Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h +0.022%

Price spread now: Lighter against Kalshi+0.017%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$140.136% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 7 days+0.072%+$7 · spread now +0.017%, 7d avg +0.055%

Together, before fees+0.262%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Lighter is 0.039% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.055%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.191%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,345.7	0.0045	pay 0.0135% / 24h	10h 33m	$4.2M	$37.2M	15x
Short	Lighter XAU	4,346.4	0.0032	get 0.0004% / 1h	33m 45s	$20.8M	$37.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$2.74
Price spread: +0.017% → +0.055%: −$3.87
Slippage, 4 orders: −$3.58
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$20.19
Costs to cover: 0.136%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Lighter: live order book, 10 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, 5 min ago	0.12 bp	6.0 bp −$6	6.3 bp −$63	9.3 bp −$930	doesn't fit
Sell Lighter live order book, 10 min ago	0.60 bp	0.6 bp −$1	2.2 bp −$22	10.8 bp −$1,082	23.3 bp −$11.6K

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
RISEx XAU/USDC	0.0000%	1h	4,347	+0.030%	$3.4M	$12.3M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.3	+0.128%	$92K	$9.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343	−0.062%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0008%	4h	4,348.4	+0.061%	$267.7M	$412.1M	100x	as long as short
Lighter XAUshort	+0.0032%	1h	4,346.4	+0.017%	$20.8M	$37.8M	25x
Extended XAU-USD	+0.0032%	1h	4,343.6	−0.049%	$13.3M	$38.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.109%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348.6	+0.067%	$20.1M	$39.2M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.1	+0.032%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,346.8	+0.025%	$5.7M	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERPlong	+0.0045%	24h	4,345.7	long leg	$4.2M	$37.2M	15x
Vest GC-PERP	+0.0046%	1h	4,379.8	+0.785%	—	$1.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.1	−0.060%	$2.0M	$4.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.032%	$293.7M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.7	−0.047%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0064%	4h	4,348	+0.053%	$71.0M	$333.7M	20x	as long as short
Variational Omni XAU	+0.0080%	4h	4,346.7	+0.023%	$48.5M	$27.8M	—	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.3	+0.036%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0088%	4h	4,348.2	+0.058%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0092%	4h	4,347.8	+0.048%	$372.8M	$317.6M	1000x	as long as short
Binance XAUUSDT	+0.0093%	4h	4,347.8	+0.049%	$414.0M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0095%	4h	4,343.4	−0.053%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.8	−0.044%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,346.8	+0.025%	$275K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.3	+0.013%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,347.3	+0.037%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0151%	1h	4,346.6	+0.021%	$4.3M	$1.9M	20x	as long as short
Hotstuff GOLD-PERP	+0.0160%	1h	4,343.7	−0.046%	$33K	—	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344	−0.039%	$592K	$132K	25x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,346.9	+0.028%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,345.4	−0.007%	$243K	$789K	25x	as long as short
Phemex XAUUSDT	+0.0217%	4h	4,349.8	+0.095%	$2.2M	$967K	100x	as long as short
Bluefin GOLD-PERP	+0.0227%	1h	4,340.1	−0.128%	$25K	$14K	20x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,348.2	+0.057%	$70.0M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,349.1	+0.077%	$85.0M	$144.9M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0285%	8h	4,348.8	+0.071%	$165.6M	$281.8M	100x	as long as short
BloFin XAU-USDT	+0.0344%	4h	4,346.1	+0.010%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0413% / S −0.0231%	1h	4,347.2	+0.035%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0625%	4h	4,351.6	+0.136%	$2.9M	$4.3M	75x	as long as short