Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.012%

Price spread now: Lighter against Bybit−0.077%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$120.125% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.077%, 7d avg −0.069%

Together, before fees+0.068%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: −$4 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	4,348.9	0.0202	pay 0.0101% / 4h	1h 48m	$84.3M	$145.1M	150x
Short	Lighter XAU	4,345.6	0.0056	get 0.0007% / 1h	48m 32s	$20.6M	$41.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$30.62
Price spread: −0.077% → −0.069%: −$0.79
Slippage, 4 orders: −$1.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$43.87
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Lighter: live order book, 10 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, 6 min ago	0.01 bp	5.5 bp −$6	7.3 bp −$73	13.9 bp −$1,394	35.6 bp −$17.8K
Sell Lighter live order book, 10 min ago	0.61 bp	0.7 bp −$1	2.0 bp −$20	9.4 bp −$935	22.4 bp −$11.2K

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	−0.158%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0040%	1h	4,344.6	−0.099%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	−0.008%	$264.3M	$406.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.5	+0.059%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.146%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.1	−0.041%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.8	−0.141%	$13.6M	$40.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.035%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,345.3	−0.083%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.009%	$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	4,380.5	+0.726%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,347.1	−0.042%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.051%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.6	−0.099%	$293.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.7	−0.120%	$15.1M	$57.7M	25x	as long as short
Aster XAUUSD1	+0.0053%	4h	4,348.4	−0.012%	$70.0M	$331.2M	20x	as long as short
Lighter XAUshort	+0.0056%	1h	4,345.6	−0.077%	$20.6M	$41.9M	25x
Lighter RH XAU	+0.0080%	1h	4,348.2	−0.016%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347	−0.044%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.8	−0.118%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.040%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.024%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0104%	4h	4,347.6	−0.030%	$410.1M	$2.10B	100x	as long as short
MEXC XAU_USDT	+0.0108%	4h	4,347.5	−0.034%	$371.4M	$316.4M	1000x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,346.9	−0.047%	$161K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0114%	1h	4,346.8	−0.049%	$4.3M	$1.9M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.012%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.011%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	−0.026%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	−0.045%	$58K	$83K	10x	as long as short
Bybit XAUUSDTlong	+0.0202%	4h	4,348.9	long leg	$84.3M	$145.1M	150x
Bitget XAUUSDT	+0.0210%	4h	4,347.4	−0.034%	$69.6M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,348.6	−0.007%	$164.4M	$282.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344	−0.113%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,345.1	−0.088%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0353%	4h	4,349.8	+0.020%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347	−0.045%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0593%	4h	4,353.1	+0.096%	$2.8M	$4.2M	75x	as long as short