Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h −0.027%

Price spread now: Kalshi against Coinbase International+0.014%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.567%−$57 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.014%, 7d avg +0.004%

Together, before fees−0.617%−$62 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International GOLD-PERP-INTX	4,337.8	0.0056	pay 0.0007% / 1h	39m 03s	$2.1M	$4.8M	25x
Short	Kalshi KXGOLDPERP	4,338.4	0.0051	get 0.0152% / 24h	9h 39m	$4.3M	$37.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now +0.014%Rate

Funding earned: −$1.11
Price spread: +0.014% → +0.004%: $0.95
Slippage, 4 orders: −$3.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$23.26
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Coinbase International: 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 Coinbase International live order book, 5 min ago	0.58 bp	5.6 bp −$6	6.9 bp −$69	44.1 bp −$4,405	doesn't fit
Sell Kalshi live order book, 5 min ago	0.58 bp	5.6 bp −$6	5.6 bp −$56	7.1 bp −$712	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	4,345.4	+0.174%	$92K	$8.7M	20x	as long as short
Bluefin GOLD-PERP	+0.0002%	1h	4,335.3	−0.058%	$25K	$14K	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.020%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,340.4	+0.059%	$3.5M	$12.0M	25x	as long as short
Gate XAU_USDT	+0.0020%	4h	4,342.6	+0.111%	$267.7M	$414.4M	100x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,338.5	+0.016%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,336.6	−0.027%	$13.2M	$37.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.291%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,342.1	+0.099%	$20.0M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,342	+0.097%	$3.8M	$4.5M	40x	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	+0.0042%	1h	4,338.9	+0.025%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.5	+0.823%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.1	+0.052%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.5	+0.016%	$293.5M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.7	−0.002%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERPshort	+0.0051%	24h	4,338.4	+0.014%	$4.3M	$37.4M	15x
Coinbase International GOLD-PERP-INTXlong	+0.0056%	1h	4,337.8	long leg	$2.1M	$4.8M	25x
Bybit XAUUSDT	+0.0062%	4h	4,341.4	+0.082%	$80.4M	$151.5M	150x	as long as short
Aster XAUUSD1	+0.0078%	4h	4,341.9	+0.094%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0084%	8h	4,341	+0.075%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	+0.061%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337.4	−0.009%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	+0.034%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,340.9	+0.071%	$370.3M	$319.3M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.5	+0.062%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,340.8	+0.070%	$416.9M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,336.3	−0.034%	$30.1M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	+0.046%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,341	+0.075%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0216%	1h	4,341.2	+0.078%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,341	+0.074%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,341.2	+0.078%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.2	+0.010%	$592K	$132K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,339.6	+0.041%	$205K	$827K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,341.7	+0.090%	$166.5M	$281.7M	100x	as long as short
Phemex XAUUSDT	+0.0349%	4h	4,344.1	+0.144%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0372%	4h	4,341.7	+0.091%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.1	+0.077%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0609%	4h	4,345.7	+0.182%	$2.8M	$4.6M	75x	as long as short