Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.031%

Price spread now: Lighter RH against Kalshi−0.015%7-day average +0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$150.147% of the position

Long on Kalshi Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.015%, 7d avg +0.088%

Together, before fees+0.217%+ Points / potential airdropLighter RH: Points live · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.103% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.088%). If the spread goes back, that is −$10 on $10k: about 11 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,323.4	0.0073	pay 0.0219% / 24h	7h 38m	$3.8M	$43.4M	15x
Short	Lighter RH XAU	4,322.7	0.0104	get 0.0013% / 1h	38m 35s	$19.8M	$38.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.015%Rate

Funding earned: $6.51
Price spread: −0.015% → +0.088%: −$10.32
Slippage, 4 orders: −$4.7
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$18.51
Costs to cover: 0.147%
Break-even: 26.9 days

Slippage from Kalshi: live order book, 6 min ago; Lighter RH: live order book, 5 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, 6 min ago	0.12 bp	6.6 bp −$7	6.8 bp −$68	9.1 bp −$914	doesn't fit
Sell Lighter RH live order book, 5 min ago	0.69 bp	1.0 bp −$1	1.0 bp −$10	3.6 bp −$356	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	−0.0097%	1h	4,315.9	−0.174%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,324.9	+0.034%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,317.2	−0.143%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0005%	4h	4,321.5	−0.044%	$77.3M	$155.8M	150x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,318	−0.125%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,317.1	−0.145%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.625%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.9	+0.035%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,320.5	−0.067%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.9	+0.705%	—	$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	4,318.1	−0.123%	$291.4M	$51.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,316.8	−0.152%	$15.0M	$55.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,320.2	−0.075%	$20.3M	$30.4M	25x	as long as short
Aster XAUUSD1	+0.0071%	4h	4,322.6	−0.018%	$72.4M	$298.7M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.8	−0.106%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERPlong	+0.0073%	24h	4,323.4	long leg	$3.8M	$43.4M	15x
Paradex XAU-USD-PERP	+0.0073%	8h	4,320.7	−0.062%	$2K	$13K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,322.9	−0.011%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0088%	4h	4,323	−0.008%	$281.9M	$413.9M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	−0.012%	$47.4M	$29.0M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,320.8	−0.061%	$364.8M	$329.2M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,321	−0.055%	$415.8M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	−0.056%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,317.3	−0.142%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	−0.080%	$272K	$208K	50x	as long as short
Lighter RH XAUshort	+0.0104%	1h	4,322.7	−0.015%	$19.8M	$38.6M	25x
Aevo XAU-PERP	+0.0104%	1h	4,320.4	−0.068%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0119%	4h	4,319.5	−0.090%	$30.0M	$61.0M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,318.4	−0.115%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0178%	1h	4,321.1	−0.054%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,323.6	+0.004%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0207%	1h	4,321.2	−0.051%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0223%	4h	4,326	+0.059%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0230%	4h	4,320.7	−0.062%	$67.9M	$118.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,320.4	−0.069%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0311%	8h	4,321.8	−0.037%	$170.6M	$297.2M	100x	as long as short
BloFin XAU-USDT	+0.0338%	4h	4,321.3	−0.049%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0381%	4h	4,324.2	+0.019%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,320.7	−0.062%	$252K	—	111x	as long as short