Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0394%/8h= −43.1% APRpaid last 24h −0.103%

Price spread now: Kalshi against GMX−0.074%7-day average −0.104% · you buy dearer than you sell

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.355%−$36 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.074%, 7d avg −0.104%

Together, before fees−0.404%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.031% dearer against GMX than usual: you sell high and buy low (spread −0.074% now, against its 7-day average of −0.104%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,362.9	L +0.0394% / S −0.0199%	pay 0.0049% / 1h	59m 27s	$254K	—	111x
Short	Kalshi KXGOLDPERP	4,359.7	0	get 0.0000% / 24h	12h 59m	$4.0M	$36.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now −0.074%Rate

Funding earned: −$82.69
Price spread: −0.074% → −0.104%: $3.05
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$101.64
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.12 bp	6.6 bp −$7	6.8 bp −$68	8.7 bp −$868	doesn't fit

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 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
Aster XAUUSD1	0.0000%	4h	4,363.3	+0.008%	$69.8M	$240.4M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,363.2	+0.006%	$265.2M	$400.0M	100x	as long as short
Kalshi KXGOLDPERPshort	0.0000%	24h	4,359.7	−0.074%	$4.0M	$36.7M	15x
SunX XAU-USDT	0.0000%	4h	4,367.3	+0.099%	$93K	$10.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358.4	−0.105%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,359.1	−0.087%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.287%	$619	$54	52x	as long as short
Variational Omni XAU	+0.0040%	4h	4,362	−0.022%	$48.4M	$28.5M	—	as long as short
StandX XAU-USD	+0.0040%	1h	4,363	+0.002%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,362.7	−0.005%	$5.6M	$1.9M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,396.2	+0.763%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,359.9	−0.069%	$33K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,358.3	−0.106%	$294.1M	$51.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,361	−0.044%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358.8	−0.094%	$14.8M	$57.3M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,359.6	−0.076%	$48K	$64K	25x	as long as short
MEXC XAU_USDT	+0.0058%	4h	4,362.3	−0.015%	$372.4M	$318.3M	1000x	as long as short
Binance XAUUSDT	+0.0060%	4h	4,362.8	−0.003%	$411.6M	$2.12B	100x	as long as short
edgeX XAUUSDC	+0.0063%	4h	4,356.5	−0.146%	$30.3M	$60.4M	50x	as long as short
Lighter XAU	+0.0072%	1h	4,361.8	−0.025%	$20.6M	$43.2M	25x	as long as short
Paradex XAU-USD-PERP	+0.0088%	8h	4,363.3	+0.010%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0096%	1h	4,364.4	+0.033%	$20.2M	$40.5M	25x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,361.7	−0.028%	$162K	$87	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,358.5	−0.101%	$2.0M	$5.0M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.1	−0.065%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.2	−0.087%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,355.2	−0.178%	$26K	$22K	20x	as long as short
Bitget XAUUSDT	+0.0112%	4h	4,362.5	−0.011%	$69.6M	$111.4M	100x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,362.9	−0.001%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,362.3	−0.015%	$1.4M	$3.1M	25x	as long as short
Bullet GOLD-USD	+0.0155%	1h	4,362.6	−0.008%	$59K	$82K	10x	as long as short
Bybit XAUUSDT	+0.0195%	4h	4,363.6	+0.015%	$83.7M	$145.0M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,360.6	−0.053%	$235K	$658K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0216%	8h	4,363.7	+0.018%	$164.3M	$286.7M	100x	as long as short
BloFin XAU-USDT	+0.0225%	4h	4,362.7	−0.004%	$15.4M	$4.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,359.7	−0.074%	$595K	$141K	25x	as long as short
Phemex XAUUSDT	+0.0323%	4h	4,365.5	+0.059%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0394% / S −0.0199%	1h	4,362.9	long leg	$254K	—	111x
HTX XAU-USDT	+0.0559%	4h	4,367.1	+0.097%	$2.9M	$3.9M	75x	as long as short