Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h +0.033%

Price spread now: Lighter RH against Kalshi+0.067%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$130.134% of the position

Long on Kalshi Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.131%+$13 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.067%, 7d avg +0.088%

Together, before fees+0.136%+ Points / potential airdropLighter RH: Points live · farm board+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.021% cheaper against Kalshi than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.088%.

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 RH XAU	4,348.6	0.0040	get 0.0005% / 1h	33m 25s	$20.1M	$39.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$1.06
Price spread: +0.067% → +0.088%: −$2.11
Slippage, 4 orders: −$3.39
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$16.56
Costs to cover: 0.134%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Lighter RH: 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	6.0 bp −$6	6.3 bp −$63	9.3 bp −$930	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.40 bp	0.6 bp −$1	1.1 bp −$11	3.9 bp −$394	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
RISEx XAU/USDC	0.0000%	1h	4,347.6	+0.043%	$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	4,343.8	−0.045%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,348.7	+0.069%	$267.8M	$412.2M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,346.4	+0.017%	$20.8M	$37.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.8	−0.043%	$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 XAUshort	+0.0040%	1h	4,348.6	+0.067%	$20.1M	$39.2M	25x
StandX XAU-USD	+0.0040%	1h	4,347.3	+0.037%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,347.4	+0.039%	$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	4,380.8	+0.808%	—	$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	4,344.4	−0.030%	$293.7M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344.4	−0.030%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0064%	4h	4,348.4	+0.061%	$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	4,347.8	+0.049%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.6	+0.022%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0092%	4h	4,347.9	+0.049%	$373.2M	$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
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	4,343.5	−0.052%	$274K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347	+0.030%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,341.5	−0.098%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0142%	1h	4,347.3	+0.037%	$47K	$77K	25x	as long as short
Hotstuff GOLD-PERP	+0.0144%	1h	4,344.4	−0.030%	$33K	—	25x	as long as short
Polymarket Perps GOLD-USD	+0.0151%	1h	4,347.2	+0.035%	$4.3M	$1.9M	20x	as long as short
Bluefin GOLD-PERP	+0.0171%	1h	4,340.5	−0.121%	$25K	$14K	20x	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	4,347.8	+0.049%	$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
Bitget XAUUSDT	+0.0234%	4h	4,348.1	+0.054%	$70.0M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,348.9	+0.072%	$85.0M	$144.8M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0286%	8h	4,348.9	+0.074%	$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	4,347.8	+0.049%	$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