Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.018%

Price spread now: Kalshi against Extended+0.110%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

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

costs, in and out, $10k−$190.186% of the position

Long on Extended Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days−0.174%−$17 · spread now +0.110%, 7d avg −0.011%

Together, before fees−0.277%+ Points / potential airdropExtended: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.120% dearer against Extended than usual: you sell high and buy low (spread +0.110% now, against its 7-day average of −0.011%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XAU-USD	4,319.9	0.0136	pay 0.0017% / 1h	57m 04s	$12.9M	$36.1M	25x
Short	Kalshi KXGOLDPERP	4,324.6	0.0085	get 0.0255% / 24h	6h 57m	$3.8M	$44.3M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Extended. 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 ExtendedbpFee KalshibpOrdersPrice spread, now +0.110%Rate

Funding earned: −$10.71
Price spread: +0.110% → −0.011%: $12.05
Slippage, 4 orders: −$3.61
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$17.27
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; Kalshi: live order book, 2 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 Extended live order book, 2 min ago	0.12 bp	3.3 bp −$3	4.9 bp −$49	9.0 bp −$905	doesn't fit
Sell Kalshi live order book, 2 min ago	0.12 bp	6.7 bp −$7	6.8 bp −$68	10.7 bp −$1,068	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	−0.0124%	1h	4,318.3	−0.035%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,329.5	+0.223%	$92K	$7.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,320.2	+0.007%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0026%	4h	4,325.5	+0.131%	$76.9M	$153.9M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.707%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,324	+0.097%	$20.3M	$28.8M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.7	+0.112%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,322.7	+0.066%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,355.5	+0.825%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.5	+0.015%	$291.5M	$51.6M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319	−0.021%	$15.0M	$55.7M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,320.6	+0.017%	$32K	—	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,326.5	+0.154%	$72.7M	$273.0M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,319.3	−0.013%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0073%	8h	4,322.6	+0.063%	$2K	$14K	5x	as long as short
Kalshi KXGOLDPERPshort	+0.0085%	24h	4,324.6	+0.110%	$3.8M	$44.3M	15x
Lighter RH XAU	+0.0088%	1h	4,326.5	+0.154%	$20.0M	$38.5M	25x	as long as short
Variational Omni XAU	+0.0094%	4h	4,321.5	+0.037%	$47.2M	$29.1M	—	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,321.8	+0.045%	$1.4M	$3.0M	25x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.5	−0.008%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.3	−0.013%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,324.9	+0.116%	$365.2M	$324.4M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,318.8	−0.025%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,324.8	+0.115%	$424.7M	$2.14B	100x	as long as short
Gate XAU_USDT	+0.0102%	4h	4,326.2	+0.146%	$279.4M	$407.8M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,323.5	+0.084%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,319	−0.020%	$30.1M	$59.2M	50x	as long as short
Extended XAU-USDlong	+0.0136%	1h	4,319.9	long leg	$12.9M	$36.1M	25x
Bullet GOLD-USD	+0.0166%	1h	4,323.3	+0.079%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0192%	1h	4,322.7	+0.066%	$4.3M	$2.0M	20x	as long as short
Bitget XAUUSDT	+0.0206%	4h	4,324.7	+0.111%	$68.0M	$118.3M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0213%	1h	4,324	+0.096%	$163K	$860K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,321.2	+0.030%	$578K	$136K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0293%	8h	4,325.3	+0.126%	$173.3M	$300.8M	100x	as long as short
BloFin XAU-USDT	+0.0340%	4h	4,324.8	+0.115%	$16.4M	$4.6M	100x	as long as short
HTX XAU-USDT	+0.0343%	4h	4,330.3	+0.241%	$3.2M	$5.8M	75x	as long as short
Phemex XAUUSDT	+0.0366%	4h	4,325.9	+0.141%	$2.2M	$975K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,323.9	+0.094%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,325.6	+0.133%	$4.1M	$12.8M	25x	as long as short