Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h −0.233%

Price spread now: Kalshi against Bluefin+0.138%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kalshi is 0.138% dearer against Bluefin than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin GOLD-PERP	4,315.6	−0.0085	get 0.0011% / 1h	37m 48s	$25K	$14K	20x
Short	Kalshi KXGOLDPERP	4,321.5	0.0073	get 0.0219% / 24h	7h 37m	$3.8M	$43.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bluefin. 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 BluefinbpFee KalshibpOrdersPrice spread, now +0.138%Rate

Funding earned: $33.12
Price spread: +0.138% → 0.000%: $13.76
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $29.88
Costs to cover: 0.170%
Break-even: 0.7 days

Slippage unknown: Bluefin: no order-book sample; Kalshi: live order book, 1 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 Bluefin no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	0.12 bp	6.1 bp −$6	6.3 bp −$63	9.6 bp −$962	doesn't fit

Bluefin: 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
Bluefin GOLD-PERPlong	−0.0085%	1h	4,315.6	long leg	$25K	$14K	20x
SunX XAU-USDT	0.0000%	4h	4,324.4	+0.204%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,316	+0.011%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0005%	4h	4,320.9	+0.123%	$77.3M	$155.6M	150x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,318	+0.057%	$32K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.808%	$619	$54	52x	as long as short
Extended XAU-USD	+0.0040%	1h	4,317.1	+0.036%	$13.1M	$36.7M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323	+0.172%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,320.5	+0.114%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.1	+0.870%	—	$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	4,317.2	+0.038%	$291.3M	$51.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,316.8	+0.029%	$15.0M	$55.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,319	+0.081%	$20.3M	$30.4M	25x	as long as short
Aster XAUUSD1	+0.0071%	4h	4,322	+0.149%	$72.4M	$298.7M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317.6	+0.047%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERPshort	+0.0073%	24h	4,321.5	+0.138%	$3.8M	$43.4M	15x
Paradex XAU-USD-PERP	+0.0073%	8h	4,320.7	+0.120%	$2K	$13K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,322.9	+0.171%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0088%	4h	4,322.7	+0.166%	$281.8M	$414.1M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	+0.170%	$47.4M	$29.0M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,321.4	+0.136%	$363.9M	$329.4M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,320.3	+0.111%	$415.7M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	+0.126%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,317.3	+0.039%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	+0.101%	$272K	$208K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,321.5	+0.139%	$19.8M	$38.6M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,319.8	+0.099%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0119%	4h	4,319.5	+0.092%	$30.0M	$61.0M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,317.7	+0.049%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0177%	1h	4,320.3	+0.110%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,323.6	+0.185%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0208%	1h	4,321.2	+0.131%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0225%	4h	4,325	+0.218%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0230%	4h	4,321.7	+0.141%	$67.9M	$118.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0260%	1h	4,318.8	+0.075%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0311%	8h	4,321.5	+0.138%	$170.7M	$297.3M	100x	as long as short
BloFin XAU-USDT	+0.0338%	4h	4,321.3	+0.132%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0375%	4h	4,323.1	+0.176%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,320.7	+0.120%	$252K	—	111x	as long as short