Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.015%

Price spread now: Kalshi against Phoenix+0.153%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Kalshi is 0.153% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.135%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SILVER	66.670	0.0048	pay 0.0006% / 1h	52m 39s	$57K	$26K	25x
Short	Kalshi KXSILVERPERP	66.772	0.0060	get 0.0180% / 24h	13h 52m	$557K	$21.7M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now +0.153%Rate

Funding earned: $2.5
Price spread: +0.153% → 0.000%: $15.3
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $0.8
Costs to cover: 0.170%
Break-even: 4.8 days

Slippage unknown: Phoenix: no order-book sample; Kalshi: live order book, 1 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 Phoenix no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	0.82 bp	6.6 bp −$7	7.0 bp −$70	12.6 bp −$1,262	doesn't fit

Phoenix: 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
dYdX XAG-USD	0.0000%	1h	66.742	+0.109%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.820	+0.225%	$26.1M	$35.2M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.790	+0.180%	$155.9M	$165.0M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.810	+0.210%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.830	+0.240%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.820	+0.225%	$1.5M	$251K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.750	+0.120%	$121K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0008%	1h	66.739	+0.103%	$36K	$21K	20x	as long as short
Lighter RH XAG	+0.0032%	1h	66.793	+0.184%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.751	+0.121%	$5.4M	$13.2M	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	−0.405%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.750	+0.120%	$803K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	67.256	+0.879%	—	—	25x	as long as short
Phoenix SILVERlong	+0.0048%	1h	66.670	long leg	$57K	$26K	25x
tradeXYZ xyz:SILVER	+0.0050%	1h	66.775	+0.157%	$166.3M	$85.8M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.783	+0.169%	$3.9M	$699K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.751	+0.121%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.690	+0.030%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0051%	1h	66.760	+0.135%	$115K	$2.8M	20x	as long as short
BloFin XAG-USDT	+0.0056%	4h	66.800	+0.195%	$2.6M	$671K	100x	as long as short
Kalshi KXSILVERPERPshort	+0.0060%	24h	66.772	+0.153%	$557K	$21.7M	8.1x
Variational Omni XAG	+0.0087%	4h	66.806	+0.204%	$5.6M	$10.1M	—	as long as short
Paradex XAG-USD-PERP	+0.0092%	8h	66.797	+0.191%	$30K	$1K	5x	as long as short
Lighter XAG	+0.0096%	1h	66.795	+0.188%	$5.4M	$10.4M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.756	+0.130%	$482K	$624K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.780	+0.165%	$24.7M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.750	+0.120%	$127K	$26K	50x	as long as short
Aevo XAG-PERP	+0.0104%	1h	66.754	+0.126%	$48K	—	10x	as long as short
Aster XAGUSDT	+0.0106%	4h	66.807	+0.205%	$2.8M	$1.1M	100x	as long as short
edgeX XAGUSDC	+0.0106%	4h	66.731	+0.092%	$677K	$313K	30x	as long as short
MEXC SILVER_USDT	+0.0110%	4h	66.790	+0.180%	$116.7M	$154.5M	1000x	as long as short
Binance XAGUSDT	+0.0110%	4h	66.809	+0.208%	$192.3M	$724.9M	100x	as long as short
Nado XAG-PERP	+0.0128%	1h	66.768	+0.147%	$1.3M	$6.6M	10x	as long as short
RISEx XAG/USDC	+0.0148%	1h	66.782	+0.169%	$1.3M	$4.2M	20x	as long as short
Bitget XAGUSDT	+0.0166%	4h	66.790	+0.180%	$24.9M	$48.7M	100x	as long as short
Aftermath Perps XAGUSD	+0.0174%	1h	66.724	+0.081%	$80K	$40K	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.760	+0.135%	$1.9M	$952K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0191%	8h	66.800	+0.195%	$28.2M	$67.5M	50x	as long as short
Bullet SILVER-USD	+0.0193%	1h	66.817	+0.220%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0240%	1h	66.740	+0.104%	$20K	$22K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.805	+0.202%	$104K	—	111x	as long as short
GRVT XAG_USDT_Perp	+0.0298%	4h	66.830	+0.240%	$401K	$1.5M	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0349%	1h	66.800	+0.195%	$51K	$351K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0487%	1h	66.778	+0.161%	$767K	$592K	25x	as long as short