Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.026%

Price spread now: Bybit against Kalshi+0.013%51s7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.237% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$18 on $10k

Price spread, last 7 days+0.094%+$9 · spread now +0.013%, 7d avg +0.121%

Together, before fees+0.270%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.107% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.121%). If the spread goes back, that is −$11 on $10k: about 13 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.175% in total) that is about 4.3 days. The two prices were read 51 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	4,312.8	0.0114	pay 0.0341% / 24h	5h 20m	$3.6M	$47.1M	15x
Short	Bybit XAUUSDT	4,313.4	0.0141	get 0.0070% / 4h	3h 20m	$79.7M	$161.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.013%Rate

Funding earned: $5.63
Price spread: +0.013% → +0.121%: −$10.71
Slippage, 4 orders: −$2.65
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.73
Costs to cover: 0.237%
Break-even: 42.7 days

Slippage from Kalshi: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	0.12 bp	5.9 bp −$6	7.1 bp −$71	9.9 bp −$988	doesn't fit
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.9 bp −$59	10.5 bp −$1,049	34.3 bp −$17.2K

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	4,315.6	+0.066%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,307.7	−0.118%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.872%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.5	+0.712%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,309.1	−0.086%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,308.3	−0.104%	$291.0M	$54.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,310.3	−0.058%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,307.5	−0.124%	$15.0M	$56.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,306.7	−0.141%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,309.8	−0.070%	$2K	$13K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAUUSD1	+0.0069%	4h	4,313.1	+0.007%	$73.6M	$271.5M	20x	as long as short
Lighter XAU	+0.0080%	1h	4,309.4	−0.078%	$20.2M	$29.6M	25x	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,306.8	−0.139%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,308	−0.111%	$13.0M	$36.1M	25x	as long as short
StandX XAU-USD	+0.0093%	1h	4,311.3	−0.035%	$3.8M	$4.5M	40x	as long as short
Phoenix GOLD	+0.0095%	1h	4,301.6	−0.260%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,306.5	−0.147%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,301.8	−0.256%	$273K	$219K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,312	−0.019%	$19.8M	$40.6M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,310.3	−0.058%	$160K	$87	10x	as long as short
Kalshi KXGOLDPERPlong	+0.0114%	24h	4,312.8	long leg	$3.6M	$47.1M	15x
Variational Omni XAU	+0.0115%	4h	4,311.4	−0.032%	$46.9M	$29.9M	—	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,300.7	−0.280%	$30.0M	$62.5M	50x	as long as short
MEXC XAU_USDT	+0.0122%	4h	4,311.8	−0.022%	$360.3M	$347.7M	1000x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,312	−0.018%	$4.5M	$13.4M	25x	as long as short
Binance XAUUSDT	+0.0130%	4h	4,311.4	−0.032%	$437.3M	$2.26B	100x	as long as short
Bybit XAUUSDTshort	+0.0141%	4h	4,313.4	+0.013%	$79.7M	$161.3M	150x
Deribit GOLD_USDC-PERPETUAL	+0.0168%	1h	4,310.9	−0.044%	$133K	$832K	25x	as long as short
Gate XAU_USDT	+0.0178%	4h	4,313.5	+0.017%	$302.0M	$436.4M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0188%	4h	4,306.4	−0.149%	$1.4M	$3.1M	25x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,311.9	−0.021%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,311.7	−0.026%	$70.3M	$127.6M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0251%	8h	4,312.7	−0.002%	$170.6M	$341.2M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,309.2	−0.083%	$573K	$139K	25x	as long as short
BloFin XAU-USDT	+0.0394%	4h	4,311.7	−0.025%	$16.4M	$5.2M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0313%	1h	4,311.5	−0.030%	$254K	—	111x	as long as short
Phemex XAUUSDT	+0.0473%	4h	4,312.9	+0.002%	$2.2M	$959K	100x	as long as short
HTX XAU-USDT	+0.1204%	4h	4,317.3	+0.104%	$3.2M	$6.9M	75x	as long as short
Bluefin GOLD-PERP	+0.2382%	1h	4,305.5	−0.170%	$25K	$1K	20x	as long as short