Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h −0.013%

Price spread now: Kalshi against QFEX+0.060%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on QFEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.038%−$4 on $10k

Price spread, last 7 days−0.122%−$12 · spread now +0.060%, 7d avg −0.060%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.120% dearer against QFEX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOLD-USD	4,304	0.0045	pay 0.0006% / 1h	59m 22s	$6.6M	$3.1M	20x
Short	Kalshi KXGOLDPERP	4,306.6	0.0102	get 0.0305% / 24h	5h 59m	$3.6M	$45.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against QFEX. 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 QFEXbpFee KalshibpOrdersPrice spread, now +0.060%Rate

Funding earned: $12.03
Price spread: +0.060% → −0.060%: $12.01
Slippage, 4 orders: −$7.99
Fee QFEX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.95
Costs to cover: 0.280%
Break-even: 9.3 days

Slippage from QFEX: 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 QFEX live order book, 5 min ago	2.67 bp	7.7 bp −$8	7.7 bp −$77	9.9 bp −$994	doesn't fit
Sell Kalshi live order book, 5 min ago	0.12 bp	6.8 bp −$7	7.4 bp −$74	10.8 bp −$1,076	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
Bybit XAUUSDT	0.0000%	4h	4,305.5	+0.034%	$77.0M	$156.5M	150x	as long as short
SunX XAU-USDT	0.0000%	4h	4,308.7	+0.109%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,300.5	−0.082%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.079%	$619	$54	52x	as long as short
QFEX GOLD-USDlong	+0.0045%	1h	4,304	long leg	$6.6M	$3.1M	20x
Vest GC-PERP	+0.0046%	1h	4,336.8	+0.762%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,301.3	−0.063%	$32K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,300.6	−0.079%	$289.9M	$53.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,306	+0.046%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,301.2	−0.064%	$15.0M	$55.4M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,301.3	−0.063%	$2.0M	$5.1M	25x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,306.2	+0.050%	$72.9M	$272.1M	20x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,304.3	+0.006%	$2K	$14K	5x	as long as short
Lighter RH XAU	+0.0064%	1h	4,306.3	+0.053%	$19.8M	$39.0M	25x	as long as short
Lighter XAU	+0.0072%	1h	4,303.7	−0.008%	$20.2M	$28.2M	25x	as long as short
Extended XAU-USD	+0.0096%	1h	4,300.6	−0.079%	$13.1M	$36.3M	25x	as long as short
Phoenix GOLD	+0.0096%	1h	4,302.4	−0.037%	$42K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,301.5	−0.058%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,303.7	−0.007%	$269K	$214K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,301.1	−0.068%	$25K	$1K	20x	as long as short
Kalshi KXGOLDPERPshort	+0.0102%	24h	4,306.6	+0.060%	$3.6M	$45.8M	15x
Variational Omni XAU	+0.0102%	4h	4,304.4	+0.010%	$46.7M	$29.3M	—	as long as short
MEXC XAU_USDT	+0.0112%	4h	4,304.9	+0.021%	$362.2M	$329.8M	1000x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,304.3	+0.006%	$159K	$87	10x	as long as short
Binance XAUUSDT	+0.0115%	4h	4,304.8	+0.019%	$428.4M	$2.19B	100x	as long as short
Gate XAU_USDT	+0.0120%	4h	4,307	+0.069%	$291.7M	$415.8M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0120%	4h	4,305	+0.024%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0123%	4h	4,304	−0.001%	$29.9M	$60.6M	50x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,304.9	+0.021%	$4.4M	$13.1M	25x	as long as short
Bullet GOLD-USD	+0.0166%	1h	4,305	+0.023%	$59K	$81K	10x	as long as short
StandX XAU-USD	+0.0189%	1h	4,306.6	+0.060%	$3.8M	$4.5M	40x	as long as short
Bitget XAUUSDT	+0.0192%	4h	4,304.7	+0.015%	$70.8M	$122.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0256%	8h	4,305.2	+0.028%	$171.5M	$316.5M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,302.5	−0.034%	$572K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0378%	1h	4,303.7	−0.007%	$135K	$869K	25x	as long as short
BloFin XAU-USDT	+0.0458%	4h	4,304.8	+0.018%	$16.6M	$4.9M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0466% / S −0.0313%	1h	4,304.7	+0.015%	$254K	—	111x	as long as short
Phemex XAUUSDT	+0.0513%	4h	4,310.3	+0.146%	$2.2M	$950K	100x	as long as short
HTX XAU-USDT	+0.1186%	4h	4,313.5	+0.220%	$3.2M	$6.2M	75x	as long as short