Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0265%/8h= +29.0% APRpaid last 24h +0.040%

Price spread now: OKX against Lighter+0.066%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$120.116% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 7 days−0.043%−$4 · spread now +0.066%, 7d avg +0.058%

Together, before fees−0.059%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.015% in total (about -0.8% 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	Lighter XAU	4,344.2	0.0032	pay 0.0004% / 1h	11m 52s	$20.8M	$38.2M	25x
Short	OKX XAU-USDT-SWAP	4,347.1	0.0297	get 0.0297% / 8h	4h 11m	$165.3M	$281.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.066%Rate

Funding earned: $55.61
Price spread: +0.066% → +0.058%: $0.79
Slippage, 4 orders: −$1.58
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $44.81
Costs to cover: 0.116%
Break-even: 1.4 days

Slippage from Lighter: live order book, 7 min ago; OKX: live order book, 2 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, 7 min ago	0.60 bp	0.6 bp −$1	1.6 bp −$16	6.7 bp −$670	17.0 bp −$8,525
Sell OKX live order book, 2 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	7.3 bp −$730	13.3 bp −$6,639

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	4,345.6	+0.031%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,347.3	+0.070%	$265.8M	$417.2M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.7	+0.148%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,341.8	−0.057%	$272K	—	250x	as long as short
Lighter XAUlong	+0.0032%	1h	4,344.2	long leg	$20.8M	$38.2M	25x
Extended XAU-USD	+0.0032%	1h	4,341.4	−0.065%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.142%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,346.8	+0.058%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.1	+0.089%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,345.4	+0.027%	$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	4,378.6	+0.791%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	−0.012%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0048%	24h	4,344.6	+0.009%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,343	−0.028%	$293.8M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.9	−0.054%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,346.4	+0.049%	$71.2M	$333.2M	20x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,344	−0.005%	$33K	—	25x	as long as short
Variational Omni XAU	+0.0075%	4h	4,349.4	+0.120%	$48.4M	$28.0M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,345.7	+0.035%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	+0.051%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,345.8	+0.036%	$371.9M	$319.5M	1000x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,345.8	+0.036%	$413.3M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	−0.024%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.4	−0.019%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.022%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.7	−0.082%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,344.8	+0.012%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	+0.011%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0161%	1h	4,345.6	+0.032%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0185%	1h	4,345.9	+0.038%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,343.2	−0.024%	$592K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0231%	4h	4,349.3	+0.117%	$2.2M	$967K	100x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,346.3	+0.047%	$70.1M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,347	+0.063%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,344	−0.005%	$206K	$824K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0297%	8h	4,347.1	+0.066%	$165.3M	$281.9M	100x
BloFin XAU-USDT	+0.0329%	4h	4,346.8	+0.059%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,346	+0.040%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0619%	4h	4,351.3	+0.163%	$2.8M	$4.6M	75x	as long as short