Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0556%/8h= −60.8% APRpaid last 24h −0.059%

Price spread now: Kalshi against HTX−0.179%7-day average −0.146% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on HTX 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 3 days (all we have)+0.042%+$4 · spread now −0.179%, 7d avg −0.146%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Kalshi is 0.032% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.146%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.178% in total (about -9.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XAU-USDT	4,353.1	0.0593	pay 0.0296% / 4h	1h 49m	$2.8M	$4.2M	75x
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 HTX. 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 HTXbpFee KalshibpOrdersPrice spread, now −0.179%Rate

Funding earned: −$116.7
Price spread: −0.179% → −0.146%: −$3.24
Slippage, 4 orders: −$7.32
Fee HTX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$149.25
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from HTX: 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 HTX live order book, 5 min ago	0.01 bp	7.2 bp −$7	8.6 bp −$86	12.9 bp −$1,291	doesn't fit
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

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	−0.253%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0032%	1h	4,344.6	−0.195%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	−0.102%	$264.0M	$406.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.5	−0.037%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.242%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	−0.127%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.5	−0.244%	$13.6M	$40.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.061%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPshort	+0.0037%	24h	4,345.3	−0.179%	$4.1M	$36.2M	15x
StandX XAU-USD	+0.0040%	1h	4,349.3	−0.087%	$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	+0.623%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.7	−0.147%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,345.2	−0.182%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.147%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.202%	$293.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.213%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,347.4	−0.131%	$70.0M	$330.5M	20x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.7	−0.124%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.2	−0.134%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.204%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	−0.056%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.120%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0108%	4h	4,346.5	−0.150%	$410.0M	$2.10B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0109%	1h	4,345.9	−0.165%	$4.3M	$1.9M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,346.9	−0.143%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,347	−0.141%	$370.7M	$316.3M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	−0.084%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.107%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	−0.121%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	−0.140%	$58K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,347.6	−0.127%	$84.1M	$145.2M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,347	−0.141%	$69.6M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,347.8	−0.121%	$164.4M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344	−0.209%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,345.1	−0.183%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0353%	4h	4,349.8	−0.076%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347	−0.140%	$251K	—	111x	as long as short
HTX XAU-USDTlong	+0.0593%	4h	4,353.1	long leg	$2.8M	$4.2M	75x