Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.041%

Price spread now: Bybit against Deribit+0.036%7-day average +0.129% · 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−$32as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.688%−$69 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now +0.036%, 7d avg +0.129%

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.093% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.129%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,349.6	0.0118	pay 0.0015% / 1h	47m 53s	$203K	$822K	25x
Short	Bybit XAUUSDT	4,351.2	0.0066	get 0.0033% / 4h	2h 47m	$80.2M	$151.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$10.92
Price spread: +0.036% → +0.129%: −$9.25
Slippage, 4 orders: −$4.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.98
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	0.12 bp	8.2 bp −$8	9.4 bp −$94	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	6.0 bp −$60	9.5 bp −$954	31.2 bp −$15.6K

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
Bluefin GOLD-PERP	−0.0060%	1h	4,344.8	−0.110%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,354.6	+0.114%	$93K	$8.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,347.4	−0.052%	$272K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,346.9	−0.063%	$13.2M	$37.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.019%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,351.3	+0.039%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,347.5	−0.048%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,383.4	+0.777%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,347.7	−0.044%	$293.7M	$49.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,347	−0.060%	$15.1M	$56.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx XAU/USDC	+0.0054%	1h	4,350.9	+0.030%	$3.7M	$12.6M	25x	as long as short
Kalshi KXGOLDPERP	+0.0054%	24h	4,348.5	−0.025%	$4.2M	$39.4M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,350.1	+0.010%	$20.7M	$30.3M	25x	as long as short
Bybit XAUUSDTshort	+0.0066%	4h	4,351.2	+0.036%	$80.2M	$151.7M	150x
Paradex XAU-USD-PERP	+0.0070%	8h	4,349.8	+0.004%	$19K	$5K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,346.9	−0.062%	$2.1M	$4.7M	25x	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,346.6	−0.069%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,352.1	+0.058%	$272.1M	$397.1M	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.1	−0.082%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,346.9	−0.062%	$277K	$204K	50x	as long as short
Aster XAUUSD1	+0.0107%	4h	4,352.6	+0.068%	$71.6M	$331.2M	20x	as long as short
Variational Omni XAU	+0.0108%	4h	4,349.5	−0.003%	$48.5M	$27.6M	—	as long as short
Lighter RH XAU	+0.0112%	1h	4,352.5	+0.067%	$20.1M	$38.1M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,349.9	+0.008%	$161K	$87	10x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0118%	1h	4,349.6	long leg	$203K	$822K	25x
MEXC XAU_USDT	+0.0118%	4h	4,350.4	+0.018%	$370.4M	$317.7M	1000x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,350.4	+0.018%	$419.5M	$2.09B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0124%	4h	4,350	+0.010%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0127%	1h	4,347.7	−0.044%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,342.6	−0.162%	$30.2M	$58.0M	50x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,350.6	+0.024%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0170%	1h	4,350.6	+0.023%	$4.3M	$2.0M	20x	as long as short
Phemex XAUUSDT	+0.0204%	4h	4,352.9	+0.076%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0246%	1h	4,347.5	−0.047%	$591K	$128K	25x	as long as short
Bitget XAUUSDT	+0.0278%	4h	4,351	+0.033%	$71.5M	$108.0M	100x	as long as short
HTX XAU-USDT	+0.0283%	4h	4,351.8	+0.050%	$2.8M	$4.6M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0335%	8h	4,351.4	+0.041%	$168.1M	$282.3M	100x	as long as short
BloFin XAU-USDT	+0.0372%	4h	4,349.2	−0.008%	$15.8M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,351	+0.031%	$251K	—	111x	as long as short