Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Kalshi+0.088%7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now +0.088%, 7d avg +0.137%

Together, before fees+0.068%+$7 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 Phemex is 0.049% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.137%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	65.972	0.0073	pay 0.0220% / 24h	9h 07m	$556K	$26.4M	8.1x
Short	Phemex XAGUSDT	66.030	0	get 0.0000% / 4h	3h 07m	$1.5M	$317K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$15.43
Price spread: +0.088% → +0.137%: −$4.92
Slippage, 4 orders: −$12.11
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.46
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Phemex: live order book, 5 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, 1 min ago	0.53 bp	5.5 bp −$6	6.1 bp −$61	11.2 bp −$1,121	doesn't fit
Sell Phemex live order book, 5 min ago	1.51 bp	11.9 bp −$12	17.3 bp −$173	doesn't fit	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
Ondo Perps XAG-USD.P	−0.0054%	1h	65.940	−0.049%	$5.7M	$9.2M	25x	as long as short
Hotstuff SILVER-PERP	−0.0016%	1h	66.012	+0.061%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	+0.025%	$14K	$66	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.020	+0.073%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.060	+0.133%	$1.0M	$949K	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.030	+0.088%	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.957	−0.022%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.041	+0.104%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.985	+0.019%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.649%	$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	66.020	+0.073%	$794K	$3.0M	40x	as long as short
Gate XAG_USDT	+0.0042%	4h	66.060	+0.133%	$149.8M	$164.4M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.437	+0.705%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.980	+0.012%	$3.9M	$676K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.956	−0.024%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0055%	8h	66.030	+0.088%	$30K	$1K	5x	as long as short
tradeXYZ xyz:SILVER	+0.0059%	1h	66.014	+0.064%	$166.3M	$73.8M	25x	as long as short
QFEX SILVER-USD	+0.0060%	1h	66.030	+0.088%	$114K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0073%	1h	65.996	+0.036%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPlong	+0.0073%	24h	65.972	long leg	$556K	$26.4M	8.1x
RISEx XAG/USDC	+0.0080%	1h	66.051	+0.119%	$1.3M	$4.9M	20x	as long as short
Bybit XAGUSDT	+0.0096%	4h	66.070	+0.149%	$27.8M	$36.5M	150x	as long as short
Pacifica XAG	+0.0100%	1h	65.984	+0.019%	$469K	$604K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.010	+0.058%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.000	+0.042%	$113K	$30K	50x	as long as short
Lighter XAG	+0.0120%	1h	66.042	+0.106%	$5.2M	$10.9M	25x	as long as short
Aster XAGUSDT	+0.0120%	4h	66.050	+0.118%	$2.7M	$866K	100x	as long as short
BloFin XAG-USDT	+0.0142%	4h	66.030	+0.088%	$2.6M	$569K	100x	as long as short
Variational Omni XAG	+0.0163%	4h	66.003	+0.047%	$5.6M	$9.5M	—	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.004	+0.048%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0175%	4h	66.050	+0.118%	$190.9M	$702.7M	100x	as long as short
MEXC SILVER_USDT	+0.0176%	4h	66.050	+0.118%	$114.5M	$152.8M	1000x	as long as short
edgeX XAGUSDC	+0.0182%	4h	66.013	+0.062%	$670K	$311K	30x	as long as short
Nado XAG-PERP	+0.0185%	1h	65.971	−0.001%	$1.4M	$5.8M	10x	as long as short
Aftermath Perps XAGUSD	+0.0197%	1h	65.998	+0.039%	$79K	$36K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0205%	1h	66.000	+0.042%	$75K	$363K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0206%	4h	66.028	+0.084%	$394K	$1.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	65.980	+0.012%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0224%	8h	66.050	+0.118%	$27.7M	$64.6M	50x	as long as short
Bitget XAGUSDT	+0.0228%	4h	66.050	+0.118%	$23.9M	$44.9M	100x	as long as short
Bullet SILVER-USD	+0.0235%	1h	66.028	+0.085%	$44K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0304%	1h	65.983	+0.016%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0440%	1h	66.025	+0.080%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	65.986	+0.021%	$910K	$685K	25x	as long as short