Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.015%

Price spread now: Hotstuff against Kalshi−0.069%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 Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.069% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,353.2	0.0038	pay 0.0115% / 24h	11h 30m	$4.1M	$36.9M	15x
Short	Hotstuff GOLD-PERP	4,350.2	0.0144	get 0.0018% / 1h	30m 02s	$33K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.069%Rate

Funding earned: $22.16
Price spread: −0.069% → 0.000%: −$6.89
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $0.27
Costs to cover: 0.150%
Break-even: 6.9 days

Slippage unknown: Kalshi: live order book, 4 min ago; Hotstuff: 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, 4 min ago	0.12 bp	6.1 bp −$6	6.3 bp −$63	9.7 bp −$966	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
SunX XAU-USDT	0.0000%	4h	4,359.8	+0.151%	$93K	$9.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.9	−0.030%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,357	+0.087%	$265.4M	$411.2M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,354.8	+0.036%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.8	−0.032%	$13.6M	$39.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.064%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPlong	+0.0038%	24h	4,353.2	long leg	$4.1M	$36.9M	15x
StandX XAU-USD	+0.0040%	1h	4,354.5	+0.030%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0042%	4h	4,356.1	+0.066%	$70.5M	$333.6M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,388.5	+0.811%	—	$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	−0.005%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,350.6	−0.060%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,352.2	−0.023%	$294.0M	$48.7M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0050%	4h	4,352.3	−0.021%	$1.4M	$3.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.6	−0.037%	$15.1M	$57.5M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,354.6	+0.033%	$20.6M	$42.2M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,353	−0.006%	$48.3M	$27.8M	—	as long as short
Lighter RH XAU	+0.0072%	1h	4,356.8	+0.083%	$20.1M	$39.7M	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,355.7	+0.058%	$372.7M	$318.3M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,355.7	+0.058%	$413.0M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,355.3	+0.049%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0092%	4h	4,347.3	−0.135%	$30.3M	$58.9M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,354.4	+0.028%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.8	−0.032%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,348.5	−0.108%	$275K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348	−0.119%	$25K	$14K	20x	as long as short
Polymarket Perps GOLD-USD	+0.0130%	1h	4,355.2	+0.046%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.1	−0.071%	$47K	$77K	25x	as long as short
Phemex XAUUSDT	+0.0140%	4h	4,356	+0.063%	$2.2M	$1.1M	100x	as long as short
Hotstuff GOLD-PERPshort	+0.0144%	1h	4,350.2	−0.069%	$33K	—	25x
Deribit GOLD_USDC-PERPETUAL	+0.0187%	1h	4,354.2	+0.023%	$258K	$706K	25x	as long as short
Bybit XAUUSDT	+0.0196%	4h	4,357.1	+0.089%	$84.5M	$145.2M	150x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,356	+0.065%	$70.2M	$109.5M	100x	as long as short
Bullet GOLD-USD	+0.0215%	1h	4,355.8	+0.060%	$59K	$83K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,356.8	+0.083%	$165.0M	$281.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,352.7	−0.012%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0295%	4h	4,354.1	+0.020%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0404% / S −0.0215%	1h	4,355.8	+0.060%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0564%	4h	4,360.3	+0.164%	$2.9M	$4.2M	75x	as long as short