long as short
Lighter RH XAU	+0.0104%	1h	4,311.3	+0.094%	$19.9M	$40.1M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,303.9	−0.077%	$13.2M	$36.6M	25x	as long as short
Binance XAUUSDT	+0.0110%	4h	4,306.3	−0.021%	$428.5M	$2.15B	100x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,307.1	−0.002%	$359.0M	$338.6M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0112%	4h	4,316.1	+0.205%	$1.4M	$3.0M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,309.5	+0.052%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0116%	4h	4,308.1	+0.021%	$284.6M	$429.8M	100x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,313.1	+0.138%	$30.0M	$59.8M	50x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,305.9	−0.030%	$70.3M	$120.9M	100x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,310.7	+0.080%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0221%	1h	4,311.1	+0.090%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,307.5	+0.006%	$573K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0261%	1h	4,308.6	+0.032%	$136K	$864K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0264%	8h	4,306.6	−0.014%	$175.1M	$304.5M	100x	as long as short
BloFin XAU-USDT	+0.0350%	4h	4,312.8	+0.129%	$16.5M	$4.9M	100x	as long as short
Phemex XAUUSDT	+0.0432%	4h	4,313.4	+0.144%	$2.2M	$949K	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0465% / S −0.0312%	1h	4,310.7	+0.080%	$254K	—	111x
HTX XAU-USDT	+0.0537%	4h	4,318	+0.250%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,310.6	+0.078%	$4.5M	$13.1M	25x	as long as short