Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h +0.001%

Price spread now: gTrade (Gains Network) against Kalshi−0.057%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$284as in the Price arb table

costs, in and out, $10k−$2802.800% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$1 on $10k

Price spread, last 3 days (all we have)+0.123%+$12 · spread now −0.057%, 7d avg −0.017%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and gTrade (Gains Network) is 0.040% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,350.4	0.0034	pay 0.0102% / 24h	12h 13m	$4.1M	$36.1M	15x
Short	gTrade (Gains Network) XAU/USD	4,347.9	L +0.0002% / S −0.0003%	get 0.0000% / 1h	13m 11s	$269K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.057%Rate

Funding earned: −$6.5
Price spread: −0.057% → −0.017%: −$4.02
Slippage, 4 orders: −$262.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$290.51
Costs to cover: 2.800%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 21 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, 6 min ago	0.12 bp	6.6 bp −$7	6.9 bp −$69	10.1 bp −$1,014	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 21 min ago	130.01 bp	133.5 bp −$134	243.0 bp −$2,430	1975.4 bp −$197.5K	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
Gate XAU_USDT	0.0000%	4h	4,354	+0.083%	$263.4M	$414.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,357.1	+0.154%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USDshort	L +0.0002% / S −0.0003%	1h	4,347.9	−0.057%	$269K	—	250x
Hotstuff GOLD-PERP	+0.0016%	1h	4,351.2	+0.018%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,348.2	−0.051%	$13.5M	$41.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	0.000%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPlong	+0.0034%	24h	4,350.4	long leg	$4.1M	$36.1M	15x
Aster XAUUSD1	+0.0035%	4h	4,353.4	+0.070%	$70.4M	$301.3M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.7	+0.191%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.7	+0.834%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,349.7	−0.016%	$294.0M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349.7	−0.016%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353.6	+0.074%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,351.4	+0.022%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,353.7	+0.075%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,349.3	−0.025%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0076%	1h	4,352.2	+0.041%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.8	+0.079%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.130%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,351.4	+0.023%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	+0.051%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,347	−0.077%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,352.3	+0.044%	$375.4M	$324.1M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,351.8	+0.032%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,352.3	+0.044%	$409.0M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,351.9	+0.034%	$30.3M	$60.0M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0120%	4h	4,355.1	+0.108%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.149%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,352.9	+0.057%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0168%	1h	4,352.7	+0.054%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,353.3	+0.067%	$83.7M	$144.2M	150x	as long as short
Bitget XAUUSDT	+0.0186%	4h	4,352.9	+0.057%	$69.5M	$109.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,350.7	+0.007%	$249K	$679K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0239%	8h	4,353.7	+0.076%	$164.8M	$281.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,349.8	−0.014%	$593K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0363%	4h	4,355.5	+0.118%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,352.4	+0.046%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0563%	4h	4,358.7	+0.191%	$2.9M	$3.9M	75x	as long as short