Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.019%

Price spread now: Bybit against Ondo Perps+0.073%47s7-day average +0.148% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days+0.003%$0 · spread now +0.073%, 7d avg +0.148%

Together, before fees+0.064%+ Points / potential airdropOndo Perps: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.074% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.073% now, against its 7-day average of +0.148%). If the spread goes back, that is −$7 on $10k: about 13 days of funding at the current rate (+$1 a day). The two prices were read 47 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	Ondo Perps XAU-USD.P	4,309.4	0.0050	pay 0.0006% / 1h	8m 52s	$15.0M	$55.4M	25x
Short	Bybit XAUUSDT	4,312.5	0.0069	get 0.0034% / 4h	8m 52s	$77.7M	$153.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.073%Rate

Funding earned: $3.86
Price spread: +0.073% → +0.148%: −$7.42
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.56
Costs to cover: 0.160%
Break-even: 42.5 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 5 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	6.1 bp −$61	12.6 bp −$1,256	35.4 bp −$17.7K

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4,309.9	+0.012%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,316.9	+0.174%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,308.3	−0.025%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.952%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,312.9	+0.082%	$5.7M	$2.7M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,346.2	+0.854%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,308.7	−0.016%	$290.3M	$52.0M	25x	as long as short
Ondo Perps XAU-USD.Plong	+0.0050%	1h	4,309.4	long leg	$15.0M	$55.4M	25x
Bluefin GOLD-PERP	+0.0058%	1h	4,307.7	−0.038%	$25K	$1K	20x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,313.4	+0.093%	$72.9M	$271.8M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XAU-USD-PERP	+0.0062%	8h	4,312.9	+0.082%	$2K	$14K	5x	as long as short
Bybit XAUUSDTshort	+0.0069%	4h	4,312.5	+0.073%	$77.7M	$153.9M	150x
Lighter XAU	+0.0072%	1h	4,311.3	+0.043%	$20.3M	$30.2M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,309.5	+0.003%	$2.0M	$5.1M	25x	as long as short
Phoenix GOLD	+0.0096%	1h	4,313.9	+0.105%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0098%	24h	4,314.3	+0.114%	$3.7M	$45.0M	15x	as long as short
Variational Omni XAU	+0.0100%	4h	4,316.5	+0.164%	$47.1M	$29.0M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,310.8	+0.033%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,313.5	+0.096%	$272K	$209K	50x	as long as short
StandX XAU-USD	+0.0103%	1h	4,320	+0.246%	$3.8M	$4.5M	40x	as long as short
Lighter RH XAU	+0.0104%	1h	4,313.7	+0.100%	$19.9M	$40.1M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,307.7	−0.038%	$13.2M	$36.7M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,311.8	+0.056%	$361.7M	$337.0M	1000x	as long as short
Binance XAUUSDT	+0.0110%	4h	4,311.8	+0.056%	$429.0M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0112%	4h	4,316.1	+0.155%	$1.4M	$3.0M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,312.1	+0.063%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0116%	4h	4,313.5	+0.096%	$286.4M	$428.9M	100x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,313.1	+0.087%	$30.0M	$59.8M	50x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,311.5	+0.048%	$70.4M	$120.2M	100x	as long as short
Bullet GOLD-USD	+0.0200%	1h	4,312.6	+0.075%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0222%	1h	4,313.6	+0.098%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,310.2	+0.019%	$574K	$138K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0265%	8h	4,312.2	+0.065%	$175.1M	$303.2M	100x	as long as short
BloFin XAU-USDT	+0.0350%	4h	4,312.8	+0.078%	$16.5M	$4.9M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0377%	1h	4,311.7	+0.054%	$160K	$877K	25x	as long as short
Phemex XAUUSDT	+0.0423%	4h	4,315.5	+0.143%	$2.2M	$949K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0312%	1h	4,312.4	+0.069%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0533%	4h	4,319.8	+0.241%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,313.3	+0.091%	$4.5M	$13.2M	25x	as long as short