Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Coinbase International against Lighter−0.058%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$150.149% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.380%+$38 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.058%, 7d avg −0.056%

Together, before fees+0.376%+ Points / potential airdropLighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,308.9	0.0072	pay 0.0009% / 1h	7m 54s	$20.2M	$30.2M	25x
Short	Coinbase International GOLD-PERP-INTX	4,306.4	0.0072	get 0.0009% / 1h	7m 54s	$2.0M	$5.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Lighter. 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 LighterbpFee Coinbase InternationalbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → −0.056%: −$0.25
Slippage, 4 orders: −$4.86
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$15.1
Costs to cover: 0.149%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Coinbase International: 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 Lighter live order book, 6 min ago	0.50 bp	0.7 bp −$1	2.2 bp −$22	6.7 bp −$671	17.0 bp −$8,508
Sell Coinbase International live order book, 1 min ago	0.58 bp	5.6 bp −$6	7.3 bp −$73	doesn't fit	doesn't fit

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
Hotstuff GOLD-PERP	−0.0032%	1h	4,308.8	−0.003%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,313.8	+0.113%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,306.1	−0.066%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.963%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,309.3	+0.009%	$5.7M	$2.7M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.2	+0.796%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,306.2	−0.063%	$290.2M	$52.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,307.2	−0.039%	$15.0M	$55.3M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,307.9	−0.023%	$72.8M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0063%	8h	4,310.9	+0.047%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin GOLD-PERP	+0.0063%	1h	4,305.1	−0.089%	$25K	$1K	20x	as long as short
Bybit XAUUSDT	+0.0069%	4h	4,307.2	−0.039%	$77.4M	$154.7M	150x	as long as short
Lighter XAUlong	+0.0072%	1h	4,308.9	long leg	$20.2M	$30.2M	25x
Coinbase International GOLD-PERP-INTXshort	+0.0072%	1h	4,306.4	−0.058%	$2.0M	$5.1M	25x
Phoenix GOLD	+0.0096%	1h	4,313.9	+0.116%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0099%	24h	4,312.9	+0.093%	$3.7M	$45.2M	15x	as long as short
Variational Omni XAU	+0.0100%	4h	4,316.5	+0.175%	$47.1M	$29.0M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,307.8	−0.026%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,313.5	+0.107%	$272K	$209K	50x	as long as short
StandX XAU-USD	+0.0103%	1h	4,320	+0.257%	$3.8M	$4.5M	40x	as long as short
Lighter RH XAU	+0.0104%	1h	4,311.3	+0.055%	$19.9M	$40.1M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,303.9	−0.117%	$13.2M	$36.6M	25x	as long as short
Binance XAUUSDT	+0.0110%	4h	4,306.3	−0.060%	$428.5M	$2.15B	100x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,307.1	−0.041%	$359.0M	$338.6M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0112%	4h	4,316.1	+0.166%	$1.4M	$3.0M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,309.5	+0.013%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0116%	4h	4,308.1	−0.018%	$284.6M	$429.8M	100x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,313.1	+0.098%	$30.0M	$59.8M	50x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,305.9	−0.069%	$70.3M	$120.9M	100x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,310.7	+0.041%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0221%	1h	4,311.1	+0.051%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,307.5	−0.034%	$573K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0261%	1h	4,308.6	−0.007%	$136K	$864K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0264%	8h	4,306.6	−0.054%	$175.1M	$304.5M	100x	as long as short
BloFin XAU-USDT	+0.0350%	4h	4,312.8	+0.089%	$16.5M	$4.9M	100x	as long as short
Phemex XAUUSDT	+0.0432%	4h	4,313.4	+0.105%	$2.2M	$949K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0312%	1h	4,310.7	+0.041%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0537%	4h	4,318	+0.211%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,310.6	+0.039%	$4.5M	$13.1M	25x	as long as short