Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.027%

Price spread now: Coinbase International against Kalshi−0.025%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs+$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.568%+$57 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.025%, 7d avg −0.004%

Together, before fees+0.728%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.021% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of −0.004%). If the spread goes back, that is −$2 on $10k: about 7.6 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.568% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,352.2	0.0039	pay 0.0116% / 24h	11h 27m	$4.1M	$36.9M	15x
Short	Coinbase International GOLD-PERP-INTX	4,351.1	0.0048	get 0.0006% / 1h	27m 37s	$2.0M	$4.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.025%Rate

Funding earned: $1.96
Price spread: −0.025% → −0.004%: −$2.14
Slippage, 4 orders: −$3.86
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$24.03
Costs to cover: 0.239%
Break-even: 92.8 days

Slippage from Kalshi: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	0.12 bp	5.7 bp −$6	6.0 bp −$60	9.4 bp −$944	doesn't fit
Sell Coinbase International live order book, 1 min ago	0.12 bp	5.4 bp −$5	7.0 bp −$70	doesn't fit	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
SunX XAU-USDT	0.0000%	4h	4,358.7	+0.150%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,350.9	−0.029%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,356.7	+0.104%	$264.9M	$411.8M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,354.9	+0.062%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.8	−0.010%	$13.6M	$39.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.041%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPlong	+0.0039%	24h	4,352.2	long leg	$4.1M	$36.9M	15x
StandX XAU-USD	+0.0040%	1h	4,354.2	+0.046%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0043%	4h	4,355.9	+0.085%	$70.5M	$333.7M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,387.7	+0.816%	—	$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
QFEX GOLD-USD	+0.0046%	1h	4,353	+0.018%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTXshort	+0.0048%	1h	4,351.1	−0.025%	$2.0M	$4.9M	25x
tradeXYZ xyz:GOLD	+0.0050%	1h	4,351.6	−0.014%	$294.0M	$48.7M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0050%	4h	4,354.7	+0.058%	$1.4M	$3.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,352	−0.005%	$15.1M	$57.3M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,354.5	+0.052%	$20.7M	$42.3M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,353	+0.017%	$48.3M	$27.8M	—	as long as short
Lighter RH XAU	+0.0072%	1h	4,356.6	+0.102%	$20.1M	$39.7M	25x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,355.3	+0.071%	$373.1M	$318.5M	1000x	as long as short
Binance XAUUSDT	+0.0075%	4h	4,355.5	+0.076%	$413.0M	$2.09B	100x	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,355.8	+0.082%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0092%	4h	4,347.3	−0.113%	$30.3M	$58.9M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,353.2	+0.023%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.8	−0.008%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,351	−0.028%	$275K	$202K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0128%	1h	4,353.8	+0.037%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.3	−0.044%	$47K	$77K	25x	as long as short
Phemex XAUUSDT	+0.0140%	4h	4,354.6	+0.054%	$2.2M	$1.1M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0164%	1h	4,352.5	+0.007%	$258K	$706K	25x	as long as short
Bybit XAUUSDT	+0.0197%	4h	4,357.2	+0.114%	$84.5M	$145.3M	150x	as long as short
Hotstuff GOLD-PERP	+0.0200%	1h	4,351.2	−0.023%	$33K	—	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,356.1	+0.090%	$70.2M	$109.4M	100x	as long as short
Bullet GOLD-USD	+0.0214%	1h	4,354.7	+0.058%	$59K	$83K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,356.1	+0.090%	$165.0M	$282.0M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.3	−0.021%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0297%	4h	4,353.9	+0.040%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0400% / S −0.0212%	1h	4,354.7	+0.058%	$249K	—	111x	as long as short
HTX XAU-USDT	+0.0565%	4h	4,359	+0.156%	$2.9M	$4.2M	75x	as long as short
Bluefin GOLD-PERP	+0.0707%	1h	4,347.3	−0.113%	$25K	$14K	20x	as long as short