Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.083%

Price spread now: Deribit against Kalshi+0.027%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.142%+$14 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now +0.027%, 7d avg +0.091%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.064% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.027% now, against its 7-day average of +0.091%). If the spread goes back, that is −$6 on $10k: about 39 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	65.942	0.0073	pay 0.0218% / 24h	9h 38m	$540K	$25.9M	8.1x
Short	Deribit SILVER_USDC-PERPETUAL	65.960	0.0205	get 0.0026% / 1h	38m 03s	$75K	$363K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.027%Rate

Funding earned: $27.82
Price spread: +0.027% → +0.091%: −$6.38
Slippage, 4 orders: −$9.32
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$4.88
Costs to cover: 0.263%
Break-even: 8.2 days

Slippage from Kalshi: live order book, 6 min ago; Deribit: live order book, 16 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, 6 min ago	0.46 bp	6.7 bp −$7	7.1 bp −$71	11.1 bp −$1,115	doesn't fit
Sell Deribit live order book, 16 min ago	0.76 bp	8.8 bp −$9	10.4 bp −$104	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	−0.0045%	1h	65.880	−0.094%	$5.7M	$9.3M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.934	−0.013%	$14K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.000	+0.088%	$149.5M	$163.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.980	+0.058%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.010	+0.103%	$1.0M	$966K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.990	+0.073%	$1.5M	$320K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.920	−0.033%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.977	+0.052%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.920	−0.034%	$5.1M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.695%	$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	66.000	+0.088%	$794K	$3.1M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.406	+0.704%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	65.947	+0.008%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.946	+0.006%	$3.9M	$674K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.920	−0.033%	$3K	$6K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0051%	1h	65.955	+0.020%	$166.0M	$73.5M	25x	as long as short
QFEX SILVER-USD	+0.0060%	1h	65.970	+0.042%	$114K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPlong	+0.0073%	24h	65.942	long leg	$540K	$25.9M	8.1x
Phoenix SILVER	+0.0073%	1h	65.889	−0.080%	$56K	$26K	25x	as long as short
RISEx XAG/USDC	+0.0080%	1h	65.982	+0.061%	$1.3M	$4.9M	20x	as long as short
Bybit XAGUSDT	+0.0097%	4h	66.010	+0.103%	$27.4M	$36.4M	150x	as long as short
Pacifica XAG	+0.0100%	1h	65.921	−0.031%	$469K	$612K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.960	+0.027%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.920	−0.033%	$113K	$30K	50x	as long as short
Lighter XAG	+0.0112%	1h	65.978	+0.055%	$5.2M	$10.6M	25x	as long as short
Paradex XAG-USD-PERP	+0.0114%	8h	65.971	+0.044%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0137%	4h	65.970	+0.042%	$2.7M	$871K	100x	as long as short
Nado XAG-PERP	+0.0181%	1h	65.937	−0.007%	$1.4M	$5.9M	10x	as long as short
Aevo XAG-PERP	+0.0184%	1h	65.976	+0.052%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0188%	4h	65.963	+0.033%	$5.6M	$9.4M	—	as long as short
MEXC SILVER_USDT	+0.0200%	4h	65.980	+0.058%	$112.8M	$152.1M	1000x	as long as short
Binance XAGUSDT	+0.0201%	4h	66.000	+0.088%	$191.1M	$702.5M	100x	as long as short
BloFin XAG-USDT	+0.0204%	4h	66.000	+0.088%	$2.6M	$556K	100x	as long as short
Deribit SILVER_USDC-PERPETUALshort	+0.0205%	1h	65.960	+0.027%	$75K	$363K	20x
GRVT XAG_USDT_Perp	+0.0206%	4h	65.973	+0.047%	$394K	$1.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	65.950	+0.012%	$1.8M	$1.0M	20x	as long as short
edgeX XAGUSDC	+0.0213%	4h	65.953	+0.017%	$669K	$310K	30x	as long as short
Aftermath Perps XAGUSD	+0.0213%	1h	65.954	+0.017%	$79K	$36K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0232%	8h	65.990	+0.073%	$27.7M	$64.8M	50x	as long as short
Bullet SILVER-USD	+0.0233%	1h	65.984	+0.064%	$44K	$76K	10x	as long as short
Bitget XAGUSDT	+0.0240%	4h	65.990	+0.073%	$23.9M	$45.3M	100x	as long as short
Hibachi XAG/USDT-P	+0.0328%	1h	65.940	−0.003%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0387% / S −0.0440%	1h	65.985	+0.065%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	65.952	+0.015%	$910K	$683K	25x	as long as short