Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h −0.040%

Price spread now: Binance against Deribit+0.044%7-day average +0.111% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.689%−$69 on $10k

Price spread, last 4 days (all we have)+0.086%+$9 · spread now +0.044%, 7d avg +0.111%

Together, before fees−0.603%−$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.068% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.111%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,342.4	0.0165	pay 0.0021% / 1h	15m 05s	$205K	$825K	25x
Short	Binance XAUUSDT	4,344.3	0.0119	get 0.0060% / 4h	3h 15m	$418.7M	$2.09B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.044%Rate

Funding earned: −$9.49
Price spread: +0.044% → +0.111%: −$6.79
Slippage, 4 orders: −$5.04
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$38.33
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Deribit: live order book, 39 min ago; Binance: 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 Deribit live order book, 39 min ago	0.12 bp	3.6 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	7.2 bp −$717	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
SunX XAU-USDT	0.0000%	4h	4,348.3	+0.136%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,340.1	−0.053%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,344.6	+0.050%	$3.8M	$12.5M	25x	as long as short
Bluefin GOLD-PERP	+0.0011%	1h	4,337.5	−0.114%	$25K	$14K	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,340.1	−0.053%	$13.3M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.185%	$619	$54	52x	as long as short
Bybit XAUUSDT	+0.0039%	4h	4,345.2	+0.065%	$79.9M	$152.1M	150x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,340.6	−0.041%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.1	+0.062%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,343.7	+0.030%	$5.6M	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,376.7	+0.790%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,340.7	−0.039%	$293.6M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.2	−0.028%	$15.0M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,342.2	−0.005%	$4.3M	$37.4M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,343.1	+0.017%	$20.7M	$34.7M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.3	−0.071%	$2.1M	$4.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,343.8	+0.033%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,345.5	+0.072%	$20.2M	$40.1M	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,345.4	+0.069%	$268.3M	$418.3M	100x	as long as short
Aster XAUUSD1	+0.0095%	4h	4,345.5	+0.071%	$71.5M	$331.7M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,340.2	−0.050%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.8	−0.036%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0107%	4h	4,343.1	+0.015%	$48.4M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,343.3	+0.021%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,344	+0.037%	$371.5M	$320.9M	1000x	as long as short
Binance XAUUSDTshort	+0.0119%	4h	4,344.3	+0.044%	$418.7M	$2.09B	100x
Phoenix GOLD	+0.0136%	1h	4,340.9	−0.035%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,340.1	−0.053%	$30.2M	$58.3M	50x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0165%	1h	4,342.4	long leg	$205K	$825K	25x
Phemex XAUUSDT	+0.0170%	4h	4,346.7	+0.098%	$2.2M	$967K	100x	as long as short
GRVT XAU_USDT_Perp	+0.0172%	4h	4,344.3	+0.044%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,343.6	+0.028%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0210%	1h	4,344.1	+0.040%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,340.5	−0.044%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0270%	4h	4,344.6	+0.051%	$71.1M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0327%	8h	4,345	+0.060%	$167.1M	$282.6M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,344.1	+0.039%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,344.1	+0.040%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0501%	4h	4,346.8	+0.101%	$2.8M	$4.6M	75x	as long as short