Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0287%/8h= −31.4% APRpaid last 24h −0.071%

Price spread now: Kalshi against GMX−0.077%7-day average −0.116% · 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)−0.227%−$23 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.077%, 7d avg −0.116%

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

The price spread pays, funding is against you. Kalshi is 0.039% dearer against GMX than usual: you sell high and buy low (spread −0.077% now, against its 7-day average of −0.116%): +$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]	66.365	L +0.0352% / S −0.0374%	pay 0.0044% / 1h	23m 07s	$103K	—	111x
Short	Kalshi KXSILVERPERP	66.314	0.0065	get 0.0194% / 24h	11h 23m	$536K	$24.6M	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 −0.077%Rate

Funding earned: −$60.27
Price spread: −0.077% → −0.116%: $3.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$78.33
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	0.30 bp	7.0 bp −$7	7.2 bp −$72	11.5 bp −$1,147	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
dYdX XAG-USD	0.0000%	1h	66.272	−0.140%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.318	−0.071%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.390	+0.038%	$150.3M	$164.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.370	+0.008%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.370	+0.008%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.380	+0.023%	$1.5M	$251K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.290	−0.113%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.353	−0.017%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.287	−0.117%	$5.3M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.053%	$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	66.340	−0.038%	$798K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.784	+0.631%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.307	−0.087%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.295	−0.105%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.220	−0.218%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.330	−0.053%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPshort	+0.0065%	24h	66.314	−0.077%	$536K	$24.6M	8.1x
Phoenix SILVER	+0.0084%	1h	66.308	−0.086%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0097%	1h	66.356	−0.014%	$166.2M	$73.5M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.292	−0.110%	$472K	$610K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.320	−0.068%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.320	−0.068%	$113K	$30K	50x	as long as short
Paradex XAG-USD-PERP	+0.0133%	8h	66.335	−0.045%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0135%	4h	66.350	−0.023%	$2.7M	$877K	100x	as long as short
Bybit XAGUSDT	+0.0154%	4h	66.390	+0.038%	$26.9M	$36.1M	150x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.357	−0.013%	$48K	—	10x	as long as short
BloFin XAG-USDT	+0.0181%	4h	66.340	−0.038%	$2.6M	$553K	100x	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.343	−0.032%	$1.3M	$4.5M	20x	as long as short
Variational Omni XAG	+0.0184%	4h	66.321	−0.066%	$5.6M	$9.8M	—	as long as short
Lighter XAG	+0.0192%	1h	66.362	−0.004%	$5.3M	$10.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.350	−0.023%	$1.9M	$995K	20x	as long as short
Binance XAGUSDT	+0.0196%	4h	66.370	+0.008%	$192.2M	$704.9M	100x	as long as short
MEXC SILVER_USDT	+0.0196%	4h	66.360	−0.008%	$105.8M	$153.7M	1000x	as long as short
Nado XAG-PERP	+0.0212%	1h	66.293	−0.108%	$1.3M	$6.6M	10x	as long as short
edgeX XAGUSDC	+0.0215%	4h	66.339	−0.039%	$673K	$314K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0217%	8h	66.370	+0.008%	$27.8M	$65.9M	50x	as long as short
Aftermath Perps XAGUSD	+0.0233%	1h	66.307	−0.088%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0246%	4h	66.380	+0.023%	$23.8M	$45.8M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0268%	4h	66.347	−0.027%	$402K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.320	−0.068%	$20K	$19K	10x	as long as short
Bullet SILVER-USD	+0.0279%	1h	66.362	−0.004%	$46K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0352% / S −0.0374%	1h	66.365	long leg	$103K	—	111x
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.360	−0.008%	$50K	$322K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.322	−0.065%	$915K	$671K	25x	as long as short