Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.011%

Price spread now: Lighter against Variational Omni−0.007%7-day average −0.045% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days−0.005%$0 · spread now −0.007%, 7d avg −0.045%

Together, before fees−0.007%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.039% dearer against Variational Omni than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.045%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 4 days (−0.002% in total) that is about 60 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XAU	4,345.4	0.0105	pay 0.0053% / 4h	3h 05m	$48.3M	$27.6M	—
Short	Lighter XAU	4,345.1	0.0056	get 0.0007% / 1h	5m 58s	$20.7M	$34.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$10.39
Price spread: −0.007% → −0.045%: $3.85
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.54
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 8 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 Variational Omni RFQ quote, 3 min ago	1.54 bp	doesn't fit	1.5 bp −$15	4.1 bp −$412	doesn't fit
Sell Lighter live order book, 8 min ago	0.52 bp	0.6 bp −$1	1.6 bp −$16	9.1 bp −$914	20.5 bp −$10.3K

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	−0.0008%	1h	4,338.9	−0.149%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.5	+0.119%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342	−0.078%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,346.2	+0.020%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.1	−0.075%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.117%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,341.5	−0.089%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	−0.001%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,345.1	−0.006%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,378.3	+0.758%	—	$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
tradeXYZ xyz:GOLD	+0.0050%	1h	4,342.5	−0.066%	$293.7M	$49.1M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.6	−0.065%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,343.8	−0.036%	$4.0M	$38.9M	15x	as long as short
Bybit XAUUSDT	+0.0055%	4h	4,347.1	+0.041%	$80.1M	$152.0M	150x	as long as short
Lighter XAUshort	+0.0056%	1h	4,345.1	−0.007%	$20.7M	$34.8M	25x
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.7	−0.084%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,347.4	+0.047%	$268.4M	$418.9M	100x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,345.7	+0.008%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.6	+0.051%	$20.2M	$40.2M	25x	as long as short
Aster XAUUSD1	+0.0097%	4h	4,346.5	+0.026%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,342	−0.077%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	−0.114%	$274K	$203K	50x	as long as short
Variational Omni XAUlong	+0.0105%	4h	4,345.4	long leg	$48.3M	$27.6M	—
Aevo XAU-PERP	+0.0112%	1h	4,345.1	−0.007%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,346.1	+0.017%	$370.6M	$321.5M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346.1	+0.017%	$418.8M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.122%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,342	−0.077%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,343.9	−0.034%	$1.4M	$2.9M	25x	as long as short
Phemex XAUUSDT	+0.0201%	4h	4,349	+0.083%	$2.2M	$967K	100x	as long as short
Polymarket Perps GOLD-USD	+0.0204%	1h	4,345.9	+0.013%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,346.1	+0.017%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0211%	1h	4,344.3	−0.024%	$204K	$826K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,342.8	−0.058%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0274%	4h	4,346.7	+0.030%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,347.3	+0.045%	$167.2M	$283.1M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,345	−0.008%	$15.7M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0410%	4h	4,346.8	+0.033%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,346.1	+0.018%	$250K	—	111x	as long as short