Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0097%/8h= +10.7% APRpaid last 24h +0.020%

Price spread now: Bybit against Kalshi+0.120%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 7 days+0.013%+$1 · spread now +0.120%, 7d avg +0.125%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.125%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	66.031	0.0071	pay 0.0213% / 24h	10h 10m	$547K	$25.4M	8.1x
Short	Bybit XAGUSDT	66.110	0.0168	get 0.0084% / 4h	10m 31s	$27.1M	$36.1M	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 +0.120%Rate

Funding earned: $20.44
Price spread: +0.120% → +0.125%: −$0.56
Slippage, 4 orders: −$6.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.02
Costs to cover: 0.279%
Break-even: 9.7 days

Slippage from Kalshi: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.98 bp	6.7 bp −$7	7.0 bp −$70	10.4 bp −$1,035	doesn't fit
Sell Bybit live order book, 3 min ago	0.76 bp	6.3 bp −$6	8.9 bp −$89	13.5 bp −$1,348	51.5 bp −$25.7K

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	66.018	−0.020%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.090	+0.089%	$150.1M	$163.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.090	+0.089%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.120	+0.135%	$1.0M	$968K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.120	+0.135%	$1.5M	$317K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.001	−0.045%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.065	+0.052%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.008	−0.034%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.559%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.070	+0.059%	$795K	$3.1M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0044%	1h	65.960	−0.108%	$5.7M	$9.6M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.491	+0.697%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.027	−0.006%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.035	+0.006%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.004	−0.041%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.090	+0.089%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.025	−0.009%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPlong	+0.0071%	24h	66.031	long leg	$547K	$25.4M	8.1x
Pacifica XAG	+0.0100%	1h	66.029	−0.003%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.040	+0.014%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	+0.044%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0126%	1h	66.045	+0.021%	$165.9M	$74.4M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.077	+0.069%	$1.3M	$4.6M	20x	as long as short
Paradex XAG-USD-PERP	+0.0141%	8h	66.078	+0.071%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0144%	4h	66.080	+0.074%	$2.7M	$868K	100x	as long as short
Bybit XAGUSDTshort	+0.0168%	4h	66.110	+0.120%	$27.1M	$36.1M	150x
Lighter XAG	+0.0184%	1h	66.069	+0.058%	$5.2M	$10.7M	25x	as long as short
Aevo XAG-PERP	+0.0192%	1h	66.072	+0.062%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.020	−0.017%	$1.8M	$1.0M	20x	as long as short
Variational Omni XAG	+0.0204%	4h	66.063	+0.048%	$5.6M	$9.5M	—	as long as short
MEXC SILVER_USDT	+0.0210%	4h	66.090	+0.089%	$110.6M	$153.0M	1000x	as long as short
BloFin XAG-USDT	+0.0212%	4h	66.120	+0.135%	$2.6M	$554K	100x	as long as short
Binance XAGUSDT	+0.0212%	4h	66.100	+0.104%	$192.7M	$700.1M	100x	as long as short
Nado XAG-PERP	+0.0213%	1h	66.029	−0.004%	$1.4M	$6.4M	10x	as long as short
edgeX XAGUSDC	+0.0222%	4h	66.092	+0.093%	$671K	$313K	30x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	66.046	+0.022%	$80K	$36K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0234%	8h	66.090	+0.089%	$27.7M	$65.0M	50x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.080	+0.074%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.094	+0.095%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0288%	1h	66.077	+0.070%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.050	+0.029%	$69K	$355K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.075	+0.067%	$103K	—	111x	as long as short
Hibachi XAG/USDT-P	+0.0384%	1h	66.050	+0.029%	$20K	$19K	10x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.044	+0.019%	$912K	$683K	25x	as long as short