Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h −0.023%

Price spread now: Kalshi against Lighter−0.053%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 7 days−0.040%−$4 · spread now −0.053%, 7d avg −0.056%

Together, before fees−0.231%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,357.6	0.0056	pay 0.0007% / 1h	23m 00s	$20.7M	$42.3M	25x
Short	Kalshi KXGOLDPERP	4,355.3	0.0039	get 0.0118% / 24h	11h 23m	$4.1M	$37.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.053%Rate

Funding earned: −$3.52
Price spread: −0.053% → −0.056%: $0.21
Slippage, 4 orders: −$3.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$17.03
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Kalshi: live order book, 1 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 Lighter live order book, 6 min ago	0.10 bp	0.8 bp −$1	2.1 bp −$21	8.2 bp −$821	18.7 bp −$9,347
Sell Kalshi live order book, 1 min ago	0.12 bp	6.5 bp −$6	6.7 bp −$67	8.5 bp −$851	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
SunX XAU-USDT	0.0000%	4h	4,362.3	+0.106%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,354.6	−0.070%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,359.9	+0.052%	$264.7M	$413.3M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,357.4	−0.006%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,355.1	−0.058%	$13.6M	$38.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.165%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPshort	+0.0039%	24h	4,355.3	−0.053%	$4.1M	$37.0M	15x
StandX XAU-USD	+0.0040%	1h	4,359.3	+0.038%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0043%	4h	4,358.4	+0.017%	$70.6M	$333.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,391.3	+0.773%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0046%	1h	4,357	−0.014%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,355.7	−0.044%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.5	−0.049%	$294.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,353.8	−0.089%	$15.1M	$57.2M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,357.1	−0.012%	$1.4M	$3.0M	25x	as long as short
Lighter XAUlong	+0.0056%	1h	4,357.6	long leg	$20.7M	$42.3M	25x
Variational Omni XAU	+0.0057%	4h	4,355.6	−0.046%	$48.3M	$27.9M	—	as long as short
Lighter RH XAU	+0.0064%	1h	4,359.8	+0.050%	$20.2M	$39.7M	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,359.1	+0.033%	$373.6M	$319.2M	1000x	as long as short
Binance XAUUSDT	+0.0073%	4h	4,358.9	+0.029%	$412.2M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,357.8	+0.004%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0090%	4h	4,351.8	−0.135%	$30.3M	$58.4M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,357.1	−0.012%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,354.4	−0.074%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,354.7	−0.067%	$275K	$203K	50x	as long as short
Hotstuff GOLD-PERP	+0.0104%	1h	4,354.5	−0.072%	$33K	—	25x	as long as short
Phemex XAUUSDT	+0.0123%	4h	4,358.8	+0.026%	$2.2M	$1.1M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0123%	1h	4,357	−0.014%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,356.1	−0.035%	$48K	$77K	25x	as long as short
Bybit XAUUSDT	+0.0199%	4h	4,360.4	+0.063%	$84.5M	$145.4M	150x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,358	+0.008%	$60K	$83K	10x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,359.6	+0.045%	$70.3M	$109.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,359.9	+0.052%	$165.3M	$282.9M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0255%	1h	4,357.3	−0.008%	$278K	$727K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,354.8	−0.065%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0292%	4h	4,358.7	+0.023%	$15.6M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0401% / S −0.0214%	1h	4,358.4	+0.018%	$249K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0419%	1h	4,351.8	−0.133%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0568%	4h	4,363.4	+0.132%	$2.9M	$4.2M	75x	as long as short