Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h +0.097%

Price spread now: Kraken Futures against Kalshi+0.009%57s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.275% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.009%, 7d avg +0.031%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.021% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.031%). If the spread goes back, that is −$2 on $10k: about 8 hours of funding at the current rate (+$7 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,368.2	0	get 0.0000% / 24h	14h 14m	$4.0M	$36.2M	15x
Short	Kraken Futures PF_XAUUSD	4,368.6	0.0219	get 0.0027% / 1h	14m 18s	$603K	$137K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.009%Rate

Funding earned: $46.07
Price spread: +0.009% → +0.031%: −$2.13
Slippage, 4 orders: −$7.46
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $16.47
Costs to cover: 0.275%
Break-even: 4.5 days

Slippage from Kalshi: live order book, 5 min ago; Kraken Futures: live order book, 64 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, 5 min ago	0.11 bp	5.9 bp −$6	6.2 bp −$62	7.9 bp −$791	doesn't fit
Sell Kraken Futures live order book, 64 min ago	1.66 bp	6.8 bp −$7	14.7 bp −$147	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	−0.0238%	1h	4,363.2	−0.115%	$26K	$22K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,370.3	+0.048%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,371.7	+0.079%	$71.9M	$224.8M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,371.1	+0.066%	$410.8M	$2.14B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,371.8	+0.083%	$82.8M	$142.6M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,372.3	+0.094%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,371.8	+0.083%	$267.5M	$417.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,371.1	+0.067%	$376.3M	$324.2M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,371.3	+0.070%	$69.6M	$113.3M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,370.5	+0.052%	$48.5M	$29.3M	—	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	4,371	+0.065%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERPlong	0.0000%	24h	4,368.2	long leg	$4.0M	$36.2M	15x
SunX XAU-USDT	0.0000%	4h	4,375.5	+0.167%	$93K	$10.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,367.2	−0.023%	$268K	—	250x	as long as short
edgeX XAUUSDC	+0.0009%	4h	4,365.9	−0.053%	$30.4M	$59.4M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,371.1	+0.066%	$5.4M	$1.9M	20x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.407%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,371.2	+0.068%	$20.8M	$44.9M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,371.4	+0.073%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,405.7	+0.858%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,367.3	−0.021%	$294.2M	$52.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,368.6	+0.009%	$14.7M	$57.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0055%	8h	4,372.4	+0.097%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0056%	1h	4,373.8	+0.127%	$20.2M	$42.3M	25x	as long as short
Extended XAU-USD	+0.0064%	1h	4,367.3	−0.020%	$13.1M	$45.5M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,368.4	+0.005%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,370.7	+0.057%	$162K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,368.5	+0.008%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,368.6	+0.008%	$277K	$204K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0105%	1h	4,370.8	+0.060%	$4.3M	$1.8M	20x	as long as short
Bullet GOLD-USD	+0.0112%	1h	4,371.2	+0.069%	$59K	$81K	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,367.2	−0.023%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0162%	8h	4,372.1	+0.089%	$158.6M	$274.5M	100x	as long as short
HTX XAU-USDT	+0.0186%	4h	4,377	+0.202%	$2.8M	$3.8M	75x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0219%	1h	4,368.6	+0.009%	$603K	$137K	25x
BloFin XAU-USDT	+0.0240%	4h	4,370.9	+0.062%	$14.8M	$4.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0254%	1h	4,370	+0.041%	$235K	$736K	25x	as long as short
Phemex XAUUSDT	+0.0320%	4h	4,370.9	+0.062%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,371.2	+0.068%	$252K	—	111x	as long as short