Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h −0.063%

Price spread now: Kalshi against Bullet−0.083%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bullet Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Kalshi is 0.083% cheaper against Bullet than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SILVER-USD	66.528	0.0281	pay 0.0035% / 1h	39m 29s	$45K	$76K	10x
Short	Kalshi KXSILVERPERP	66.473	0.0061	get 0.0182% / 24h	12h 39m	$574K	$23.1M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bullet. 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 BulletbpFee KalshibpOrdersPrice spread, now −0.083%Rate

Funding earned: −$46.37
Price spread: −0.083% → 0.000%: −$8.27
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$72.63
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Bullet no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.60 bp	5.7 bp −$6	5.9 bp −$59	9.9 bp −$995	doesn't fit

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XAG on 44 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
Hotstuff SILVER-PERP	−0.0008%	1h	66.483	−0.068%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	66.423	−0.159%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.510	−0.027%	$154.5M	$161.9M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.530	+0.003%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.540	+0.018%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.530	+0.003%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.449	−0.119%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.500	−0.042%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.448	−0.121%	$5.4M	$12.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.192%	$11K	$94K	52x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.530	+0.003%	$800K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.961	+0.651%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.413	−0.173%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.490	−0.057%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.438	−0.135%	$3K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.410	−0.177%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.510	−0.027%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPshort	+0.0061%	24h	66.473	−0.083%	$574K	$23.1M	8.1x
Bybit XAGUSDT	+0.0072%	4h	66.540	+0.018%	$26.4M	$35.9M	150x	as long as short
RISEx XAG/USDC	+0.0079%	1h	66.524	−0.006%	$1.2M	$4.3M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0096%	1h	66.484	−0.066%	$166.0M	$76.0M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.456	−0.108%	$473K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.480	−0.072%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.490	−0.057%	$126K	$23K	50x	as long as short
BloFin XAG-USDT	+0.0103%	4h	66.570	+0.063%	$2.6M	$624K	100x	as long as short
Aster XAGUSDT	+0.0116%	4h	66.520	−0.012%	$2.8M	$971K	100x	as long as short
Paradex XAG-USD-PERP	+0.0122%	8h	66.500	−0.042%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0129%	4h	66.505	−0.035%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0136%	1h	66.511	−0.025%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0148%	4h	66.520	−0.012%	$108.2M	$156.6M	1000x	as long as short
Binance XAGUSDT	+0.0151%	4h	66.525	−0.005%	$193.1M	$706.9M	100x	as long as short
edgeX XAGUSDC	+0.0153%	4h	66.569	+0.061%	$676K	$313K	30x	as long as short
Lighter XAG	+0.0160%	1h	66.512	−0.024%	$5.4M	$10.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.520	−0.012%	$1.9M	$967K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0197%	8h	66.540	+0.018%	$28.1M	$66.0M	50x	as long as short
Aftermath Perps XAGUSD	+0.0220%	1h	66.494	−0.051%	$80K	$38K	10x	as long as short
Nado XAG-PERP	+0.0224%	1h	66.474	−0.081%	$1.3M	$6.5M	10x	as long as short
Bitget XAGUSDT	+0.0224%	4h	66.530	+0.003%	$24.5M	$45.8M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0238%	4h	66.520	−0.012%	$400K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.466	−0.093%	$20K	$22K	10x	as long as short
Bullet SILVER-USDlong	+0.0281%	1h	66.528	long leg	$45K	$76K	10x
GMX SILVER/USD [ETH-USDC]	L +0.0292% / S −0.0281%	1h	66.515	−0.020%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0352%	1h	66.490	−0.057%	$50K	$325K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0462%	1h	66.484	−0.066%	$767K	$488K	25x	as long as short