Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0014%/8h= +1.5% APRpaid last 24h +0.013%

Price spread now: Gate against Kalshi+0.002%48s7-day average +0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as 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−$280.276% of the position

Long on Kalshi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days+0.139%+$14 · spread now +0.002%, 7d avg +0.129%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.128% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.129%). If the spread goes back, that is −$13 on $10k: about 30 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.073% in total) that is about 12 days. 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	4,327.8	0.0092	pay 0.0276% / 24h	6h 33m	$3.8M	$44.6M	15x
Short	Gate XAU_USDT	4,327.9	0.0106	get 0.0053% / 4h	33m 18s	$284.3M	$416.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.002%Rate

Funding earned: $2.95
Price spread: +0.002% → +0.129%: −$12.78
Slippage, 4 orders: −$2.58
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.41
Costs to cover: 0.276%
Break-even: 95.8 days

Slippage from Kalshi: live order book, 6 min ago; Gate: live order book, 6 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	6.3 bp −$6	6.7 bp −$67	9.2 bp −$918	doesn't fit
Sell Gate live order book, 6 min ago	0.01 bp	7.5 bp −$8	8.4 bp −$84	12.8 bp −$1,284	14.3 bp −$7,148

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
Bluefin GOLD-PERP	−0.0097%	1h	4,320.3	−0.174%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERP	−0.0096%	1h	4,322.5	−0.122%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,330.1	+0.052%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,321.6	−0.143%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.523%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.2	−0.014%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,324.6	−0.074%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,358.1	+0.700%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,322.6	−0.120%	$291.8M	$51.5M	25x	as long as short
Bybit XAUUSDT	+0.0050%	4h	4,326.8	−0.023%	$77.6M	$152.8M	150x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,321.7	−0.141%	$15.0M	$55.6M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,326.8	−0.022%	$72.9M	$272.0M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,324.8	−0.068%	$20.5M	$29.2M	25x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,324.8	−0.068%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.2	−0.129%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,324.9	−0.067%	$47.2M	$29.3M	—	as long as short
Kalshi KXGOLDPERPlong	+0.0092%	24h	4,327.8	long leg	$3.8M	$44.6M	15x
Phoenix GOLD	+0.0096%	1h	4,323.3	−0.104%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,325.9	−0.045%	$363.4M	$327.5M	1000x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.1	−0.132%	$1.4M	$1.2M	10x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,326.8	−0.024%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,322.7	−0.118%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,325.8	−0.047%	$425.2M	$2.13B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,325.1	−0.061%	$160K	$87	10x	as long as short
Gate XAU_USDTshort	+0.0106%	4h	4,327.9	+0.002%	$284.3M	$416.2M	100x
edgeX XAUUSDC	+0.0117%	4h	4,323.1	−0.109%	$30.1M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,327.7	−0.003%	$20.0M	$39.1M	25x	as long as short
Extended XAU-USD	+0.0128%	1h	4,321.6	−0.144%	$13.2M	$36.8M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,325.7	−0.049%	$70.1M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,326	−0.042%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,326	−0.042%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,322.9	−0.113%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,324	−0.088%	$163K	$871K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0276%	8h	4,326.3	−0.035%	$173.9M	$299.1M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,325.8	−0.047%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0361%	4h	4,328.9	+0.026%	$2.2M	$975K	100x	as long as short
HTX XAU-USDT	+0.0415%	4h	4,331.9	+0.094%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,325.9	−0.045%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,325.7	−0.049%	$4.6M	$13.3M	25x	as long as short