Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h +0.016%

Price spread now: Hotstuff against Kalshi−0.113%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Hotstuff is 0.113% cheaper against Kalshi than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,327.4	0.0092	pay 0.0276% / 24h	6h 32m	$3.8M	$44.6M	15x
Short	Hotstuff GOLD-PERP	4,322.5	−0.0096	pay 0.0012% / 1h	32m 24s	$32K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$39.47
Price spread: −0.113% → 0.000%: −$11.32
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$65.79
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Hotstuff: 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, 2 min ago	0.12 bp	5.6 bp −$6	5.8 bp −$58	8.5 bp −$851	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.0097%	1h	4,320.3	−0.165%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERPshort	−0.0096%	1h	4,322.5	−0.113%	$32K	—	25x
SunX XAU-USDT	0.0000%	4h	4,330.1	+0.062%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,321.6	−0.134%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.532%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.2	−0.005%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,323.3	−0.095%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356.6	+0.675%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,321	−0.148%	$291.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,320.5	−0.159%	$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	+0.0053%	4h	4,325.1	−0.053%	$77.6M	$152.8M	150x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,325.9	−0.035%	$72.9M	$272.0M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,323.8	−0.083%	$20.5M	$29.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0065%	8h	4,323.9	−0.080%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.2	−0.120%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,324.9	−0.058%	$47.2M	$29.3M	—	as long as short
Kalshi KXGOLDPERPlong	+0.0092%	24h	4,327.4	long leg	$3.8M	$44.6M	15x
Phoenix GOLD	+0.0096%	1h	4,323.3	−0.095%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,321	−0.149%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,324.3	−0.072%	$362.9M	$327.8M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,326.8	−0.015%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,322.7	−0.108%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,324.2	−0.075%	$425.0M	$2.13B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,325.1	−0.052%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0108%	4h	4,326.8	−0.014%	$285.5M	$416.5M	100x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,323.1	−0.100%	$30.1M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,326.4	−0.022%	$20.0M	$39.1M	25x	as long as short
Extended XAU-USD	+0.0128%	1h	4,320.6	−0.157%	$13.2M	$36.8M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,324.1	−0.076%	$70.1M	$118.5M	100x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,324.4	−0.069%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,324.4	−0.069%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,322.9	−0.103%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,324	−0.079%	$163K	$871K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0276%	8h	4,324.9	−0.058%	$173.8M	$299.0M	100x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,324.9	−0.058%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0364%	4h	4,327.8	+0.009%	$2.2M	$975K	100x	as long as short
HTX XAU-USDT	+0.0418%	4h	4,331.1	+0.084%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,325.9	−0.036%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,325	−0.055%	$4.6M	$13.3M	25x	as long as short