Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.035%

Price spread now: Kalshi against Lighter RH−0.014%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$150.153% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 7 days−0.063%−$6 · spread now −0.014%, 7d avg −0.088%

Together, before fees−0.197%+ Points / potential airdropLighter RH: Points live · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.074% dearer against Lighter RH than usual: you sell high and buy low (spread −0.014% now, against its 7-day average of −0.088%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.2 days. At the pace of the last 7 days (−0.134% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XAU	4,354.8	0.0064	pay 0.0008% / 1h	14m 37s	$20.1M	$41.0M	25x
Short	Kalshi KXGOLDPERP	4,354.2	0.0034	get 0.0102% / 24h	12h 14m	$4.1M	$36.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now −0.014%Rate

Funding earned: −$6.29
Price spread: −0.014% → −0.088%: $7.35
Slippage, 4 orders: −$5.25
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.19
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Kalshi: live order book, 4 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 Lighter RH live order book, 4 min ago	1.00 bp	1.3 bp −$1	1.7 bp −$17	16.6 bp −$1,665	doesn't fit
Sell Kalshi live order book, 4 min ago	0.12 bp	6.4 bp −$6	6.7 bp −$67	9.6 bp −$957	doesn't fit

XAU on 38 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
Gate XAU_USDT	0.0000%	4h	4,355.3	+0.011%	$263.4M	$413.8M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,362.5	+0.175%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.9	−0.044%	$270K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.3	−0.127%	$13.5M	$41.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,350.7	−0.095%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.101%	$619	$54	52x	as long as short
Kalshi KXGOLDPERPshort	+0.0034%	24h	4,354.2	−0.014%	$4.1M	$36.0M	15x
Aster XAUUSD1	+0.0035%	4h	4,354.4	−0.010%	$70.4M	$298.4M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.3	+0.080%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,390.9	+0.828%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,350.9	−0.090%	$294.1M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.9	−0.090%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353	−0.042%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,352.2	−0.061%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAUlong	+0.0064%	1h	4,354.8	long leg	$20.1M	$41.0M	25x
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.9	+0.002%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0074%	1h	4,356.6	+0.041%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.1	−0.039%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.028%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,350.6	−0.097%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,358.5	+0.083%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,350.7	−0.096%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,353.9	−0.021%	$375.8M	$323.9M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,356.6	+0.041%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0104%	4h	4,353.6	−0.027%	$409.1M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,353.3	−0.035%	$30.3M	$59.9M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0116%	4h	4,360	+0.119%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.048%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,353.6	−0.029%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0167%	1h	4,357.6	+0.064%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,354.5	−0.007%	$84.0M	$144.1M	150x	as long as short
Bitget XAUUSDT	+0.0184%	4h	4,354	−0.020%	$69.4M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,354.9	+0.002%	$242K	$672K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0238%	8h	4,355	+0.004%	$164.9M	$281.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,354.7	−0.003%	$594K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0340%	4h	4,359.9	+0.115%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,357.4	+0.060%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0554%	4h	4,363.2	+0.192%	$2.9M	$3.9M	75x	as long as short