Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h +0.002%

Price spread now: gTrade (Gains Network) against Kalshi−0.090%7-day average −0.008% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$292as in the Price arb table

costs, in and out, $10k−$2842.842% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.090%, 7d avg −0.008%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.082% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	66.330	0.0065	pay 0.0194% / 24h	11h 21m	$537K	$24.6M	8.1x
Short	gTrade (Gains Network) XAG/USD	66.270	L +0.0004% / S −0.0006%	get 0.0001% / 1h	21m 43s	$121K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.090%Rate

Funding earned: −$12.35
Price spread: −0.090% → −0.008%: −$8.21
Slippage, 4 orders: −$264.24
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$304.81
Costs to cover: 2.842%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 7 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, 2 min ago	0.30 bp	7.2 bp −$7	7.5 bp −$75	11.2 bp −$1,116	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 7 min ago	130.01 bp	135.0 bp −$135	135.0 bp −$1,350	416.8 bp −$41.7K	2012.7 bp −$1.01M

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	66.268	−0.093%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.338	+0.012%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.370	+0.060%	$150.3M	$164.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.340	+0.015%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.380	+0.075%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.350	+0.030%	$1.5M	$251K	100x	as long as short
gTrade (Gains Network) XAG/USDshort	L +0.0004% / S −0.0006%	1h	66.270	−0.090%	$121K	—	250x
Lighter RH XAG	+0.0032%	1h	66.346	+0.024%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.288	−0.063%	$5.3M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.106%	$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	66.290	−0.060%	$797K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.804	+0.715%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.329	−0.002%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.268	−0.093%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.230	−0.151%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.350	+0.030%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPlong	+0.0065%	24h	66.330	long leg	$537K	$24.6M	8.1x
Phoenix SILVER	+0.0084%	1h	66.308	−0.033%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0097%	1h	66.323	−0.011%	$166.1M	$73.5M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.299	−0.047%	$472K	$610K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.320	−0.015%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.320	−0.015%	$113K	$30K	50x	as long as short
Paradex XAG-USD-PERP	+0.0132%	8h	66.349	+0.028%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0134%	4h	66.350	+0.030%	$2.7M	$877K	100x	as long as short
Bybit XAGUSDT	+0.0147%	4h	66.380	+0.075%	$26.9M	$36.1M	150x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.343	+0.019%	$48K	—	10x	as long as short
BloFin XAG-USDT	+0.0181%	4h	66.340	+0.015%	$2.6M	$553K	100x	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.365	+0.053%	$1.3M	$4.5M	20x	as long as short
Variational Omni XAG	+0.0184%	4h	66.321	−0.013%	$5.6M	$9.8M	—	as long as short
Lighter XAG	+0.0192%	1h	66.353	+0.035%	$5.3M	$10.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.350	+0.030%	$1.9M	$995K	20x	as long as short
MEXC SILVER_USDT	+0.0194%	4h	66.350	+0.030%	$106.0M	$153.7M	1000x	as long as short
Binance XAGUSDT	+0.0195%	4h	66.363	+0.049%	$192.2M	$705.4M	100x	as long as short
Nado XAG-PERP	+0.0212%	1h	66.343	+0.020%	$1.3M	$6.6M	10x	as long as short
edgeX XAGUSDC	+0.0215%	4h	66.339	+0.014%	$673K	$314K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	66.360	+0.045%	$27.7M	$65.9M	50x	as long as short
Aftermath Perps XAGUSD	+0.0232%	1h	66.307	−0.035%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0244%	4h	66.360	+0.045%	$23.8M	$45.6M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0268%	4h	66.347	+0.026%	$402K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.300	−0.045%	$20K	$19K	10x	as long as short
Bullet SILVER-USD	+0.0278%	1h	66.354	+0.037%	$46K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0352% / S −0.0374%	1h	66.345	+0.023%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.320	−0.015%	$50K	$322K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.322	−0.013%	$915K	$671K	25x	as long as short