Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.157%

Price spread now: Kalshi against Phemex−0.013%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$750.751% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.434%−$43 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now −0.013%, 7d avg −0.127%

Together, before fees−0.579%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.114% dearer against Phemex than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.127%): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,335.2	0.0376	pay 0.0188% / 4h	2h 07m	$2.2M	$962K	100x
Short	Kalshi KXGOLDPERP	4,334.6	0.0064	get 0.0191% / 24h	8h 07m	$4.0M	$42.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now −0.013%Rate

Funding earned: −$65.54
Price spread: −0.013% → −0.127%: $11.36
Slippage, 4 orders: −$53.11
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$129.3
Costs to cover: 0.751%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Kalshi: live order book, 2 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 Phemex live order book, 1 min ago	2.20 bp	29.3 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	0.12 bp	6.7 bp −$7	7.4 bp −$74	12.8 bp −$1,279	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	4,338.2	+0.069%	$92K	$8.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,333.2	−0.045%	$271K	—	250x	as long as short
Bybit XAUUSDT	+0.0006%	4h	4,337.5	+0.054%	$78.5M	$156.5M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,332.5	−0.062%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.352%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,333.7	−0.034%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,334.2	−0.022%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,368.7	+0.774%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,335.2	+0.002%	$20.4M	$31.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,332.7	−0.057%	$292.2M	$51.6M	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	4,332.1	−0.070%	$15.0M	$56.5M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,337.2	+0.048%	$3.8M	$12.5M	25x	as long as short
Kalshi KXGOLDPERPshort	+0.0064%	24h	4,334.6	−0.013%	$4.0M	$42.2M	15x
Gate XAU_USDT	+0.0064%	4h	4,337.8	+0.062%	$271.4M	$418.5M	100x	as long as short
Paradex XAU-USD-PERP	+0.0071%	8h	4,336.2	+0.024%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,337.9	+0.063%	$19.9M	$39.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,330	−0.119%	$2.0M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0096%	4h	4,337.7	+0.058%	$72.3M	$330.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0096%	1h	4,332.1	−0.071%	$195K	$826K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,333.1	−0.047%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330	−0.119%	$273K	$208K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,376.5	+0.954%	$25K	$14K	20x	as long as short
Variational Omni XAU	+0.0101%	4h	4,331.5	−0.085%	$46.8M	$28.6M	—	as long as short
GRVT XAU_USDT_Perp	+0.0104%	4h	4,333.5	−0.039%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,336.5	+0.030%	$364.2M	$331.0M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,336.6	+0.034%	$415.0M	$2.12B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,333.1	−0.047%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,327.8	−0.170%	$30.1M	$60.3M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,330.6	−0.105%	$47K	$77K	25x	as long as short
Hotstuff GOLD-PERP	+0.0152%	1h	4,331	−0.096%	$32K	—	25x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,336.5	+0.030%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0176%	1h	4,336.5	+0.031%	$4.2M	$2.0M	20x	as long as short
HTX XAU-USDT	+0.0230%	4h	4,336.6	+0.033%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,330.8	−0.101%	$590K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0252%	4h	4,336.4	+0.027%	$68.1M	$118.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0329%	8h	4,336.8	+0.038%	$170.6M	$297.3M	100x	as long as short
BloFin XAU-USDT	+0.0357%	4h	4,333.3	−0.042%	$16.0M	$4.5M	100x	as long as short
Phemex XAUUSDTlong	+0.0376%	4h	4,335.2	long leg	$2.2M	$962K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0461% / S −0.0303%	1h	4,336.6	+0.034%	$253K	—	111x	as long as short