Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.057%

Price spread now: Kalshi against Coinbase International−0.038%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now −0.038%, 7d avg −0.071%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.033% dearer against Coinbase International than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.071%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SILVER-PERP-INTX	66.410	0.0184	pay 0.0023% / 1h	18m 18s	$1.9M	$971K	20x
Short	Kalshi KXSILVERPERP	66.385	0.0061	get 0.0184% / 24h	12h 18m	$555K	$23.5M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.038%Rate

Funding earned: −$25.74
Price spread: −0.038% → −0.071%: $3.3
Slippage, 4 orders: −$7.17
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.61
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from Coinbase International: live order book, just now; Kalshi: 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 Coinbase International live order book, just now	0.75 bp	7.1 bp −$7	7.9 bp −$79	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	1.05 bp	6.8 bp −$7	7.0 bp −$70	11.6 bp −$1,161	doesn't fit

XAG on 43 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
dYdX XAG-USD	0.0000%	1h	66.363	−0.071%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.460	+0.075%	$152.7M	$164.1M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.420	+0.015%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.450	+0.060%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.450	+0.060%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.388	−0.033%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.425	+0.023%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.368	−0.064%	$5.4M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.015%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.430	+0.030%	$799K	$2.9M	40x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SI-PERP	+0.0046%	1h	66.873	+0.697%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.352	−0.087%	$56K	$26K	25x	as long as short
Ondo Perps XAG-USD.P	+0.0049%	1h	66.320	−0.136%	$5.7M	$9.5M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.417	+0.011%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.372	−0.057%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.400	−0.015%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPshort	+0.0061%	24h	66.385	−0.038%	$555K	$23.5M	8.1x
RISEx XAG/USDC	+0.0079%	1h	66.430	+0.030%	$1.3M	$4.4M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0099%	1h	66.418	+0.012%	$165.8M	$75.8M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.376	−0.051%	$472K	$606K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.410	0.000%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.360	−0.075%	$126K	$23K	50x	as long as short
Hotstuff SILVER-PERP	+0.0120%	1h	66.388	−0.033%	$35K	$21K	20x	as long as short
Bybit XAGUSDT	+0.0125%	4h	66.470	+0.090%	$26.6M	$36.4M	150x	as long as short
Aster XAGUSDT	+0.0131%	4h	66.419	+0.014%	$2.8M	$939K	100x	as long as short
Paradex XAG-USD-PERP	+0.0134%	8h	66.434	+0.036%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0159%	4h	66.443	+0.049%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.438	+0.042%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0174%	4h	66.440	+0.045%	$102.8M	$158.5M	1000x	as long as short
Binance XAGUSDT	+0.0176%	4h	66.460	+0.075%	$192.6M	$706.9M	100x	as long as short
edgeX XAGUSDC	+0.0180%	4h	66.431	+0.032%	$674K	$314K	30x	as long as short
Coinbase International SILVER-PERP-INTXlong	+0.0184%	1h	66.410	long leg	$1.9M	$971K	20x
Lighter XAG	+0.0192%	1h	66.435	+0.037%	$5.3M	$10.6M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0207%	8h	66.460	+0.075%	$28.0M	$65.9M	50x	as long as short
Nado XAG-PERP	+0.0223%	1h	66.385	−0.038%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0228%	1h	66.392	−0.027%	$80K	$38K	10x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	66.363	−0.072%	$20K	$22K	10x	as long as short
Bitget XAGUSDT	+0.0246%	4h	66.450	+0.060%	$23.9M	$46.0M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0264%	4h	66.440	+0.045%	$397K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0287%	1h	66.462	+0.078%	$46K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0292% / S −0.0281%	1h	66.465	+0.083%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.420	+0.015%	$50K	$325K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0462%	1h	66.395	−0.023%	$766K	$478K	25x	as long as short