Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h 0.000%

Price spread now: SunX against Kalshi+0.065%7-day average +0.190% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$700.698% of the position

Long on Kalshi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now +0.065%, 7d avg +0.190%

Together, before fees+0.170%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SunX is 0.124% cheaper against Kalshi than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.190%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXGOLDPERP	4,323.8	0.0078	pay 0.0233% / 24h	7h 24m	$3.8M	$43.7M	15x
Short	SunX XAU-USDT	4,326.6	0	get 0.0000% / 4h	1h 24m	$92K	$7.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$16.29
Price spread: +0.065% → +0.190%: −$12.42
Slippage, 4 orders: −$51.82
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$98.53
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; SunX: live order book, 5 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	0.23 bp	6.4 bp −$6	6.7 bp −$67	9.1 bp −$914	doesn't fit
Sell SunX live order book, 5 min ago	23.35 bp	29.5 bp −$29	47.0 bp −$470	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
Bluefin GOLD-PERP	−0.0064%	1h	4,318.2	−0.129%	$25K	$1K	20x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,326.6	+0.065%	$92K	$7.7M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.114%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0011%	4h	4,323.9	+0.003%	$77.3M	$154.8M	150x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,319	−0.111%	$32K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.616%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	−0.009%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	−0.042%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.3	+0.705%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.9	−0.113%	$291.5M	$51.2M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,318.2	−0.130%	$15.0M	$55.3M	25x	as long as short
Lighter XAU	+0.0064%	1h	4,321.5	−0.053%	$20.3M	$30.6M	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.8	+0.024%	$72.5M	$276.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.3	−0.081%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,321.8	−0.047%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERPlong	+0.0078%	24h	4,323.8	long leg	$3.8M	$43.7M	15x
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.1	−0.016%	$1.4M	$3.0M	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,318	−0.133%	$12.9M	$37.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.1	−0.038%	$47.3M	$28.9M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,322.6	−0.027%	$362.0M	$331.0M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,323.2	−0.014%	$417.2M	$2.12B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.6	−0.097%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,318.8	−0.115%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.092%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.8	−0.046%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0108%	4h	4,318.8	−0.116%	$30.0M	$59.5M	50x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,324.7	+0.020%	$281.0M	$418.7M	100x	as long as short
Lighter RH XAU	+0.0112%	1h	4,324.3	+0.011%	$19.8M	$38.9M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,319.2	−0.106%	$584K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0179%	1h	4,322.2	−0.038%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.1	+0.029%	$4.2M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,322.1	−0.039%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,322.6	−0.027%	$67.7M	$118.0M	100x	as long as short
HTX XAU-USDT	+0.0261%	4h	4,325.3	+0.036%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0303%	8h	4,323.4	−0.009%	$171.9M	$298.4M	100x	as long as short
Phemex XAUUSDT	+0.0330%	4h	4,325.3	+0.034%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0337%	4h	4,322.4	−0.034%	$16.2M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0398%	1h	4,321.8	−0.046%	$191K	$836K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322	−0.041%	$252K	—	111x	as long as short