Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0230%/8h= +25.2% APRpaid last 24h +0.086%

Price spread now: Kraken Futures against Kalshi−0.050%57s7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$7as 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−$300.301% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 4 days (all we have)+0.194%+$19 · spread now −0.050%, 7d avg +0.029%

Together, before fees+0.562%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.079% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.029%). If the spread goes back, that is −$8 on $10k: about 28 hours of funding at the current rate (+$7 a day). The two prices were read 57 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	4,356.8	0.0039	pay 0.0118% / 24h	11h 21m	$4.1M	$37.1M	15x
Short	Kraken Futures PF_XAUUSD	4,354.6	0.0269	get 0.0034% / 1h	21m 24s	$594K	$133K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.050%Rate

Funding earned: $48.27
Price spread: −0.050% → +0.029%: −$7.91
Slippage, 4 orders: −$10.11
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $10.25
Costs to cover: 0.301%
Break-even: 5.5 days

Slippage from Kalshi: live order book, 3 min ago; Kraken Futures: live order book, 42 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, 3 min ago	0.12 bp	6.0 bp −$6	6.1 bp −$61	9.3 bp −$928	doesn't fit
Sell Kraken Futures live order book, 42 min ago	2.06 bp	9.7 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit

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	4,361.9	+0.116%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,353.4	−0.077%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0004%	4h	4,358.8	+0.045%	$265.1M	$413.6M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,357.7	+0.020%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,353.4	−0.078%	$13.6M	$38.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.146%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPlong	+0.0039%	24h	4,356.8	long leg	$4.1M	$37.1M	15x
StandX XAU-USD	+0.0040%	1h	4,358	+0.028%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0044%	4h	4,358.2	+0.033%	$70.6M	$333.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,391	+0.785%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0046%	1h	4,357.2	+0.009%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,354.8	−0.046%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,354.3	−0.057%	$294.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354.4	−0.055%	$15.1M	$57.1M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,358.9	+0.048%	$1.4M	$3.0M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,357.3	+0.012%	$20.7M	$42.3M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,355.6	−0.027%	$48.3M	$27.9M	—	as long as short
Lighter RH XAU	+0.0064%	1h	4,359.5	+0.062%	$20.2M	$39.7M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,355	−0.041%	$33K	—	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,357.4	+0.014%	$373.3M	$319.3M	1000x	as long as short
Binance XAUUSDT	+0.0073%	4h	4,357.3	+0.011%	$412.0M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0079%	8h	4,358.3	+0.034%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0090%	4h	4,351.8	−0.116%	$30.3M	$58.4M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,356.4	−0.010%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,354.6	−0.050%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.1	+0.006%	$275K	$203K	50x	as long as short
Phemex XAUUSDT	+0.0121%	4h	4,358.5	+0.039%	$2.2M	$1.1M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0122%	1h	4,356.6	−0.005%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,356.1	−0.016%	$48K	$77K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,355.7	−0.025%	$254K	$751K	25x	as long as short
Bullet GOLD-USD	+0.0198%	1h	4,357.5	+0.016%	$60K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0201%	4h	4,358.9	+0.047%	$84.5M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,357.6	+0.019%	$70.3M	$109.5M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0254%	8h	4,358.7	+0.044%	$165.4M	$283.2M	100x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0269%	1h	4,354.6	−0.050%	$594K	$133K	25x
BloFin XAU-USDT	+0.0292%	4h	4,358.7	+0.042%	$15.6M	$4.6M	100x	as long as short
Bluefin GOLD-PERP	+0.0331%	1h	4,351.3	−0.127%	$25K	$14K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0401% / S −0.0214%	1h	4,357.5	+0.016%	$249K	—	111x	as long as short
HTX XAU-USDT	+0.0567%	4h	4,363.4	+0.151%	$2.9M	$4.2M	75x	as long as short