Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h −0.015%

Price spread now: Kalshi against Hotstuff+0.016%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Kalshi

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff GOLD-PERP	4,344.6	−0.0032	get 0.0004% / 1h	49m 09s	$33K	—	25x
Short	Kalshi KXGOLDPERP	4,345.3	0.0037	get 0.0111% / 24h	11h 49m	$4.1M	$36.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hotstuff. 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 HotstuffbpFee KalshibpOrdersPrice spread, now +0.016%Rate

Funding earned: $14.46
Price spread: +0.016% → 0.000%: $1.61
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $1.07
Costs to cover: 0.150%
Break-even: 6.5 days

Slippage unknown: Hotstuff: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.12 bp	6.5 bp −$6	6.8 bp −$68	9.2 bp −$917	doesn't fit

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 38 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	−0.0050%	1h	4,342.1	−0.059%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERPlong	−0.0032%	1h	4,344.6	long leg	$33K	—	25x
Gate XAU_USDT	0.0000%	4h	4,348.3	+0.085%	$264.3M	$406.3M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.5	+0.158%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.047%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	+0.068%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.5	−0.049%	$13.6M	$40.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.134%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPshort	+0.0037%	24h	4,345.3	+0.016%	$4.1M	$36.2M	15x
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.108%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.2	+0.819%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.7	+0.048%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,345.2	+0.013%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	+0.048%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.7	+0.002%	$293.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.018%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,347.8	+0.073%	$70.0M	$330.7M	20x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.7	+0.071%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.2	+0.061%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.009%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.139%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	+0.075%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0108%	4h	4,346.6	+0.046%	$410.0M	$2.10B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0109%	1h	4,345.9	+0.030%	$4.3M	$1.9M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,346.9	+0.052%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,346.6	+0.046%	$370.9M	$316.4M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.111%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	+0.088%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	+0.074%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	+0.055%	$58K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,348.1	+0.080%	$84.3M	$145.2M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,346.7	+0.048%	$69.6M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,347.8	+0.074%	$164.4M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344	−0.014%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,345.1	+0.012%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0353%	4h	4,349.8	+0.119%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347	+0.054%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0593%	4h	4,353.1	+0.195%	$2.8M	$4.2M	75x	as long as short