Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.020%

Price spread now: Bitget against Kraken Futures+0.015%58s7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as 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−$300.303% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.015%, 7d avg +0.073%

Together, before fees−0.060%−$6 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 Bitget is 0.058% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.073%). Swap the legs. 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	Kraken Futures PF_XAUUSD	4,348.8	0.0269	pay 0.0034% / 1h	51m 19s	$593K	$133K	25x
Short	Bitget XAUUSDT	4,349.5	0.0210	get 0.0105% / 4h	1h 51m	$69.6M	$109.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$12.49
Price spread: +0.015% → +0.073%: −$5.85
Slippage, 4 orders: −$8.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$48.62
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 12 min ago; Bitget: live order book, 3 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 Kraken Futures live order book, 12 min ago	2.06 bp	7.9 bp −$8	11.3 bp −$113	47.5 bp −$4,752	doesn't fit
Sell Bitget live order book, 3 min ago	0.01 bp	6.7 bp −$7	8.4 bp −$84	12.1 bp −$1,207	doesn't fit

XAU on 38 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	−0.0103%	1h	4,343.3	−0.127%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,347.9	−0.021%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,350.1	+0.029%	$264.3M	$405.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,356.8	+0.184%	$93K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,344.4	−0.100%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,348.9	+0.001%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,345.4	−0.078%	$13.6M	$40.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.037%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,349.3	+0.011%	$4.1M	$36.2M	15x	as long as short
Lighter XAU	+0.0040%	1h	4,348.3	−0.013%	$20.6M	$41.8M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,354.8	+0.138%	$3.8M	$4.6M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.1	+0.766%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,348.4	−0.009%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,348.4	−0.009%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.9	−0.090%	$293.2M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345	−0.087%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0061%	4h	4,349.7	+0.021%	$70.1M	$328.7M	20x	as long as short
Lighter RH XAU	+0.0072%	1h	4,350.3	+0.035%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,349.7	+0.020%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.9	−0.044%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.042%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0103%	1h	4,346.7	−0.049%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0107%	4h	4,352.3	+0.080%	$48.3M	$28.1M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,348.1	−0.016%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0116%	4h	4,349	+0.004%	$410.2M	$2.09B	100x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,347.6	−0.029%	$371.4M	$315.5M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,353.6	+0.110%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.009%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,352	+0.073%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0194%	1h	4,348.2	−0.014%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0206%	4h	4,350.2	+0.032%	$84.0M	$145.0M	150x	as long as short
Bitget XAUUSDTshort	+0.0210%	4h	4,349.5	+0.015%	$69.6M	$109.2M	100x
OKX XAU-USDT-SWAP	+0.0249%	8h	4,350.5	+0.039%	$164.6M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0269%	1h	4,348.8	long leg	$593K	$133K	25x
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,347.6	−0.028%	$259K	$702K	25x	as long as short
Phemex XAUUSDT	+0.0316%	4h	4,353.3	+0.102%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0398% / S −0.0207%	1h	4,348.7	−0.002%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0612%	4h	4,358.5	+0.223%	$2.9M	$4.2M	75x	as long as short