Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0199%/8h= +21.8% APRpaid last 24h +0.051%

Price spread now: GMX against Kalshi+0.074%7-day average +0.104% · you sell dearer than you buy

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.157%+$16 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.074%, 7d avg +0.104%

Together, before fees+0.205%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.030% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.074% now, against its 7-day average of +0.104%). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,359.7	0	get 0.0000% / 24h	12h 59m	$4.0M	$36.7M	15x
Short	GMX GOLD/USD [ETH-USDC]	4,362.9	L +0.0394% / S −0.0199%	get 0.0025% / 1h	59m 40s	$254K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.074%Rate

Funding earned: $41.8
Price spread: +0.074% → +0.104%: −$3.05
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $16.75
Costs to cover: 0.220%
Break-even: 4.2 days

Slippage unknown: Kalshi: live order book, 4 min ago; GMX: 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, 4 min ago	0.12 bp	6.7 bp −$7	7.4 bp −$74	12.7 bp −$1,275	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Aster XAUUSD1	0.0000%	4h	4,363.7	+0.092%	$69.9M	$239.6M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,363.2	+0.080%	$265.2M	$400.0M	100x	as long as short
Kalshi KXGOLDPERPlong	0.0000%	24h	4,359.7	long leg	$4.0M	$36.7M	15x
SunX XAU-USDT	0.0000%	4h	4,367.3	+0.173%	$93K	$10.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358.4	−0.031%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,359.1	−0.013%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.213%	$619	$54	52x	as long as short
Variational Omni XAU	+0.0040%	4h	4,362	+0.052%	$48.4M	$28.5M	—	as long as short
StandX XAU-USD	+0.0040%	1h	4,363.9	+0.096%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,362.9	+0.073%	$5.6M	$1.9M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,395.9	+0.830%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,360.1	+0.009%	$294.3M	$51.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358.8	−0.020%	$14.8M	$57.3M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,359.6	−0.002%	$48K	$64K	25x	as long as short
MEXC XAU_USDT	+0.0058%	4h	4,363.5	+0.088%	$372.8M	$318.2M	1000x	as long as short
Binance XAUUSDT	+0.0060%	4h	4,363.7	+0.091%	$411.7M	$2.14B	100x	as long as short
edgeX XAUUSDC	+0.0063%	4h	4,356.5	−0.072%	$30.3M	$60.4M	50x	as long as short
Lighter XAU	+0.0072%	1h	4,361.8	+0.049%	$20.6M	$43.2M	25x	as long as short
Paradex XAU-USD-PERP	+0.0088%	8h	4,363.3	+0.084%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0096%	1h	4,364.4	+0.107%	$20.2M	$40.5M	25x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,361.7	+0.046%	$162K	$87	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,358.5	−0.028%	$2.0M	$5.0M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.1	+0.009%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.2	−0.013%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,355.2	−0.104%	$26K	$22K	20x	as long as short
Bitget XAUUSDT	+0.0112%	4h	4,362.6	+0.067%	$69.6M	$111.3M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,361.5	+0.041%	$4.3M	$1.8M	20x	as long as short
Hotstuff GOLD-PERP	+0.0128%	1h	4,358.3	−0.032%	$33K	—	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,362.9	+0.073%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,362.6	+0.067%	$1.4M	$3.1M	25x	as long as short
Bybit XAUUSDT	+0.0195%	4h	4,363.6	+0.090%	$83.7M	$144.9M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,360.6	+0.021%	$235K	$658K	25x	as long as short
Bullet GOLD-USD	+0.0214%	1h	4,362.9	+0.073%	$59K	$82K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0216%	8h	4,363.4	+0.085%	$164.3M	$286.6M	100x	as long as short
BloFin XAU-USDT	+0.0225%	4h	4,362.7	+0.070%	$15.4M	$4.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,359.7	0.000%	$595K	$141K	25x	as long as short
Phemex XAUUSDT	+0.0323%	4h	4,365.5	+0.133%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0394% / S −0.0199%	1h	4,362.9	+0.074%	$254K	—	111x
HTX XAU-USDT	+0.0559%	4h	4,367.1	+0.171%	$2.9M	$3.9M	75x	as long as short