Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.022%

Price spread now: Bybit against QFEX+0.065%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.067%+$7 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.065%, 7d avg +0.063%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.067%, 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	QFEX GOLD-USD	4,322	0.0042	pay 0.0005% / 1h	26m 25s	$5.4M	$2.0M	20x
Short	Bybit XAUUSDT	4,324.8	0.0009	get 0.0005% / 4h	1h 26m	$77.4M	$154.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$6.97
Price spread: +0.065% → +0.063%: $0.29
Slippage, 4 orders: −$3.73
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.42
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; Bybit: live order book, 3 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 QFEX live order book, 7 min ago	1.39 bp	6.4 bp −$6	6.4 bp −$64	9.0 bp −$904	doesn't fit
Sell Bybit live order book, 3 min ago	0.01 bp	6.4 bp −$6	7.8 bp −$78	10.4 bp −$1,037	30.7 bp −$15.4K

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
Bluefin GOLD-PERP	−0.0093%	1h	4,317.2	−0.111%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,328.3	+0.146%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.072%	$270K	—	250x	as long as short
Bybit XAUUSDTshort	+0.0009%	4h	4,324.8	+0.065%	$77.4M	$154.9M	150x
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.658%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	+0.032%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDlong	+0.0042%	1h	4,322	long leg	$5.4M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,356	+0.787%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,319.4	−0.060%	$32K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319	−0.069%	$291.5M	$51.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319.7	−0.053%	$15.0M	$55.5M	25x	as long as short
Lighter XAU	+0.0064%	1h	4,323.2	+0.028%	$20.3M	$30.5M	25x	as long as short
Aster XAUUSD1	+0.0066%	4h	4,324.7	+0.063%	$72.5M	$277.3M	20x	as long as short
Extended XAU-USD	+0.0072%	1h	4,319.8	−0.051%	$12.9M	$36.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,321.2	−0.019%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,323.1	+0.025%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0076%	24h	4,324.6	+0.060%	$3.8M	$43.7M	15x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323	+0.024%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.5	+0.012%	$47.4M	$28.8M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,323.7	+0.038%	$362.1M	$330.9M	1000x	as long as short
Binance XAUUSDT	+0.0096%	4h	4,323	+0.022%	$417.2M	$2.13B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.8	−0.051%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,320	−0.047%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	−0.048%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.8	+0.018%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0106%	4h	4,326.1	+0.096%	$281.0M	$418.0M	100x	as long as short
edgeX XAUUSDC	+0.0111%	4h	4,318.4	−0.083%	$30.0M	$59.4M	50x	as long as short
Lighter RH XAU	+0.0112%	1h	4,325.7	+0.086%	$19.9M	$38.8M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320.5	−0.034%	$585K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0177%	1h	4,323.1	+0.025%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.4	+0.080%	$4.2M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,323.4	+0.032%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,324	+0.047%	$67.8M	$118.0M	100x	as long as short
HTX XAU-USDT	+0.0246%	4h	4,328.2	+0.143%	$2.8M	$4.9M	75x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0282%	1h	4,321.9	−0.002%	$192K	$836K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0305%	8h	4,324.4	+0.056%	$171.7M	$298.2M	100x	as long as short
Phemex XAUUSDT	+0.0329%	4h	4,324.6	+0.060%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0336%	4h	4,323	+0.024%	$16.1M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,323.5	+0.034%	$252K	—	111x	as long as short