Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h −0.035%

Price spread now: Kalshi against Bybit+0.026%7-day average −0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Bybit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 7 days−0.138%−$14 · spread now +0.026%, 7d avg −0.122%

Together, before fees−0.316%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.148% dearer against Bybit than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.122%. Mind the row above: over the last 7 days funding on this pair cost −0.178%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,307.2	0.0071	pay 0.0036% / 4h	4m 00s	$77.2M	$155.6M	150x
Short	Kalshi KXGOLDPERP	4,308.3	0.0100	get 0.0301% / 24h	6h 04m	$3.7M	$45.5M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bybit. 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 BybitbpFee KalshibpOrdersPrice spread, now +0.026%Rate

Funding earned: $6.14
Price spread: +0.026% → −0.122%: $14.75
Slippage, 4 orders: −$3.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.36
Costs to cover: 0.243%
Break-even: 10.8 days

Slippage from Bybit: live order book, 5 min ago; Kalshi: live order book, 5 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 Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	6.2 bp −$62	9.7 bp −$965	32.6 bp −$16.3K
Sell Kalshi live order book, 5 min ago	0.23 bp	6.8 bp −$7	7.3 bp −$73	10.9 bp −$1,090	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	4,310.6	+0.080%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,302.7	−0.103%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.004%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,305.2	−0.046%	$6.6M	$3.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.4	+0.725%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,302.9	−0.099%	$289.7M	$52.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,302.9	−0.099%	$15.0M	$55.3M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,303.4	−0.088%	$32K	—	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,307.9	+0.016%	$72.8M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,305.6	−0.037%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDTlong	+0.0071%	4h	4,307.2	long leg	$77.2M	$155.6M	150x
Lighter XAU	+0.0072%	1h	4,305.6	−0.038%	$20.2M	$30.2M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,303.4	−0.088%	$2.0M	$5.1M	25x	as long as short
Bluefin GOLD-PERP	+0.0082%	1h	4,302.1	−0.119%	$25K	$1K	20x	as long as short
Phoenix GOLD	+0.0096%	1h	4,305.5	−0.039%	$42K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,303.2	−0.092%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,304	−0.075%	$269K	$214K	50x	as long as short
Kalshi KXGOLDPERPshort	+0.0100%	24h	4,308.3	+0.026%	$3.7M	$45.5M	15x
Variational Omni XAU	+0.0101%	4h	4,306.5	−0.015%	$46.7M	$29.3M	—	as long as short
Lighter RH XAU	+0.0104%	1h	4,308.1	+0.022%	$19.9M	$40.3M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,302.4	−0.111%	$13.1M	$36.7M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,306.7	−0.012%	$367.7M	$342.3M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,306.5	−0.016%	$428.9M	$2.16B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,306.1	−0.026%	$159K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0114%	4h	4,308	+0.018%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0116%	4h	4,308.6	+0.032%	$287.4M	$432.3M	100x	as long as short
edgeX XAUUSDC	+0.0130%	4h	4,304.2	−0.070%	$29.9M	$60.3M	50x	as long as short
StandX XAU-USD	+0.0149%	1h	4,310	+0.065%	$3.8M	$4.5M	40x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,306.5	−0.015%	$70.4M	$121.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0192%	1h	4,305.2	−0.046%	$136K	$865K	25x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,306.8	−0.010%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0222%	1h	4,306.8	−0.009%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0229%	1h	4,304.1	−0.071%	$572K	$138K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0260%	8h	4,306	−0.027%	$174.2M	$307.7M	100x	as long as short
BloFin XAU-USDT	+0.0369%	4h	4,306.5	−0.017%	$16.6M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0311%	1h	4,306.5	−0.015%	$253K	—	111x	as long as short
Phemex XAUUSDT	+0.0497%	4h	4,311.4	+0.097%	$2.2M	$951K	100x	as long as short
HTX XAU-USDT	+0.0545%	4h	4,312.6	+0.127%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,306.6	−0.014%	$4.5M	$13.1M	25x	as long as short