Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0162%/8h= +17.8% APRpaid last 24h +0.051%

Price spread now: GMX against Kalshi+0.009%50s7-day average +0.104% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.159%+$16 on $10k

Price spread, last 3 days (all we have)+0.112%+$11 · spread now +0.009%, 7d avg +0.104%

Together, before fees+0.271%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.094% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.104%). If the spread goes back, that is −$9 on $10k: about 46 hours of funding at the current rate (+$5 a day). The two prices were read 50 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	Kalshi KXGOLDPERP	4,352	0.0034	pay 0.0102% / 24h	12h 13m	$4.1M	$36.1M	15x
Short	GMX GOLD/USD [ETH-USDC]	4,352.4	L +0.0391% / S −0.0197%	get 0.0025% / 1h	13m 28s	$251K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Kalshi. 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 KalshibpFee GMXbpOrdersPrice spread, now +0.009%Rate

Funding earned: $34.11
Price spread: +0.009% → +0.104%: −$9.42
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $2.68
Costs to cover: 0.220%
Break-even: 6.4 days

Slippage unknown: Kalshi: live order book, 6 min ago; GMX: no order-book sample. Net counts fees only.

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 Kalshi live order book, 6 min ago	0.12 bp	6.6 bp −$7	6.9 bp −$69	10.1 bp −$1,014	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Gate XAU_USDT	0.0000%	4h	4,354	+0.046%	$263.4M	$414.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,358.7	+0.153%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,347.9	−0.094%	$269K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,351.2	−0.018%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.1	−0.044%	$13.5M	$41.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.036%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPlong	+0.0034%	24h	4,352	long leg	$4.1M	$36.1M	15x
Aster XAUUSD1	+0.0035%	4h	4,353	+0.022%	$70.4M	$301.0M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.7	+0.154%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.7	+0.797%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,349.7	−0.053%	$294.0M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349.7	−0.053%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353.6	+0.037%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,352.9	+0.020%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,355.4	+0.078%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,349.1	−0.067%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0076%	1h	4,352.2	+0.005%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.8	+0.042%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.093%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,351.4	−0.014%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	+0.014%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,347	−0.114%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,352.6	+0.014%	$375.4M	$324.1M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,351.8	−0.004%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,352	+0.001%	$408.9M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,351.9	−0.003%	$30.3M	$60.0M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0120%	4h	4,355.1	+0.072%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.113%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,352.9	+0.020%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0168%	1h	4,352.7	+0.017%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,353.1	+0.025%	$83.7M	$144.2M	150x	as long as short
Bitget XAUUSDT	+0.0186%	4h	4,352.4	+0.009%	$69.5M	$109.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,353.7	+0.039%	$250K	$679K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0239%	8h	4,353.7	+0.039%	$164.8M	$281.5M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.7	−0.007%	$593K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0373%	4h	4,357.9	+0.136%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0391% / S −0.0197%	1h	4,352.4	+0.009%	$251K	—	111x
HTX XAU-USDT	+0.0557%	4h	4,359.9	+0.182%	$2.9M	$3.9M	75x	as long as short