Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h +0.067%

Price spread now: Deribit against Kalshi+0.032%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.781%+$78 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.032%, 7d avg −0.018%

Together, before fees+0.742%+$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.050% dearer against Kalshi than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,363.6	0	get 0.0000% / 24h	14h 40m	$4.0M	$35.3M	15x
Short	Deribit GOLD_USDC-PERPETUAL	4,365	0.0071	get 0.0009% / 1h	40m 48s	$235K	$735K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $14.88
Price spread: +0.032% → −0.018%: $5.03
Slippage, 4 orders: −$7.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$5
Costs to cover: 0.249%
Break-even: 9.4 days

Slippage from Kalshi: live order book, 3 min ago; Deribit: live order book, 38 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	5.6 bp −$6	6.0 bp −$60	7.5 bp −$753	doesn't fit
Sell Deribit live order book, 38 min ago	0.12 bp	3.6 bp −$4	4.5 bp −$45	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
Bluefin GOLD-PERP	−0.0290%	1h	4,360.6	−0.068%	$26K	$21K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,363.3	−0.007%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,366.9	+0.075%	$71.6M	$227.8M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,366.6	+0.069%	$408.0M	$2.11B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,367	+0.079%	$82.6M	$141.5M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,365.9	+0.054%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,367.2	+0.083%	$268.1M	$408.0M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,366.4	+0.065%	$377.2M	$321.5M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,366.7	+0.072%	$67.0M	$111.2M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,365.9	+0.052%	$48.5M	$30.6M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,367.2	+0.082%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERPlong	0.0000%	24h	4,363.6	long leg	$4.0M	$35.3M	15x
SunX XAU-USDT	0.0000%	4h	4,371.2	+0.175%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,362.6	−0.024%	$268K	—	250x	as long as short
edgeX XAUUSDC	+0.0019%	4h	4,360.5	−0.070%	$30.3M	$58.3M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,365.7	+0.048%	$5.6M	$1.7M	20x	as long as short
Lighter XAU	+0.0032%	1h	4,365.8	+0.050%	$20.8M	$44.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,368.1	+0.103%	$20.3M	$41.6M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,363	−0.013%	$13.0M	$46.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.302%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,366.3	+0.062%	$3.8M	$4.7M	40x	as long as short
Bullet GOLD-USD	+0.0041%	1h	4,366.3	+0.062%	$60K	$81K	10x	as long as short
Vest GC-PERP	+0.0046%	1h	4,400.8	+0.853%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,362.9	−0.016%	$293.7M	$52.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,365.9	+0.054%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,362.8	−0.019%	$14.5M	$56.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0071%	1h	4,365	+0.032%	$235K	$735K	25x
Polymarket Perps GOLD-USD	+0.0075%	1h	4,366	+0.055%	$4.3M	$1.8M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,365.5	+0.044%	$162K	$87	10x	as long as short
Hotstuff GOLD-PERP	+0.0096%	1h	4,363.1	−0.011%	$33K	—	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,363.3	−0.007%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,361.3	−0.052%	$277K	$204K	50x	as long as short
HTX XAU-USDT	+0.0139%	4h	4,369.8	+0.143%	$2.8M	$3.8M	75x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,364	+0.009%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0154%	8h	4,367	+0.078%	$157.9M	$271.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0220%	1h	4,363.8	+0.006%	$602K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,366.9	+0.075%	$14.7M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0307%	4h	4,369.9	+0.145%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,366.3	+0.062%	$252K	—	111x	as long as short