Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0415%/8h= −45.5% APRpaid last 24h −0.096%

Price spread now: Kalshi against Kraken Futures−0.022%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

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

costs, in and out, $10k−$300.300% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.022%, 7d avg −0.025%

Together, before fees−0.200%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.214% in total (about -11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAGUSD	65.392	0.0492	pay 0.0062% / 1h	40m 21s	$916K	$746K	25x
Short	Kalshi KXSILVERPERP	65.377	0.0077	get 0.0231% / 24h	7h 40m	$535K	$30.3M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.022%Rate

Funding earned: −$87.22
Price spread: −0.022% → −0.025%: $0.28
Slippage, 4 orders: −$9.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$116.89
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Kalshi: live order book, 4 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 Kraken Futures live order book, 3 min ago	2.80 bp	8.6 bp −$9	16.0 bp −$160	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	0.46 bp	5.9 bp −$6	6.4 bp −$64	10.8 bp −$1,078	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
Hibachi XAG/USDT-P	−0.0120%	1h	65.360	−0.048%	$20K	$20K	10x	as long as short
Ondo Perps XAG-USD.P	−0.0081%	1h	65.300	−0.140%	$5.6M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.350	−0.063%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.430	+0.059%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.440	+0.074%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.440	+0.074%	$1.5M	$280K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.349	−0.065%	$118K	—	250x	as long as short
Bybit XAGUSDT	+0.0018%	4h	65.420	+0.044%	$28.4M	$39.6M	150x	as long as short
Gate XAG_USDT	+0.0030%	4h	65.420	+0.044%	$141.3M	$181.2M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.421	+0.045%	$4.6M	$9.8M	25x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USD	+0.0032%	1h	65.353	−0.059%	$5.1M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.542%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.410	+0.028%	$787K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0045%	4h	65.400	+0.013%	$2.7M	$973K	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.825	+0.663%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0050%	1h	65.390	−0.002%	$152K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.379	−0.019%	$170.3M	$83.8M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.370	−0.033%	$3.8M	$718K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.366	−0.039%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0057%	8h	65.398	+0.009%	$29K	$1K	5x	as long as short
Variational Omni XAG	+0.0060%	4h	65.414	+0.034%	$5.5M	$9.4M	—	as long as short
RISEx XAG/USDC	+0.0061%	1h	65.412	+0.031%	$1.3M	$4.9M	20x	as long as short
Phoenix SILVER	+0.0061%	1h	65.384	−0.012%	$56K	$31K	25x	as long as short
Hotstuff SILVER-PERP	+0.0064%	1h	65.386	−0.008%	$35K	$21K	20x	as long as short
Binance XAGUSDT	+0.0076%	4h	65.409	+0.027%	$189.8M	$763.3M	100x	as long as short
MEXC SILVER_USDT	+0.0076%	4h	65.400	+0.013%	$115.4M	$157.1M	1000x	as long as short
Kalshi KXSILVERPERPshort	+0.0077%	24h	65.377	−0.022%	$535K	$30.3M	8.1x
Aevo XAG-PERP	+0.0088%	1h	65.401	+0.015%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0090%	4h	65.433	+0.064%	$666K	$314K	30x	as long as short
Lighter XAG	+0.0096%	1h	65.422	+0.046%	$5.4M	$11.3M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.363	−0.043%	$467K	$627K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.380	−0.018%	$25.4M	$5.0M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.410	+0.028%	$112K	$19K	50x	as long as short
Nado XAG-PERP	+0.0114%	1h	65.360	−0.048%	$1.2M	$5.5M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0116%	4h	65.427	+0.054%	$397K	$1.6M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0120%	1h	65.380	−0.018%	$1.6M	$1.4M	20x	as long as short
Bullet SILVER-USD	+0.0156%	1h	65.416	+0.038%	$43K	$77K	10x	as long as short
Bitget XAGUSDT	+0.0186%	4h	65.420	+0.044%	$23.8M	$46.6M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0189%	8h	65.410	+0.028%	$27.9M	$71.4M	50x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0209%	1h	65.410	+0.028%	$66K	$374K	20x	as long as short
Aftermath Perps XAGUSD	+0.0212%	1h	65.408	+0.025%	$79K	$37K	10x	as long as short
BloFin XAG-USDT	+0.0306%	4h	65.440	+0.074%	$2.6M	$610K	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0318% / S −0.0301%	1h	65.415	+0.036%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0492%	1h	65.392	long leg	$916K	$746K	25x