Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h +0.022%

Price spread now: Lighter against Kalshi+0.071%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.189%+$19 on $10k

Price spread, last 7 days+0.019%+$2 · spread now +0.071%, 7d avg +0.055%

Together, before fees+0.208%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,341.9	0.0052	pay 0.0155% / 24h	9h 06m	$4.3M	$37.4M	15x
Short	Lighter XAU	4,345	0.0056	get 0.0007% / 1h	6m 35s	$20.7M	$34.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.071%Rate

Funding earned: $0.94
Price spread: +0.071% → +0.055%: $1.65
Slippage, 4 orders: −$4.15
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.55
Costs to cover: 0.141%
Break-even: 93.0 days

Slippage from Kalshi: live order book, 3 min ago; Lighter: live order book, 7 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	0.46 bp	5.7 bp −$6	5.7 bp −$57	8.8 bp −$885	doesn't fit
Sell Lighter live order book, 7 min ago	0.52 bp	0.6 bp −$1	1.6 bp −$16	9.1 bp −$914	20.5 bp −$10.3K

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	−0.0005%	1h	4,338.1	−0.087%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,349.3	+0.170%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,340.9	−0.023%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,346.2	+0.100%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,341.9	0.000%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.196%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,341.5	−0.009%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	+0.078%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,345.1	+0.074%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,378.3	+0.838%	—	$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	4,342.5	+0.014%	$293.7M	$49.1M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.6	+0.015%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERPlong	+0.0052%	24h	4,341.9	long leg	$4.3M	$37.4M	15x
Bybit XAUUSDT	+0.0055%	4h	4,347	+0.117%	$80.1M	$152.0M	150x	as long as short
Lighter XAUshort	+0.0056%	1h	4,345	+0.071%	$20.7M	$34.8M	25x
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.7	−0.005%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,347.4	+0.126%	$268.5M	$418.9M	100x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,345.7	+0.088%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.5	+0.129%	$20.2M	$40.2M	25x	as long as short
Aster XAUUSD1	+0.0097%	4h	4,346.5	+0.105%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,342	+0.002%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	−0.035%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,342.7	+0.018%	$48.4M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,343.9	+0.047%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,346	+0.095%	$370.6M	$321.4M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346.1	+0.097%	$418.8M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.043%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,342	+0.002%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,343.9	+0.046%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0188%	1h	4,343.3	+0.032%	$204K	$826K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0204%	1h	4,345.9	+0.092%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,344.8	+0.067%	$59K	$82K	10x	as long as short
Phemex XAUUSDT	+0.0218%	4h	4,347.6	+0.130%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,341.8	−0.003%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0274%	4h	4,346.1	+0.096%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,346.9	+0.115%	$167.2M	$283.1M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,345	+0.072%	$15.7M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0424%	4h	4,346.8	+0.113%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,344.8	+0.068%	$250K	—	111x	as long as short