Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0285%/8h= +31.2% APRpaid last 24h −0.029%

Price spread now: HTX against Kraken Futures+0.195%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now +0.195%, 7d avg +0.117%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and HTX is 0.078% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.117%. Mind the row above: over the last 7 days funding on this pair cost −0.189%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.189% in total (about -9.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAUUSD	4,354.7	0.0269	pay 0.0034% / 1h	14m 40s	$594K	$139K	25x
Short	HTX XAU-USDT	4,363.2	0.0554	get 0.0277% / 4h	2h 14m	$2.9M	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.195%Rate

Funding earned: $59.83
Price spread: +0.195% → +0.117%: $7.81
Slippage, 4 orders: −$11.23
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $34.42
Costs to cover: 0.332%
Break-even: 3.0 days

Slippage from Kraken Futures: live order book, 53 min ago; HTX: live order book, 4 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, 53 min ago	1.57 bp	7.1 bp −$7	14.2 bp −$142	49.8 bp −$4,979	doesn't fit
Sell HTX live order book, 4 min ago	0.01 bp	8.8 bp −$9	13.4 bp −$134	17.3 bp −$1,725	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
Gate XAU_USDT	0.0000%	4h	4,355.3	+0.015%	$263.4M	$413.8M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,362.5	+0.178%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.9	−0.041%	$270K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.3	−0.124%	$13.5M	$41.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,350.7	−0.092%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.098%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,354.2	−0.011%	$4.1M	$36.0M	15x	as long as short
Aster XAUUSD1	+0.0035%	4h	4,354.4	−0.006%	$70.4M	$298.4M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.3	+0.083%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,390.9	+0.832%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,350.9	−0.087%	$294.1M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.9	−0.087%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353	−0.039%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,352.2	−0.058%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,354.8	+0.003%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.9	+0.005%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0074%	1h	4,356.6	+0.044%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.1	−0.036%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.031%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,350.6	−0.094%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,358.5	+0.086%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,350.7	−0.093%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,353.9	−0.018%	$375.8M	$323.9M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,356.6	+0.045%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0104%	4h	4,353.6	−0.024%	$409.1M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,353.3	−0.032%	$30.3M	$59.9M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0116%	4h	4,360	+0.122%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.051%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,353.6	−0.026%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0167%	1h	4,357.6	+0.067%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,354.5	−0.003%	$84.0M	$144.1M	150x	as long as short
Bitget XAUUSDT	+0.0184%	4h	4,354	−0.017%	$69.4M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,354.9	+0.005%	$242K	$672K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0238%	8h	4,355	+0.007%	$164.9M	$281.4M	100x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0269%	1h	4,354.7	long leg	$594K	$139K	25x
Phemex XAUUSDT	+0.0340%	4h	4,359.9	+0.119%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,357.4	+0.063%	$251K	—	111x	as long as short
HTX XAU-USDTshort	+0.0554%	4h	4,363.2	+0.195%	$2.9M	$3.9M	75x