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: Kalshi against Kraken Futures+0.011%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

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

Long on Kraken Futures Short on Kalshi

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)−0.054%−$5 · spread now +0.011%, 7d avg −0.031%

Together, before fees−0.421%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.042% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.031%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAUUSD	4,368.6	0.0219	pay 0.0027% / 1h	14m 13s	$603K	$137K	25x
Short	Kalshi KXGOLDPERP	4,369.1	0	get 0.0000% / 24h	14h 14m	$4.0M	$36.3M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.011%Rate

Funding earned: −$46.07
Price spread: +0.011% → −0.031%: $4.19
Slippage, 4 orders: −$7.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$69.34
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; Kalshi: 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 Kraken Futures live order book, 64 min ago	1.66 bp	7.5 bp −$7	15.4 bp −$154	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	0.11 bp	7.3 bp −$7	7.5 bp −$75	9.6 bp −$959	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	−0.125%	$26K	$22K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,370.3	+0.039%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,371.7	+0.070%	$71.9M	$224.8M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,371.2	+0.058%	$410.8M	$2.14B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,371.8	+0.074%	$82.8M	$142.6M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,372.3	+0.084%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,371.9	+0.075%	$267.5M	$417.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,371.1	+0.058%	$376.3M	$324.2M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,371.4	+0.064%	$69.6M	$113.3M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,370.5	+0.043%	$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	+0.055%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERPshort	0.0000%	24h	4,369.1	+0.011%	$4.0M	$36.3M	15x
SunX XAU-USDT	0.0000%	4h	4,375.5	+0.157%	$93K	$10.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,367.2	−0.033%	$268K	—	250x	as long as short
edgeX XAUUSDC	+0.0009%	4h	4,365.9	−0.063%	$30.4M	$59.4M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,371.1	+0.057%	$5.4M	$1.9M	20x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.416%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,370.1	+0.034%	$20.7M	$44.9M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,371.4	+0.064%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,405.7	+0.849%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,367.6	−0.023%	$294.3M	$52.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,368.6	0.000%	$14.7M	$57.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0055%	8h	4,372.4	+0.088%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0056%	1h	4,372.8	+0.096%	$20.2M	$42.3M	25x	as long as short
Extended XAU-USD	+0.0064%	1h	4,367.3	−0.029%	$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	+0.047%	$162K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,368.5	−0.002%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,368.6	−0.001%	$277K	$204K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0105%	1h	4,370.8	+0.050%	$4.3M	$1.8M	20x	as long as short
Bullet GOLD-USD	+0.0112%	1h	4,371.2	+0.060%	$59K	$81K	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,369.3	+0.016%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0162%	8h	4,372.1	+0.080%	$158.6M	$274.5M	100x	as long as short
HTX XAU-USDT	+0.0191%	4h	4,377.4	+0.201%	$2.9M	$3.8M	75x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0219%	1h	4,368.6	long leg	$603K	$137K	25x
BloFin XAU-USDT	+0.0240%	4h	4,370.9	+0.052%	$14.8M	$4.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0254%	1h	4,370	+0.032%	$235K	$736K	25x	as long as short
Phemex XAUUSDT	+0.0314%	4h	4,371	+0.055%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,371.2	+0.058%	$252K	—	111x	as long as short