Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h +0.001%

Price spread now: gTrade (Gains Network) against Kalshi−0.114%7-day average −0.025% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$289as in the Price arb table

costs, in and out, $10k−$2802.796% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$1 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now −0.114%, 7d avg −0.025%

Together, before fees+0.195%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.090% cheaper against Kalshi than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,325	0.0072	pay 0.0217% / 24h	7h 40m	$3.8M	$43.4M	15x
Short	gTrade (Gains Network) XAU/USD	4,320.1	L +0.0002% / S −0.0003%	get 0.0000% / 1h	40m 32s	$270K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.114%Rate

Funding earned: −$14.54
Price spread: −0.114% → −0.025%: −$8.96
Slippage, 4 orders: −$262.62
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$303.12
Costs to cover: 2.796%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 34 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	6.6 bp −$7	6.8 bp −$68	9.1 bp −$914	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 34 min ago	130.01 bp	133.5 bp −$134	243.0 bp −$2,430	1975.4 bp −$197.5K	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	−0.0116%	1h	4,317.3	−0.178%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,327.4	+0.056%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USDshort	L +0.0002% / S −0.0003%	1h	4,320.1	−0.114%	$270K	—	250x
Bybit XAUUSDT	+0.0007%	4h	4,324.1	−0.022%	$77.3M	$156.0M	150x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,319.8	−0.120%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,319.2	−0.135%	$13.2M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.588%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,325.2	+0.005%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	−0.069%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356	+0.717%	—	$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
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.1	−0.113%	$291.5M	$51.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,318.6	−0.147%	$15.0M	$55.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,322.6	−0.055%	$20.3M	$30.4M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320	−0.116%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERPlong	+0.0072%	24h	4,325	long leg	$3.8M	$43.4M	15x
Aster XAUUSD1	+0.0073%	4h	4,325.1	+0.002%	$72.5M	$298.7M	20x	as long as short
Paradex XAU-USD-PERP	+0.0073%	8h	4,323.3	−0.039%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.4	−0.036%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0090%	4h	4,324.8	−0.006%	$281.8M	$413.6M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	−0.049%	$47.4M	$29.0M	—	as long as short
Lighter RH XAU	+0.0096%	1h	4,325.2	+0.004%	$19.8M	$38.5M	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,322.8	−0.051%	$362.3M	$328.6M	1000x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,323.1	−0.044%	$415.6M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	−0.092%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.7	−0.123%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.4	−0.108%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.4	−0.060%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,318.5	−0.151%	$30.0M	$61.4M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320.3	−0.108%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0181%	1h	4,323.5	−0.034%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.3	+0.007%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,323.8	−0.028%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0220%	4h	4,327.2	+0.051%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0230%	4h	4,322.9	−0.049%	$68.0M	$118.9M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0282%	1h	4,322.7	−0.053%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0312%	8h	4,323.7	−0.030%	$170.6M	$297.5M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,323.3	−0.039%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0375%	4h	4,326.2	+0.028%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,323.6	−0.032%	$252K	—	111x	as long as short