Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.001%

Price spread now: Kalshi against gTrade (Gains Network)+0.133%49s7-day average +0.027% · 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—prices read too far apart to compare

costs, in and out, $10k−$2802.797% of the position

Long on gTrade (Gains Network)Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.133%, 7d avg +0.027%

Together, before fees−0.214%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.106% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.027%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XAU/USD	4,320	L +0.0002% / S −0.0003%	pay 0.0000% / 1h	31m 18s	$270K	—	250x
Short	Kalshi KXGOLDPERP	4,325.7	0.0093	get 0.0278% / 24h	6h 31m	$3.8M	$44.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee KalshibpOrdersPrice spread, now +0.133%Rate

Funding earned: $18.93
Price spread: +0.133% → +0.027%: $10.58
Slippage, 4 orders: −$262.7
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$250.18
Costs to cover: 2.797%
Break-even: 99.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 38 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 gTrade (Gains Network) virtual book (oracle venue), 38 min ago	130.01 bp	133.5 bp −$134	196.7 bp −$1,967	1352.9 bp −$135.3K	5907.8 bp −$2.95M
Sell Kalshi live order book, 3 min ago	0.12 bp	7.1 bp −$7	7.2 bp −$72	11.4 bp −$1,139	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
Hotstuff GOLD-PERP	−0.0096%	1h	4,322.5	+0.059%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0081%	1h	4,318.6	−0.031%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,329.1	+0.213%	$92K	$7.2M	20x	as long as short
gTrade (Gains Network) XAU/USDlong	L +0.0002% / S −0.0003%	1h	4,320	long leg	$270K	—	250x
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.705%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.2	+0.168%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,324.1	+0.096%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356.6	+0.848%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,321.4	+0.034%	$291.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,320.3	+0.008%	$15.0M	$55.6M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDT	+0.0054%	4h	4,325.3	+0.124%	$77.7M	$152.8M	150x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,325.8	+0.136%	$72.9M	$271.9M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,323.5	+0.083%	$20.5M	$29.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0065%	8h	4,324.1	+0.097%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.5	+0.013%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,324.9	+0.114%	$47.2M	$29.3M	—	as long as short
Kalshi KXGOLDPERPshort	+0.0093%	24h	4,325.7	+0.133%	$3.8M	$44.6M	15x
Phoenix GOLD	+0.0096%	1h	4,323.3	+0.078%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,321	+0.025%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,324.6	+0.108%	$362.8M	$327.9M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,326.8	+0.158%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.9	+0.021%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,324.2	+0.099%	$425.0M	$2.13B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,323.8	+0.089%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0108%	4h	4,326.5	+0.152%	$286.1M	$416.8M	100x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,322.9	+0.069%	$30.1M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,326.2	+0.144%	$20.0M	$39.2M	25x	as long as short
Extended XAU-USD	+0.0128%	1h	4,320.1	+0.003%	$13.2M	$36.8M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,323.9	+0.091%	$70.2M	$118.5M	100x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,324.3	+0.101%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,324.3	+0.101%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,322.2	+0.052%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,322.5	+0.059%	$163K	$872K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0276%	8h	4,325	+0.117%	$173.9M	$299.0M	100x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,324.9	+0.114%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0368%	4h	4,327.3	+0.171%	$2.2M	$975K	100x	as long as short
HTX XAU-USDT	+0.0430%	4h	4,331.1	+0.257%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,324.3	+0.100%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,324.5	+0.106%	$4.6M	$13.3M	25x	as long as short