Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.043%

Price spread now: Kalshi against MEXC−0.004%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on MEXC Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 7 days−0.103%−$10 · spread now −0.004%, 7d avg −0.104%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.100% dearer against MEXC than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.104%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XAU_USDT	4,349.5	0.0118	pay 0.0059% / 4h	1h 51m	$371.6M	$315.4M	1000x
Short	Kalshi KXGOLDPERP	4,349.3	0.0037	get 0.0110% / 24h	11h 51m	$4.1M	$36.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against MEXC. 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 MEXCbpFee KalshibpOrdersPrice spread, now −0.004%Rate

Funding earned: −$17.11
Price spread: −0.004% → −0.104%: $10
Slippage, 4 orders: −$2.28
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$23.38
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Kalshi: live order book, 3 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 MEXC live order book, 3 min ago	0.03 bp	2.0 bp −$2	2.2 bp −$22	7.9 bp −$791	26.2 bp −$13.1K
Sell Kalshi live order book, 3 min ago	0.12 bp	6.5 bp −$6	6.8 bp −$68	9.2 bp −$917	doesn't fit

XAU on 38 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	−0.0131%	1h	4,344.6	−0.112%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,347.9	−0.036%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,350.3	+0.019%	$262.4M	$405.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,356.8	+0.169%	$93K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,347.1	−0.055%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,348.9	−0.014%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,345.4	−0.094%	$13.6M	$40.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.022%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPshort	+0.0037%	24h	4,349.3	−0.004%	$4.1M	$36.2M	15x
Lighter XAU	+0.0040%	1h	4,348.3	−0.028%	$20.6M	$41.8M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,354.8	+0.123%	$3.8M	$4.6M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.1	+0.750%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,348.4	−0.025%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,348.4	−0.025%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,347.2	−0.052%	$293.4M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345	−0.102%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0061%	4h	4,349.3	−0.005%	$70.1M	$328.6M	20x	as long as short
Lighter RH XAU	+0.0072%	1h	4,350.3	+0.020%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,349.7	+0.004%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.9	−0.059%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.027%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0103%	1h	4,346.7	−0.064%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0107%	4h	4,352.3	+0.065%	$48.3M	$28.1M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,351.8	+0.053%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0116%	4h	4,348.1	−0.031%	$410.1M	$2.09B	100x	as long as short
MEXC XAU_USDTlong	+0.0118%	4h	4,349.5	long leg	$371.6M	$315.4M	1000x
GRVT XAU_USDT_Perp	+0.0132%	4h	4,353.6	+0.095%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.024%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,352	+0.058%	$48K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0190%	1h	4,351.4	+0.044%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0206%	4h	4,348.5	−0.023%	$83.9M	$145.0M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,348	−0.035%	$69.6M	$109.1M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,349.4	−0.002%	$164.7M	$282.1M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0256%	1h	4,349.8	+0.008%	$259K	$702K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,348.8	−0.015%	$593K	$133K	25x	as long as short
Phemex XAUUSDT	+0.0316%	4h	4,353.3	+0.087%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0397% / S −0.0207%	1h	4,351.3	+0.042%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0612%	4h	4,358.5	+0.208%	$2.9M	$4.2M	75x	as long as short