Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h +0.035%

Price spread now: Bybit against Kalshi−0.027%7-day average +0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 7 days+0.139%+$14 · spread now −0.027%, 7d avg +0.122%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.149% cheaper against Kalshi than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.122%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.178%, 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	Kalshi KXGOLDPERP	4,327.9	0.0091	pay 0.0274% / 24h	6h 36m	$3.8M	$44.5M	15x
Short	Bybit XAUUSDT	4,326.7	0.0044	get 0.0022% / 4h	36m 16s	$77.6M	$153.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$9.91
Price spread: −0.027% → +0.122%: −$14.9
Slippage, 4 orders: −$2.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 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 Kalshi live order book, 3 min ago	0.12 bp	6.3 bp −$6	6.7 bp −$67	9.2 bp −$918	doesn't fit
Sell Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	10.7 bp −$1,071	34.3 bp −$17.2K

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	−0.0150%	1h	4,320.5	−0.171%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,322.7	−0.120%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,331.2	+0.076%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,322.7	−0.120%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.520%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.8	−0.002%	$3.8M	$4.5M	40x	as long as short
Bybit XAUUSDTshort	+0.0044%	4h	4,326.7	−0.027%	$77.6M	$153.1M	150x
QFEX GOLD-USD	+0.0045%	1h	4,324.6	−0.076%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,359.5	+0.730%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,323.2	−0.109%	$291.8M	$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	4,322.4	−0.128%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,327.1	−0.019%	$72.9M	$272.1M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,324.7	−0.074%	$20.4M	$29.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,325.7	−0.050%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.9	−0.116%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAU	+0.0091%	4h	4,327	−0.021%	$47.2M	$29.3M	—	as long as short
Kalshi KXGOLDPERPlong	+0.0091%	24h	4,327.9	long leg	$3.8M	$44.5M	15x
Phoenix GOLD	+0.0096%	1h	4,323.8	−0.095%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,325.7	−0.050%	$363.6M	$327.1M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,326.6	−0.030%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,325.7	−0.050%	$425.6M	$2.13B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.9	−0.116%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,324.3	−0.084%	$272K	$208K	50x	as long as short
Gate XAU_USDT	+0.0104%	4h	4,328.9	+0.023%	$281.8M	$414.6M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,325.9	−0.047%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0113%	4h	4,323.5	−0.102%	$30.1M	$59.5M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,327.3	−0.015%	$20.0M	$39.0M	25x	as long as short
Extended XAU-USD	+0.0136%	1h	4,322.8	−0.119%	$13.2M	$36.7M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,326.5	−0.033%	$70.2M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0204%	1h	4,326.8	−0.025%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,327	−0.021%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,323.5	−0.101%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,324.9	−0.069%	$163K	$870K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0277%	8h	4,326.4	−0.035%	$173.8M	$299.4M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,326.7	−0.028%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0359%	4h	4,328.5	+0.014%	$2.2M	$974K	100x	as long as short
HTX XAU-USDT	+0.0405%	4h	4,331.9	+0.091%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,326.7	−0.028%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,326.7	−0.027%	$4.6M	$13.3M	25x	as long as short