Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.042%

Price spread now: OKX against GMX+0.039%7-day average +0.014% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.286%−$29 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.039%, 7d avg +0.014%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.025% dearer against GMX than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of +0.014%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 3 days (−0.286% in total) that is about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,347.2	L +0.0418% / S −0.0240%	pay 0.0052% / 1h	8m 09s	$248K	—	111x
Short	OKX XAU-USDT-SWAP	4,348.9	0.0300	get 0.0300% / 8h	4h 08m	$165.4M	$282.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$24.97
Price spread: +0.039% → +0.014%: $2.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$44.42
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 6 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 OKX live order book, 6 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	7.3 bp −$730	13.3 bp −$6,639

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
RISEx XAU/USDC	0.0000%	1h	4,347	−0.006%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	+0.033%	$266.6M	$417.7M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.7	+0.103%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.9	−0.099%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,346	−0.027%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.1	−0.096%	$13.2M	$38.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.074%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348.2	+0.022%	$20.1M	$39.5M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.3	+0.025%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,347	−0.005%	$5.7M	$2.0M	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	4,380.1	+0.757%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.8	−0.055%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,345.6	−0.037%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.067%	$293.8M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.079%	$15.1M	$56.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,344.4	−0.065%	$33K	—	25x	as long as short
Aster XAUUSD1	+0.0064%	4h	4,348.2	+0.022%	$71.3M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	−0.044%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,347.4	+0.004%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347.3	+0.002%	$372.7M	$320.5M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0090%	4h	4,347	−0.006%	$1.4M	$2.9M	25x	as long as short
Binance XAUUSDT	+0.0090%	4h	4,347.6	+0.009%	$413.9M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.7	−0.081%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.090%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.2	−0.161%	$25K	$14K	20x	as long as short
edgeX XAUUSDC	+0.0101%	4h	4,342.2	−0.114%	$30.2M	$58.0M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.5	−0.016%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	−0.058%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0166%	1h	4,347.4	+0.004%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0186%	1h	4,347.3	+0.002%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344.6	−0.060%	$592K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0226%	4h	4,349.4	+0.050%	$2.2M	$967K	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,345.8	−0.032%	$206K	$825K	25x	as long as short
Bitget XAUUSDT	+0.0234%	4h	4,347.8	+0.014%	$70.4M	$109.4M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,348.7	+0.035%	$85.1M	$145.4M	150x	as long as short
OKX XAU-USDT-SWAPshort	+0.0300%	8h	4,348.9	+0.039%	$165.4M	$282.0M	100x
BloFin XAU-USDT	+0.0330%	4h	4,347.7	+0.012%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0418% / S −0.0240%	1h	4,347.2	long leg	$248K	—	111x
HTX XAU-USDT	+0.0616%	4h	4,351.3	+0.094%	$2.8M	$4.6M	75x	as long as short