Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.035%

Price spread now: Coinbase International against OKX−0.073%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.393%+$39 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now −0.073%, 7d avg −0.120%

Together, before fees+0.380%+$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.046% dearer against OKX than usual: you sell high and buy low (spread −0.073% now, against its 7-day average of −0.120%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 24 hours. Mind the row above: over the last 7 days funding on this pair paid +0.393%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XAU-USDT-SWAP	4,360.3	0.0227	pay 0.0227% / 8h	6h 34m	$165.0M	$284.1M	100x
Short	Coinbase International GOLD-PERP-INTX	4,357.1	0.0072	get 0.0009% / 1h	34m 40s	$2.0M	$5.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$32.52
Price spread: −0.073% → −0.120%: $4.63
Slippage, 4 orders: −$3.19
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$51.08
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Coinbase International: 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 OKX live order book, 4 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.5 bp −$647	14.8 bp −$7,406
Sell Coinbase International live order book, 4 min ago	0.12 bp	5.1 bp −$5	6.9 bp −$69	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	0.0000%	1h	4,356.8	−0.080%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,360.1	−0.006%	$263.0M	$408.8M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,357.4	−0.067%	$4.1M	$36.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,364.1	+0.087%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,356.8	−0.080%	$270K	—	250x	as long as short
Aster XAUUSD1	+0.0004%	4h	4,359.8	−0.013%	$70.2M	$292.9M	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,355.4	−0.112%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.227%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.4	−0.044%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393	+0.750%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAU	+0.0048%	1h	4,358.3	−0.047%	$20.7M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,361.7	+0.033%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,356	−0.099%	$294.1M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,356	−0.099%	$14.9M	$57.9M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,358.5	−0.041%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,359	−0.030%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0069%	4h	4,356.5	−0.087%	$48.3M	$28.4M	—	as long as short
Coinbase International GOLD-PERP-INTXshort	+0.0072%	1h	4,357.1	−0.073%	$2.0M	$5.0M	25x
Paradex XAU-USD-PERP	+0.0082%	8h	4,359.2	−0.026%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0084%	4h	4,350.2	−0.232%	$30.3M	$60.6M	50x	as long as short
MEXC XAU_USDT	+0.0086%	4h	4,358.7	−0.038%	$374.1M	$322.4M	1000x	as long as short
Binance XAUUSDT	+0.0088%	4h	4,358.7	−0.038%	$409.7M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,356	−0.099%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	−0.177%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,400.4	+0.919%	$26K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,359.5	−0.018%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,355.1	−0.119%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,359.3	−0.023%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0136%	4h	4,357.5	−0.065%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0156%	1h	4,360	−0.007%	$59K	$83K	10x	as long as short
Bitget XAUUSDT	+0.0156%	4h	4,359.3	−0.023%	$69.3M	$109.8M	100x	as long as short
Bybit XAUUSDT	+0.0181%	4h	4,359.9	−0.010%	$84.1M	$143.7M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,358.8	−0.034%	$235K	$662K	25x	as long as short
OKX XAU-USDT-SWAPlong	+0.0227%	8h	4,360.3	long leg	$165.0M	$284.1M	100x
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,358	−0.054%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.103%	$15.5M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0349%	4h	4,361.3	+0.022%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,360.4	+0.003%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0521%	4h	4,363.9	+0.083%	$2.9M	$3.9M	75x	as long as short