Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.035%

Price spread now: Binance against Kalshi−0.022%51s7-day average +0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.229% of the position

Long on Kalshi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 7 days+0.132%+$13 · spread now −0.022%, 7d avg +0.108%

Together, before fees+0.328%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.130% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.108%). If the spread goes back, that is −$13 on $10k: about 21 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.196% in total) that is about 4.7 days. The two prices were read 51 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	Kalshi KXGOLDPERP	4,324	0.0078	pay 0.0235% / 24h	7h 20m	$3.8M	$43.8M	15x
Short	Binance XAUUSDT	4,323.1	0.0099	get 0.0049% / 4h	1h 20m	$423.2M	$2.13B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kalshi. 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 KalshibpFee BinancebpOrdersPrice spread, now −0.022%Rate

Funding earned: $4.28
Price spread: −0.022% → +0.108%: −$13.03
Slippage, 4 orders: −$2.88
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$31.63
Costs to cover: 0.229%
Break-even: 58.7 days

Slippage from Kalshi: live order book, 4 min ago; Binance: live order book, 9 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 Kalshi live order book, 4 min ago	0.12 bp	6.5 bp −$6	7.3 bp −$73	9.4 bp −$938	doesn't fit
Sell Binance live order book, 9 min ago	0.01 bp	5.0 bp −$5	5.5 bp −$55	7.3 bp −$726	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
Bluefin GOLD-PERP	−0.0058%	1h	4,316.6	−0.172%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,327.3	+0.077%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,319.3	−0.108%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0018%	4h	4,323.9	−0.002%	$77.3M	$154.7M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.611%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	−0.014%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	−0.046%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,355.3	+0.724%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319.2	−0.111%	$291.5M	$51.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319.2	−0.111%	$15.0M	$55.4M	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	+0.0064%	1h	4,322	−0.046%	$20.3M	$30.7M	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.7	+0.017%	$72.5M	$275.0M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.4	−0.130%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0077%	8h	4,322.6	−0.033%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERPlong	+0.0078%	24h	4,324	long leg	$3.8M	$43.8M	15x
GRVT XAU_USDT_Perp	+0.0086%	4h	4,323.2	−0.018%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.6	−0.032%	$47.3M	$28.8M	—	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,323.1	−0.021%	$362.1M	$331.1M	1000x	as long as short
Binance XAUUSDTshort	+0.0099%	4h	4,323.1	−0.022%	$423.2M	$2.13B	100x
Phoenix GOLD	+0.0100%	1h	4,319.2	−0.111%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.7	−0.099%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.1	−0.113%	$272K	$208K	50x	as long as short
Extended XAU-USD	+0.0104%	1h	4,319.4	−0.107%	$12.9M	$37.0M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.7	−0.030%	$160K	$87	10x	as long as short
Lighter RH XAU	+0.0112%	1h	4,325	+0.022%	$19.8M	$39.0M	25x	as long as short
Gate XAU_USDT	+0.0114%	4h	4,325.3	+0.031%	$281.2M	$420.2M	100x	as long as short
edgeX XAUUSDC	+0.0116%	4h	4,318.4	−0.130%	$30.0M	$59.7M	50x	as long as short
Hotstuff GOLD-PERP	+0.0120%	1h	4,319.3	−0.109%	$32K	—	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320.4	−0.083%	$581K	$143K	25x	as long as short
Bullet GOLD-USD	+0.0183%	1h	4,323.1	−0.022%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.5	+0.034%	$4.1M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0212%	1h	4,323.2	−0.019%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,323.2	−0.019%	$67.6M	$118.1M	100x	as long as short
HTX XAU-USDT	+0.0265%	4h	4,326.7	+0.063%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0301%	8h	4,324.2	+0.005%	$172.5M	$299.4M	100x	as long as short
Phemex XAUUSDT	+0.0319%	4h	4,325.6	+0.037%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,323.7	−0.008%	$16.2M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0375%	1h	4,322.2	−0.042%	$191K	$837K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0461% / S −0.0307%	1h	4,323.4	−0.014%	$252K	—	111x	as long as short