Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0163%/8h= +17.9% APRpaid last 24h +0.045%

Price spread now: Bullet against Kalshi+0.109%48s7-day average — · you sell dearer than you buy

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

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bullet is 0.109% dearer against Kalshi than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,338.4	0.0051	pay 0.0152% / 24h	9h 37m	$4.3M	$37.4M	15x
Short	Bullet GOLD-USD	4,343.1	0.0214	get 0.0027% / 1h	37m 18s	$59K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.109%Rate

Funding earned: $34.27
Price spread: +0.109% → 0.000%: $10.93
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: $27.19
Costs to cover: 0.180%
Break-even: 1.4 days

Slippage unknown: Kalshi: live order book, 2 min ago; Bullet: no order-book sample. 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 Kalshi live order book, 2 min ago	0.12 bp	6.3 bp −$6	6.5 bp −$65	11.4 bp −$1,136	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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
SunX XAU-USDT	0.0000%	4h	4,345.2	+0.157%	$92K	$8.7M	20x	as long as short
Bluefin GOLD-PERP	+0.0002%	1h	4,335.5	−0.067%	$25K	$14K	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,339.5	+0.026%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,341.2	+0.064%	$3.5M	$12.1M	25x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,338.7	+0.007%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,337.9	−0.012%	$13.2M	$37.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.277%	$619	$54	52x	as long as short
Gate XAU_USDT	+0.0038%	4h	4,344.8	+0.148%	$268.0M	$414.5M	100x	as long as short
Lighter RH XAU	+0.0040%	1h	4,343	+0.105%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,341.9	+0.081%	$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
Bybit XAUUSDT	+0.0041%	4h	4,343.8	+0.125%	$80.3M	$151.8M	150x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,340.3	+0.044%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,375.1	+0.846%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.7	+0.054%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,340	+0.037%	$293.6M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,338.7	+0.006%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERPlong	+0.0051%	24h	4,338.4	long leg	$4.3M	$37.4M	15x
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,338.5	+0.002%	$2.1M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0081%	4h	4,344.2	+0.133%	$71.5M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,341.7	+0.076%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	+0.047%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,338.1	−0.007%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,337.5	−0.020%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,343.3	+0.112%	$370.3M	$319.3M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,342	+0.084%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0107%	4h	4,343.6	+0.119%	$417.6M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,336.6	−0.040%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.5	+0.025%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0178%	4h	4,341.1	+0.063%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USDshort	+0.0214%	1h	4,343.1	+0.109%	$59K	$82K	10x
Polymarket Perps GOLD-USD	+0.0216%	1h	4,342.6	+0.097%	$4.3M	$1.9M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,339.6	+0.028%	$205K	$828K	25x	as long as short
Bitget XAUUSDT	+0.0250%	4h	4,344	+0.129%	$71.1M	$109.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.1	−0.007%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,344.4	+0.138%	$166.8M	$281.9M	100x	as long as short
Phemex XAUUSDT	+0.0337%	4h	4,344.5	+0.141%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0372%	4h	4,341.7	+0.077%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,343.7	+0.122%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0624%	4h	4,345.7	+0.168%	$2.8M	$4.6M	75x	as long as short