Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against Bybit−0.082%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.082%, 7d avg −0.085%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.085%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,347.6	0.0202	pay 0.0101% / 4h	1h 49m	$84.1M	$145.2M	150x
Short	Kraken Futures PF_XAUUSD	4,344	0.0270	get 0.0034% / 1h	49m 17s	$593K	$133K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.082%Rate

Funding earned: $14.27
Price spread: −0.082% → −0.085%: $0.29
Slippage, 4 orders: −$7.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$14.07
Costs to cover: 0.286%
Break-even: 13.9 days

Slippage from Bybit: live order book, 5 min ago; Kraken Futures: live order book, 14 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, 5 min ago	0.01 bp	5.5 bp −$6	7.3 bp −$73	13.9 bp −$1,394	35.6 bp −$17.8K
Sell Kraken Futures live order book, 14 min ago	2.06 bp	9.7 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit

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
Bluefin GOLD-PERP	−0.0050%	1h	4,342.1	−0.127%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0032%	1h	4,344.6	−0.068%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	+0.025%	$264.0M	$406.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.5	+0.090%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.115%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	0.000%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.5	−0.117%	$13.6M	$40.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.066%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,345.3	−0.052%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.040%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.2	+0.751%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.7	−0.020%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,345.2	−0.055%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.020%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.075%	$293.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.086%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,347.4	−0.004%	$70.0M	$330.5M	20x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.7	+0.003%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.2	−0.007%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.077%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.071%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	+0.008%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0108%	4h	4,346.5	−0.023%	$410.0M	$2.10B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0109%	1h	4,345.9	−0.038%	$4.3M	$1.9M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,346.9	−0.016%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,347	−0.014%	$370.7M	$316.3M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.043%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	+0.020%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	+0.006%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	−0.013%	$58K	$83K	10x	as long as short
Bybit XAUUSDTlong	+0.0202%	4h	4,347.6	long leg	$84.1M	$145.2M	150x
Bitget XAUUSDT	+0.0210%	4h	4,347	−0.014%	$69.6M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,347.8	+0.006%	$164.4M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0270%	1h	4,344	−0.082%	$593K	$133K	25x
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,345.1	−0.056%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0353%	4h	4,349.8	+0.052%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347	−0.013%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0593%	4h	4,353.1	+0.127%	$2.8M	$4.2M	75x	as long as short