Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h +0.088%

Price spread now: BloFin against Coinbase International+0.118%58s7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.235% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.118%, 7d avg +0.108%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.108%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International GOLD-PERP-INTX	4,358.3	0.0096	pay 0.0012% / 1h	23m 42s	$2.0M	$5.1M	25x
Short	BloFin XAU-USDT	4,363.5	0.0082	get 0.0041% / 4h	3h 23m	$15.5M	$4.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$2.92
Price spread: +0.118% → +0.108%: $0.99
Slippage, 4 orders: −$1.55
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.48
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; BloFin: live order book, 5 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 Coinbase International live order book, 5 min ago	0.12 bp	6.2 bp −$6	8.1 bp −$81	48.2 bp −$4,815	doesn't fit
Sell BloFin live order book, 5 min ago	0.05 bp	6.2 bp −$6	6.5 bp −$65	9.2 bp −$915	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
Aster XAUUSD1	0.0000%	4h	4,358.3	−0.001%	$71.0M	$200.3M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,359.6	+0.029%	$266.5M	$416.4M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,358.2	−0.002%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,365.1	+0.156%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	+0.049%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,356.7	−0.036%	$267K	—	250x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,358.1	−0.006%	$372.7M	$328.1M	1000x	as long as short
Binance XAUUSDT	+0.0023%	4h	4,358	−0.006%	$411.5M	$2.15B	100x	as long as short
edgeX XAUUSDC	+0.0023%	4h	4,356.2	−0.049%	$30.3M	$60.3M	50x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.181%	$619	$54	52x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,362.4	+0.094%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,356.7	−0.037%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,395.1	+0.844%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,358.3	+0.001%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,354.9	−0.078%	$293.6M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354	−0.099%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	+0.005%	$48K	$64K	25x	as long as short
Bitget XAUUSDT	+0.0058%	4h	4,358.4	+0.003%	$69.1M	$113.9M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,357	−0.030%	$20.6M	$44.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,358.3	0.000%	$19K	$5K	5x	as long as short
BloFin XAU-USDTshort	+0.0082%	4h	4,363.5	+0.118%	$15.5M	$4.5M	100x
Extended XAU-USD	+0.0088%	1h	4,354.5	−0.088%	$13.5M	$43.8M	25x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,359.7	+0.033%	$161K	$87	10x	as long as short
Lighter RH XAU	+0.0096%	1h	4,359.2	+0.021%	$20.2M	$41.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0096%	1h	4,355.3	−0.069%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTXlong	+0.0096%	1h	4,358.3	long leg	$2.0M	$5.1M	25x
Pacifica XAU	+0.0100%	1h	4,355	−0.076%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.012%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,353.7	−0.106%	$26K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0102%	4h	4,359.2	+0.021%	$83.3M	$144.2M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0123%	1h	4,359.6	+0.030%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,362	+0.084%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0198%	8h	4,359.4	+0.025%	$163.8M	$289.3M	100x	as long as short
Bullet GOLD-USD	+0.0213%	1h	4,361.4	+0.071%	$59K	$81K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,357.5	−0.018%	$594K	$151K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0232%	1h	4,359.2	+0.021%	$235K	$656K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,360.8	+0.056%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0455%	4h	4,362.5	+0.095%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0586%	4h	4,365.2	+0.159%	$2.9M	$3.9M	75x	as long as short