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

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

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

Long on Lighter RH Short on Kalshi

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

The price spread pays, funding is against you. Kalshi is 0.103% dearer against Lighter RH than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.088%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XAU	4,322.7	0.0104	pay 0.0013% / 1h	38m 41s	$19.8M	$38.6M	25x
Short	Kalshi KXGOLDPERP	4,323.4	0.0073	get 0.0219% / 24h	7h 38m	$3.8M	$43.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now +0.015%Rate

Funding earned: −$6.51
Price spread: +0.015% → −0.088%: $10.32
Slippage, 4 orders: −$4.7
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$10.89
Costs to cover: 0.147%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 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 Lighter RH live order book, 5 min ago	0.69 bp	1.1 bp −$1	1.5 bp −$15	13.7 bp −$1,369	doesn't fit
Sell Kalshi live order book, 5 min ago	0.12 bp	6.0 bp −$6	6.6 bp −$66	10.6 bp −$1,055	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	−0.158%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,324.9	+0.049%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,317.2	−0.127%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0005%	4h	4,321.5	−0.028%	$77.3M	$155.8M	150x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,318	−0.109%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,317.1	−0.130%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.641%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.9	+0.050%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,320.5	−0.052%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.9	+0.721%	—	$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	−0.107%	$291.4M	$51.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,316.8	−0.137%	$15.0M	$55.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,320.2	−0.060%	$20.3M	$30.4M	25x	as long as short
Aster XAUUSD1	+0.0071%	4h	4,322.6	−0.003%	$72.4M	$298.7M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.8	−0.091%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERPshort	+0.0073%	24h	4,323.4	+0.015%	$3.8M	$43.4M	15x
Paradex XAU-USD-PERP	+0.0073%	8h	4,320.7	−0.046%	$2K	$13K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,322.9	+0.005%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0088%	4h	4,323	+0.007%	$281.9M	$413.9M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	+0.003%	$47.4M	$29.0M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,320.8	−0.045%	$364.8M	$329.2M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,321	−0.040%	$415.8M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	−0.040%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,317.3	−0.127%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	−0.065%	$272K	$208K	50x	as long as short
Lighter RH XAUlong	+0.0104%	1h	4,322.7	long leg	$19.8M	$38.6M	25x
Aevo XAU-PERP	+0.0104%	1h	4,320.4	−0.053%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0119%	4h	4,319.5	−0.074%	$30.0M	$61.0M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,318.4	−0.100%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0178%	1h	4,321.1	−0.038%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,323.6	+0.019%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0207%	1h	4,321.2	−0.035%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0223%	4h	4,326	+0.074%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0230%	4h	4,320.7	−0.047%	$67.9M	$118.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,320.4	−0.054%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0311%	8h	4,321.8	−0.022%	$170.6M	$297.2M	100x	as long as short
BloFin XAU-USDT	+0.0338%	4h	4,321.3	−0.034%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0381%	4h	4,324.2	+0.034%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,320.7	−0.046%	$252K	—	111x	as long as short