Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0079%/8h= −8.6% APRpaid last 24h +0.025%

Price spread now: Bybit against Kalshi+0.092%7-day average +0.124% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.092%, 7d avg +0.124%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.032% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.124%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	65.280	0.0079	pay 0.0236% / 24h	6h 51m	$468K	$31.8M	8.1x
Short	Bybit XAGUSDT	65.340	0	get 0.0000% / 4h	51m 50s	$27.8M	$39.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kalshi. 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 KalshibpFee BybitbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$16.54
Price spread: +0.092% → +0.124%: −$3.19
Slippage, 4 orders: −$5.79
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.52
Costs to cover: 0.268%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bybit: 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 Kalshi live order book, 2 min ago	0.38 bp	5.8 bp −$6	7.2 bp −$72	11.3 bp −$1,126	doesn't fit
Sell Bybit live order book, 2 min ago	0.76 bp	6.3 bp −$6	8.2 bp −$82	17.2 bp −$1,723	47.0 bp −$23.5K

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	−0.0059%	1h	65.200	−0.123%	$5.6M	$9.7M	25x	as long as short
Hotstuff SILVER-PERP	−0.0032%	1h	65.281	+0.002%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.287	+0.011%	$12K	$5K	5x	as long as short
Bybit XAGUSDTshort	0.0000%	4h	65.340	+0.092%	$27.8M	$39.6M	150x
SunX XAG-USDT	0.0000%	4h	65.310	+0.046%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.350	+0.107%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.320	+0.061%	$1.5M	$281K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.249	−0.047%	$118K	—	250x	as long as short
Variational Omni XAG	+0.0027%	4h	65.403	+0.188%	$5.5M	$9.1M	—	as long as short
Gate XAG_USDT	+0.0028%	4h	65.340	+0.092%	$141.2M	$176.7M	100x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	65.318	+0.058%	$4.6M	$9.7M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.271	−0.014%	$5.1M	$11.6M	10x	as long as short
Aster XAGUSDT	+0.0033%	4h	65.320	+0.061%	$2.7M	$952K	100x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.716%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.330	+0.077%	$786K	$2.9M	40x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.300	+0.031%	$152K	$1.4M	20x	as long as short
Binance XAGUSDT	+0.0045%	4h	65.326	+0.070%	$191.6M	$761.3M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.723	+0.679%	—	—	25x	as long as short
MEXC SILVER_USDT	+0.0050%	4h	65.320	+0.061%	$117.2M	$156.1M	1000x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.274	−0.009%	$3.8M	$856K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.248	−0.049%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0053%	8h	65.277	−0.004%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.294	+0.021%	$56K	$31K	25x	as long as short
edgeX XAGUSDC	+0.0064%	4h	65.368	+0.135%	$665K	$312K	30x	as long as short
Aevo XAG-PERP	+0.0064%	1h	65.297	+0.027%	$47K	—	10x	as long as short
Kalshi KXSILVERPERPlong	+0.0079%	24h	65.280	long leg	$468K	$31.8M	8.1x
tradeXYZ xyz:SILVER	+0.0081%	1h	65.291	+0.017%	$170.5M	$80.9M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.360	+0.123%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.257	−0.035%	$468K	$621K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.300	+0.031%	$25.3M	$5.0M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.370	+0.138%	$112K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.321	+0.062%	$1.2M	$4.9M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.409	+0.198%	$384K	$1.6M	25x	as long as short
Lighter XAG	+0.0152%	1h	65.311	+0.047%	$5.3M	$11.1M	25x	as long as short
Hibachi XAG/USDT-P	+0.0160%	1h	65.289	+0.014%	$20K	$17K	10x	as long as short
Nado XAG-PERP	+0.0163%	1h	65.262	−0.027%	$1.2M	$4.8M	10x	as long as short
Bitget XAGUSDT	+0.0166%	4h	65.340	+0.092%	$23.7M	$45.5M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0178%	8h	65.330	+0.077%	$28.1M	$70.6M	50x	as long as short
BloFin XAG-USDT	+0.0202%	4h	65.320	+0.061%	$2.7M	$582K	100x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0210%	1h	65.290	+0.015%	$65K	$387K	20x	as long as short
Aftermath Perps XAGUSD	+0.0210%	1h	65.305	+0.038%	$78K	$37K	10x	as long as short
Bullet SILVER-USD	+0.0225%	1h	65.316	+0.055%	$44K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.315	+0.054%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0363%	1h	65.271	−0.014%	$1.0M	$873K	25x	as long as short