Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0044%/8h= −4.9% APRpaid last 24h 0.000%

Price spread now: SunX against Kalshi+0.114%7-day average +0.192% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$700.695% of the position

Long on Kalshi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now +0.114%, 7d avg +0.192%

Together, before fees+0.150%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.078% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.192%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,346.2	0.0044	pay 0.0133% / 24h	10h 36m	$4.1M	$37.2M	15x
Short	SunX XAU-USDT	4,351.2	0	get 0.0000% / 4h	36m 31s	$92K	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$9.33
Price spread: +0.114% → +0.192%: −$7.84
Slippage, 4 orders: −$51.55
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$86.71
Costs to cover: 0.695%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; SunX: live order book, 13 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	0.12 bp	6.0 bp −$6	6.3 bp −$63	9.3 bp −$930	doesn't fit
Sell SunX live order book, 13 min ago	23.60 bp	29.6 bp −$30	47.1 bp −$471	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
RISEx XAU/USDC	0.0000%	1h	4,347.7	+0.034%	$3.4M	$12.3M	25x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,351.2	+0.114%	$92K	$9.0M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.2	−0.068%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0010%	4h	4,348.7	+0.058%	$267.8M	$411.5M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,346.6	+0.008%	$20.8M	$37.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344.1	−0.048%	$13.3M	$38.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.097%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,349.3	+0.072%	$20.1M	$39.2M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.7	+0.035%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,347.8	+0.037%	$5.7M	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERPlong	+0.0044%	24h	4,346.2	long leg	$4.1M	$37.2M	15x
Vest GC-PERP	+0.0046%	1h	4,380.7	+0.794%	—	$1.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.3	−0.044%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345.1	−0.025%	$293.8M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344.1	−0.049%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0065%	4h	4,348.3	+0.049%	$71.0M	$333.7M	20x	as long as short
Variational Omni XAU	+0.0079%	4h	4,348.9	+0.062%	$48.4M	$27.7M	—	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,347.7	+0.034%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,349.1	+0.067%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0094%	4h	4,348.4	+0.052%	$372.6M	$317.1M	1000x	as long as short
Binance XAUUSDT	+0.0095%	4h	4,347.4	+0.028%	$414.2M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,343.6	−0.059%	$30.2M	$58.2M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.7	−0.035%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.7	+0.035%	$275K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347	+0.019%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,347.3	+0.025%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0154%	1h	4,346.4	+0.005%	$4.3M	$1.9M	20x	as long as short
Hotstuff GOLD-PERP	+0.0160%	1h	4,345.2	−0.023%	$33K	—	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344.2	−0.047%	$592K	$132K	25x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,347.2	+0.023%	$59K	$82K	10x	as long as short
Phemex XAUUSDT	+0.0208%	4h	4,351.1	+0.112%	$2.2M	$967K	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,345.6	−0.014%	$243K	$788K	25x	as long as short
Bitget XAUUSDT	+0.0234%	4h	4,348.3	+0.048%	$70.0M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0238%	4h	4,348.2	+0.045%	$85.0M	$144.9M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0284%	8h	4,348.5	+0.053%	$165.6M	$281.7M	100x	as long as short
BloFin XAU-USDT	+0.0347%	4h	4,348	+0.041%	$15.6M	$4.5M	100x	as long as short
Bluefin GOLD-PERP	+0.0405%	1h	4,340.9	−0.122%	$25K	$14K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0413% / S −0.0230%	1h	4,347.2	+0.023%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0628%	4h	4,353.6	+0.169%	$2.9M	$4.3M	75x	as long as short