Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h −0.075%

Price spread now: Kalshi against GMX−0.071%7-day average −0.115% · you buy dearer than you sell

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.237%−$24 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.071%, 7d avg −0.115%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.044% dearer against GMX than usual: you sell high and buy low (spread −0.071% now, against its 7-day average of −0.115%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SILVER/USD [ETH-USDC]	66.065	L +0.0387% / S −0.0440%	pay 0.0048% / 1h	16m 46s	$105K	—	111x
Short	Kalshi KXSILVERPERP	66.018	0.0073	get 0.0220% / 24h	9h 16m	$557K	$26.4M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now −0.071%Rate

Funding earned: −$65.95
Price spread: −0.071% → −0.115%: $4.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$83.58
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	0.53 bp	7.1 bp −$7	7.5 bp −$75	12.2 bp −$1,223	doesn't fit

GMX: 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
Ondo Perps XAG-USD.P	−0.0061%	1h	65.950	−0.174%	$5.7M	$9.3M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	−0.116%	$14K	$66	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.029	−0.054%	$35K	$21K	20x	as long as short
SunX XAG-USDT	0.0000%	4h	66.090	+0.038%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.080	+0.023%	$1.0M	$949K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.070	+0.008%	$1.5M	$320K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.998	−0.102%	$120K	—	250x	as long as short
Gate XAG_USDT	+0.0016%	4h	66.080	+0.023%	$149.9M	$164.0M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	66.054	−0.016%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.007	−0.088%	$5.2M	$11.5M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.507%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.060	−0.008%	$795K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.482	+0.631%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.025	−0.061%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.001	−0.097%	$3K	$6K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0052%	1h	66.034	−0.047%	$166.3M	$74.0M	25x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	66.053	−0.018%	$30K	$1K	5x	as long as short
QFEX SILVER-USD	+0.0060%	1h	66.050	−0.023%	$114K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0073%	1h	65.995	−0.106%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPshort	+0.0073%	24h	66.018	−0.071%	$557K	$26.4M	8.1x
RISEx XAG/USDC	+0.0080%	1h	66.072	+0.010%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	66.008	−0.086%	$470K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.030	−0.053%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	−0.008%	$113K	$30K	50x	as long as short
Lighter XAG	+0.0104%	1h	66.056	−0.013%	$5.2M	$10.8M	25x	as long as short
Bybit XAGUSDT	+0.0118%	4h	66.080	+0.023%	$27.8M	$36.5M	150x	as long as short
Aster XAGUSDT	+0.0122%	4h	66.068	+0.004%	$2.7M	$866K	100x	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.053	−0.018%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0171%	4h	66.073	+0.013%	$5.7M	$9.5M	—	as long as short
Nado XAG-PERP	+0.0172%	1h	66.019	−0.069%	$1.4M	$5.8M	10x	as long as short
MEXC SILVER_USDT	+0.0176%	4h	66.060	−0.008%	$115.0M	$152.7M	1000x	as long as short
Binance XAGUSDT	+0.0177%	4h	66.074	+0.013%	$190.9M	$702.3M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0178%	4h	66.085	+0.030%	$395K	$1.5M	25x	as long as short
edgeX XAGUSDC	+0.0187%	4h	66.071	+0.009%	$670K	$311K	30x	as long as short
Aftermath Perps XAGUSD	+0.0188%	1h	66.046	−0.028%	$79K	$36K	10x	as long as short
BloFin XAG-USDT	+0.0207%	4h	66.080	+0.023%	$2.6M	$563K	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	66.030	−0.053%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0224%	8h	66.070	+0.008%	$27.7M	$64.5M	50x	as long as short
Bitget XAGUSDT	+0.0226%	4h	66.070	+0.008%	$23.9M	$45.2M	100x	as long as short
Bullet SILVER-USD	+0.0227%	1h	66.067	+0.003%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	66.008	−0.086%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.060	−0.008%	$75K	$363K	20x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0387% / S −0.0440%	1h	66.065	long leg	$105K	—	111x
Kraken Futures PF_XAGUSD	+0.0624%	1h	66.032	−0.049%	$911K	$683K	25x	as long as short