Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.023%

Price spread now: Kalshi against Lighter−0.027%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$140.136% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 7 days−0.053%−$5 · spread now −0.027%, 7d avg −0.056%

Together, before fees−0.246%+ Points / potential airdropLighter: Season 3 · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.029% dearer against Lighter than usual: you sell high and buy low (spread −0.027% now, against its 7-day average of −0.056%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,360	0.0072	pay 0.0009% / 1h	24m 45s	$20.6M	$44.1M	25x
Short	Kalshi KXGOLDPERP	4,358.8	0	get 0.0000% / 24h	13h 24m	$4.0M	$36.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.027%Rate

Funding earned: −$15.12
Price spread: −0.027% → −0.056%: $2.93
Slippage, 4 orders: −$3.59
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$25.79
Costs to cover: 0.136%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Kalshi: live order book, 4 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 Lighter live order book, 4 min ago	0.44 bp	0.4 bp $0	1.9 bp −$19	7.2 bp −$720	17.9 bp −$8,968
Sell Kalshi live order book, 4 min ago	0.23 bp	6.5 bp −$7	7.0 bp −$70	9.4 bp −$940	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
Aster XAUUSD1	0.0000%	4h	4,361	+0.024%	$71.1M	$200.2M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,362.2	+0.050%	$265.4M	$415.9M	100x	as long as short
Kalshi KXGOLDPERPshort	0.0000%	24h	4,358.8	−0.027%	$4.0M	$36.6M	15x
SunX XAU-USDT	0.0000%	4h	4,366.3	+0.144%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	+0.010%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358	−0.045%	$267K	—	250x	as long as short
MEXC XAU_USDT	+0.0020%	4h	4,361.3	+0.031%	$373.2M	$327.7M	1000x	as long as short
Binance XAUUSDT	+0.0022%	4h	4,361.3	+0.031%	$411.8M	$2.15B	100x	as long as short
edgeX XAUUSDC	+0.0023%	4h	4,356.2	−0.087%	$30.3M	$60.3M	50x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.219%	$619	$54	52x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,362.9	+0.067%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,361.2	+0.028%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,395.8	+0.822%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,361.6	+0.037%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,358	−0.045%	$293.9M	$51.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,356.6	−0.077%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	−0.034%	$48K	$64K	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,358.5	−0.034%	$33K	—	25x	as long as short
Bitget XAUUSDT	+0.0056%	4h	4,361.4	+0.033%	$69.6M	$113.3M	100x	as long as short
Lighter XAUlong	+0.0072%	1h	4,360	long leg	$20.6M	$44.1M	25x
Paradex XAU-USD-PERP	+0.0081%	8h	4,361.4	+0.033%	$19K	$5K	5x	as long as short
BloFin XAU-USDT	+0.0082%	4h	4,363.5	+0.080%	$15.5M	$4.5M	100x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,361.1	+0.026%	$162K	$87	10x	as long as short
Lighter RH XAU	+0.0096%	1h	4,362.7	+0.061%	$20.2M	$41.0M	25x	as long as short
Extended XAU-USD	+0.0096%	1h	4,357.3	−0.062%	$13.5M	$43.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,357.6	−0.054%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,357.7	−0.052%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.050%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,354.6	−0.123%	$26K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0102%	4h	4,361.8	+0.041%	$83.0M	$143.8M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0126%	1h	4,360.8	+0.019%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,362	+0.045%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0198%	8h	4,362	+0.047%	$163.8M	$288.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,360.4	+0.010%	$235K	$656K	25x	as long as short
Bullet GOLD-USD	+0.0213%	1h	4,362.3	+0.054%	$59K	$81K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,358.7	−0.030%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,361.9	+0.045%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0469%	4h	4,364.7	+0.107%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0593%	4h	4,365.2	+0.121%	$2.9M	$3.9M	75x	as long as short