Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.012%

Price spread now: Injective against Kalshi+0.173%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Injective

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—needs both histories

The price spread pays, funding is against you. Injective is 0.173% dearer against Kalshi than usual: you sell high and buy low (spread +0.173% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 32 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,342.9	0.0051	pay 0.0154% / 24h	9h 18m	$4.3M	$37.5M	15x
Short	Injective XAU/USDC PERP	4,350.4	0.0033	get 0.0004% / 1h	18m 53s	$619	$54	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.173%Rate

Funding earned: −$3.76
Price spread: +0.173% → 0.000%: $17.32
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $3.54
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kalshi: live order book, 5 min ago; Injective: 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, 5 min ago	0.12 bp	5.6 bp −$6	5.6 bp −$56	9.0 bp −$902	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	4,349.1	+0.144%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,340.5	−0.055%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,345.1	+0.051%	$3.9M	$12.4M	25x	as long as short
Bluefin GOLD-PERP	+0.0015%	1h	4,338.3	−0.107%	$25K	$14K	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,340.6	−0.052%	$13.3M	$37.2M	25x	as long as short
Bybit XAUUSDT	+0.0033%	4h	4,345.1	+0.051%	$79.9M	$152.2M	150x	as long as short
Injective XAU/USDC PERPshort	+0.0033%	1h	4,350.4	+0.173%	$619	$54	52x
StandX XAU-USD	+0.0040%	1h	4,344.6	+0.039%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,344.2	+0.030%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,377.4	+0.794%	—	$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	4,340.7	−0.051%	$293.6M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.9	−0.023%	$15.0M	$56.9M	25x	as long as short
Kalshi KXGOLDPERPlong	+0.0051%	24h	4,342.9	long leg	$4.3M	$37.5M	15x
Lighter XAU	+0.0056%	1h	4,343.7	+0.018%	$20.7M	$34.7M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.4	−0.035%	$2.1M	$4.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0060%	8h	4,344.7	+0.040%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,346.1	+0.073%	$20.2M	$40.0M	25x	as long as short
Gate XAU_USDT	+0.0090%	4h	4,345.7	+0.065%	$268.7M	$417.7M	100x	as long as short
Aster XAUUSD1	+0.0092%	4h	4,345.8	+0.067%	$71.5M	$331.8M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,341.1	−0.041%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.8	−0.048%	$274K	$203K	50x	as long as short
Hotstuff GOLD-PERP	+0.0104%	1h	4,340.9	−0.046%	$33K	—	25x	as long as short
Variational Omni XAU	+0.0104%	4h	4,343.9	+0.023%	$48.3M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,343.8	+0.020%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,344.5	+0.036%	$371.9M	$320.6M	1000x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,344.4	+0.034%	$418.4M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0129%	4h	4,340.2	−0.063%	$30.2M	$58.2M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,340.5	−0.055%	$47K	$77K	25x	as long as short
Phemex XAUUSDT	+0.0151%	4h	4,347.3	+0.100%	$2.2M	$967K	100x	as long as short
GRVT XAU_USDT_Perp	+0.0182%	4h	4,344.6	+0.039%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,344.8	+0.044%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0213%	1h	4,344.6	+0.039%	$4.3M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,343.1	+0.005%	$205K	$826K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,341.6	−0.029%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0266%	4h	4,344.6	+0.038%	$71.0M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0326%	8h	4,345.6	+0.062%	$167.2M	$282.3M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,345	+0.047%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,344.8	+0.044%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0539%	4h	4,348.2	+0.122%	$2.8M	$4.6M	75x	as long as short