Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0317%/8h= −34.8% APRpaid last 24h +0.258%

Price spread now: Bluefin against Kalshi−0.100%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Bluefin

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 against this trade now: funding costs −$10 a day on $10k at the current rate, and Bluefin is 0.100% cheaper against Kalshi than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,354.2	0	get 0.0000% / 24h	12h 35m	$4.1M	$36.6M	15x
Short	Bluefin GOLD-PERP	4,349.8	−0.0317	pay 0.0040% / 1h	35m 38s	$25K	$14K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$66.64
Price spread: −0.100% → 0.000%: −$10.01
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$93.66
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Bluefin: no order-book sample. 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 Kalshi live order book, 3 min ago	0.12 bp	5.7 bp −$6	5.9 bp −$59	8.5 bp −$855	doesn't fit
Sell Bluefin no order-book sample	—	—	—	—	—

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-PERPshort	−0.0317%	1h	4,349.8	−0.100%	$25K	$14K	20x
Hotstuff GOLD-PERP	0.0000%	1h	4,356.8	+0.060%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,361.8	+0.175%	$263.2M	$408.5M	100x	as long as short
Kalshi KXGOLDPERPlong	0.0000%	24h	4,354.2	long leg	$4.1M	$36.6M	15x
SunX XAU-USDT	0.0000%	4h	4,361.3	+0.162%	$93K	$9.7M	20x	as long as short
Aster XAUUSD1	+0.0001%	4h	4,360.4	+0.142%	$70.2M	$292.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,353.5	−0.015%	$270K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,356.2	+0.047%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.087%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.4	+0.096%	$3.8M	$4.7M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,390.7	+0.838%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,359.3	+0.118%	$20.7M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,361.2	+0.160%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,356.4	+0.051%	$294.2M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,357.4	+0.074%	$14.9M	$57.9M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,358.5	+0.099%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,356.4	+0.051%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0069%	4h	4,356.5	+0.053%	$48.3M	$28.4M	—	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.6	+0.009%	$2.0M	$5.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,359.8	+0.128%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0084%	4h	4,350.2	−0.092%	$30.3M	$60.6M	50x	as long as short
MEXC XAU_USDT	+0.0086%	4h	4,360.2	+0.137%	$374.0M	$322.4M	1000x	as long as short
Binance XAUUSDT	+0.0087%	4h	4,360.1	+0.136%	$409.8M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.2	+0.047%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	−0.037%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,356.4	+0.050%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,355.1	+0.021%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,360.3	+0.140%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0136%	4h	4,357.5	+0.075%	$1.4M	$2.9M	25x	as long as short
Bitget XAUUSDT	+0.0154%	4h	4,360.9	+0.153%	$69.3M	$109.7M	100x	as long as short
Bullet GOLD-USD	+0.0156%	1h	4,357.4	+0.074%	$59K	$83K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,356.3	+0.048%	$234K	$661K	25x	as long as short
Bybit XAUUSDT	+0.0193%	4h	4,360.9	+0.154%	$84.2M	$143.7M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0227%	8h	4,361.5	+0.168%	$165.1M	$284.2M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,354.9	+0.016%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.243%	$15.5M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0381%	4h	4,361.1	+0.158%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,357.1	+0.067%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0523%	4h	4,362.7	+0.195%	$2.9M	$3.9M	75x	as long as short