Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−2.3013%/8h= −2520.0% APRpaid last 24h +0.016%

Price spread now: Hotstuff against Kalshi−0.388%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$690 a day on $10k at the current rate, and Hotstuff is 0.388% cheaper against Kalshi than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,335.1	0.0133	pay 0.0400% / 24h	4h 02m	$3.5M	$50.8M	15x
Short	Hotstuff GOLD-PERP	4,318.3	−2.2880	pay 0.2860% / 1h	2m 10s	$32K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.388%Rate

Funding earned: −$4,832.81
Price spread: −0.388% → 0.000%: −$38.75
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$4,886.57
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Hotstuff: 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, 5 min ago	0.12 bp	5.3 bp −$5	7.1 bp −$71	12.2 bp −$1,224	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 exchanges

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
Hotstuff GOLD-PERPshort	−2.2880%	1h	4,318.3	−0.388%	$32K	—	25x
SunX XAU-USDT	0.0000%	4h	4,336.6	+0.035%	$92K	$6.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,327.4	−0.177%	$286K	—	250x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0024%	1h	4,327.8	−0.168%	$2.1M	$5.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.353%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0038%	1h	4,332.6	−0.058%	$6.7M	$3.2M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,331	−0.095%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,366.2	+0.717%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329	−0.141%	$292.2M	$52.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,328.6	−0.150%	$15.1M	$58.3M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XAU-USD-PERP	+0.0055%	8h	4,333.5	−0.037%	$2K	$13K	5x	as long as short
RISEx XAU/USDC	+0.0056%	1h	4,333.4	−0.039%	$4.7M	$13.4M	25x	as long as short
Aster XAUUSD1	+0.0075%	4h	4,333.8	−0.030%	$73.1M	$275.6M	20x	as long as short
Phoenix GOLD	+0.0076%	1h	4,330.5	−0.106%	$43K	$72K	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,334.4	−0.017%	$47.3M	$29.4M	—	as long as short
Lighter XAU	+0.0096%	1h	4,331	−0.094%	$20.2M	$30.6M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,332.6	−0.057%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330.9	−0.097%	$284K	$223K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,327.9	−0.165%	$25K	$1K	20x	as long as short
Gate XAU_USDT	+0.0104%	4h	4,334.3	−0.019%	$301.1M	$451.6M	100x	as long as short
Binance XAUUSDT	+0.0109%	4h	4,332	−0.072%	$445.4M	$2.42B	100x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,332	−0.072%	$369.0M	$367.5M	1000x	as long as short
Bybit XAUUSDT	+0.0112%	4h	4,332.7	−0.055%	$80.3M	$172.0M	150x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,332.4	−0.062%	$160K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0116%	4h	4,333.8	−0.029%	$1.4M	$3.1M	25x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,331.5	−0.084%	$30.3M	$66.8M	50x	as long as short
Kalshi KXGOLDPERPlong	+0.0133%	24h	4,335.1	long leg	$3.5M	$50.8M	15x
Polymarket Perps GOLD-USD	+0.0137%	1h	4,332.6	−0.058%	$4.3M	$1.7M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0143%	1h	4,330	−0.118%	$135K	$748K	25x	as long as short
Lighter RH XAU	+0.0152%	1h	4,334	−0.025%	$19.8M	$41.2M	25x	as long as short
Extended XAU-USD	+0.0152%	1h	4,328.1	−0.161%	$12.6M	$34.9M	25x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,332.7	−0.054%	$59K	$76K	10x	as long as short
Bitget XAUUSDT	+0.0218%	4h	4,331.9	−0.075%	$73.5M	$136.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0242%	8h	4,332.9	−0.051%	$170.7M	$358.9M	100x	as long as short
Phemex XAUUSDT	+0.0252%	4h	4,333.4	−0.039%	$2.2M	$782K	100x	as long as short
BloFin XAU-USDT	+0.0351%	4h	4,335.8	+0.015%	$16.3M	$5.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0411%	1h	4,329.5	−0.128%	$583K	$165K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0308%	1h	4,331.9	−0.075%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.1125%	4h	4,339.5	+0.100%	$3.2M	$7.0M	75x	as long as short