Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0291%/8h= −31.8% APRpaid last 24h −0.087%

Price spread now: Kalshi against Deribit−0.020%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.124%−$12 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now −0.020%, 7d avg −0.096%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.076% dearer against Deribit than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.096%): +$8 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 4 days (−0.124% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SILVER_USDC-PERPETUAL	66.590	0.0351	pay 0.0044% / 1h	15m 55s	$50K	$351K	20x
Short	Kalshi KXSILVERPERP	66.577	0.0060	get 0.0181% / 24h	14h 15m	$581K	$21.4M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$61.07
Price spread: −0.020% → −0.096%: $7.6
Slippage, 4 orders: −$9.88
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$80.34
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Deribit: live order book, 63 min ago; Kalshi: live order book, 3 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 Deribit live order book, 63 min ago	0.75 bp	8.7 bp −$9	10.6 bp −$106	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.15 bp	6.1 bp −$6	6.3 bp −$63	10.2 bp −$1,020	doesn't fit

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
dYdX XAG-USD	0.0000%	1h	66.560	−0.045%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.640	+0.075%	$26.5M	$34.7M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.620	+0.045%	$156.0M	$174.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.610	+0.030%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.640	+0.075%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.600	+0.015%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.552	−0.058%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.588	−0.003%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.555	−0.052%	$5.5M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.285%	$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
Phoenix SILVER	+0.0036%	1h	66.531	−0.089%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	66.580	−0.015%	$797K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	67.063	+0.710%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.583	−0.011%	$3.9M	$699K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.542	−0.072%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.530	−0.090%	$5.7M	$10.0M	25x	as long as short
Kalshi KXSILVERPERPshort	+0.0060%	24h	66.577	−0.020%	$581K	$21.4M	8.1x
QFEX SILVER-USD	+0.0061%	1h	66.610	+0.030%	$124K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0071%	1h	66.579	−0.017%	$166.0M	$87.0M	25x	as long as short
BloFin XAG-USDT	+0.0084%	4h	66.630	+0.060%	$2.6M	$652K	100x	as long as short
Pacifica XAG	+0.0100%	1h	66.570	−0.030%	$481K	$618K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.580	−0.015%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.570	−0.030%	$127K	$26K	50x	as long as short
Variational Omni XAG	+0.0103%	4h	66.615	+0.038%	$5.6M	$10.1M	—	as long as short
Paradex XAG-USD-PERP	+0.0105%	8h	66.610	+0.030%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0115%	4h	66.626	+0.053%	$2.8M	$1.1M	100x	as long as short
Lighter XAG	+0.0120%	1h	66.593	+0.005%	$5.2M	$10.4M	25x	as long as short
Binance XAGUSDT	+0.0124%	4h	66.616	+0.040%	$192.8M	$725.0M	100x	as long as short
MEXC SILVER_USDT	+0.0124%	4h	66.610	+0.030%	$115.2M	$153.4M	1000x	as long as short
Aevo XAG-PERP	+0.0128%	1h	66.609	+0.028%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0133%	4h	66.541	−0.073%	$675K	$315K	30x	as long as short
Hotstuff SILVER-PERP	+0.0152%	1h	66.591	+0.002%	$35K	$21K	20x	as long as short
Bitget XAGUSDT	+0.0152%	4h	66.630	+0.060%	$24.4M	$48.2M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0160%	1h	66.640	+0.075%	$1.9M	$852K	20x	as long as short
Aftermath Perps XAGUSD	+0.0169%	1h	66.546	−0.067%	$80K	$40K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0180%	4h	66.640	+0.075%	$392K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0197%	8h	66.610	+0.030%	$28.0M	$66.8M	50x	as long as short
RISEx XAG/USDC	+0.0208%	1h	66.627	+0.056%	$1.3M	$4.2M	20x	as long as short
Bullet SILVER-USD	+0.0251%	1h	66.622	+0.048%	$45K	$75K	10x	as long as short
Nado XAG-PERP	+0.0253%	1h	66.574	−0.024%	$1.3M	$6.6M	10x	as long as short
Hibachi XAG/USDT-P	+0.0288%	1h	66.582	−0.012%	$20K	$22K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.615	+0.038%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0351%	1h	66.590	long leg	$50K	$351K	20x
Kraken Futures PF_XAGUSD	+0.0595%	1h	66.581	−0.014%	$764K	$588K	25x	as long as short