Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.026%

Price spread now: Bitget against GMX−0.017%7-day average −0.002% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.260%−$26 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.017%, 7d avg −0.002%

Together, before fees−0.260%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,364.7	L +0.0388% / S −0.0197%	pay 0.0049% / 1h	38m 39s	$252K	—	111x
Short	Bitget XAUUSDT	4,363.9	0	get 0.0000% / 4h	38m 39s	$66.9M	$111.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$81.58
Price spread: −0.017% → −0.002%: −$1.49
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$107.07
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 5 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	11.4 bp −$1,139	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0262%	1h	4,359.7	−0.114%	$26K	$21K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,363.3	−0.031%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,364.4	−0.007%	$71.6M	$227.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,363.8	−0.019%	$407.7M	$2.11B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,364.7	0.000%	$82.8M	$141.8M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,363.9	−0.016%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,364.2	−0.010%	$267.8M	$408.6M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,364	−0.016%	$376.4M	$321.8M	1000x	as long as short
Bitget XAUUSDTshort	0.0000%	4h	4,363.9	−0.017%	$66.9M	$111.3M	100x
Variational Omni XAU	0.0000%	4h	4,365.9	+0.029%	$48.5M	$30.6M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,366.2	+0.035%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,362.2	−0.056%	$4.0M	$35.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,368.7	+0.092%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,360.9	−0.086%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0008%	4h	4,360.9	−0.086%	$30.3M	$58.3M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,364.4	−0.006%	$5.6M	$1.7M	20x	as long as short
Lighter XAU	+0.0032%	1h	4,363.1	−0.035%	$20.8M	$44.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,365.5	+0.019%	$20.2M	$41.7M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,360	−0.106%	$13.0M	$46.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.326%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,361.7	−0.068%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,366.7	+0.047%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,399.1	+0.789%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,360.4	−0.097%	$293.5M	$52.1M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,360.2	−0.102%	$14.5M	$56.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,363.8	−0.019%	$19K	$6K	5x	as long as short
Bullet GOLD-USD	+0.0051%	1h	4,364.7	0.000%	$60K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0076%	1h	4,364	−0.015%	$4.3M	$1.8M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,363.4	−0.029%	$162K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.9	−0.086%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,363.4	−0.030%	$277K	$204K	50x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0117%	1h	4,362.5	−0.049%	$235K	$735K	25x	as long as short
HTX XAU-USDT	+0.0142%	4h	4,368.2	+0.081%	$2.8M	$3.8M	75x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,361.5	−0.072%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0155%	8h	4,364.7	+0.001%	$158.0M	$271.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0220%	1h	4,362.1	−0.059%	$602K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,365.2	+0.013%	$14.8M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0313%	4h	4,367.7	+0.069%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0388% / S −0.0197%	1h	4,364.7	long leg	$252K	—	111x