Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.066%

Price spread now: Bitget against Kalshi+0.083%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

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

Long on Kalshi Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.260%+$26 on $10k

Price spread, last 7 days+0.015%+$2 · spread now +0.083%, 7d avg +0.111%

Together, before fees+0.275%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.028% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.083% now, against its 7-day average of +0.111%). If the spread goes back, that is −$3 on $10k: about 37 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,356.2	0	get 0.0000% / 24h	13h 21m	$4.0M	$36.7M	15x
Short	Bitget XAUUSDT	4,359.8	0.0062	get 0.0031% / 4h	3h 21m	$69.1M	$113.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kalshi. 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 KalshibpFee BitgetbpOrdersPrice spread, now +0.083%Rate

Funding earned: $13.02
Price spread: +0.083% → +0.111%: −$2.84
Slippage, 4 orders: −$2.27
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$14.09
Costs to cover: 0.243%
Break-even: 14.6 days

Slippage from Kalshi: live order book, 2 min ago; Bitget: live order book, 2 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 Kalshi live order book, 2 min ago	0.12 bp	6.4 bp −$6	7.0 bp −$70	11.3 bp −$1,130	doesn't fit
Sell Bitget live order book, 2 min ago	0.01 bp	6.0 bp −$6	7.5 bp −$75	11.1 bp −$1,114	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
Aster XAUUSD1	0.0000%	4h	4,359.1	+0.066%	$71.0M	$200.7M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,360.2	+0.091%	$266.2M	$417.1M	100x	as long as short
Kalshi KXGOLDPERPlong	0.0000%	24h	4,356.2	long leg	$4.0M	$36.7M	15x
SunX XAU-USDT	0.0000%	4h	4,364.2	+0.182%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	+0.097%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,355.1	−0.025%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,355.1	−0.025%	$30.3M	$60.4M	50x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,359.5	+0.076%	$373.8M	$328.3M	1000x	as long as short
Binance XAUUSDT	+0.0025%	4h	4,359.4	+0.073%	$411.6M	$2.15B	100x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,356.9	+0.016%	$33K	—	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.133%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,360.6	+0.101%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,359.3	+0.071%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393.6	+0.859%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,359.9	+0.086%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.6	−0.014%	$293.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354.7	−0.034%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	+0.053%	$48K	$64K	25x	as long as short
Bitget XAUUSDTshort	+0.0062%	4h	4,359.8	+0.083%	$69.1M	$113.9M	100x
Lighter XAU	+0.0072%	1h	4,358.5	+0.052%	$20.6M	$44.1M	25x	as long as short
Extended XAU-USD	+0.0072%	1h	4,354.8	−0.032%	$13.5M	$43.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,359	+0.065%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,358.2	+0.046%	$161K	$87	10x	as long as short
BloFin XAU-USDT	+0.0091%	4h	4,361.9	+0.130%	$15.5M	$4.5M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,360.2	+0.091%	$20.2M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,354.3	−0.044%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.5	+0.007%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	+0.036%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,352.6	−0.084%	$26K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0112%	4h	4,360.5	+0.098%	$83.5M	$144.4M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,358.1	+0.044%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,361.1	+0.112%	$1.4M	$3.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0163%	1h	4,356.9	+0.016%	$235K	$656K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0199%	8h	4,360.4	+0.096%	$163.8M	$289.3M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,359.5	+0.076%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,356.2	+0.001%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,359	+0.064%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0457%	4h	4,361.7	+0.127%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0568%	4h	4,364	+0.180%	$2.9M	$3.9M	75x	as long as short