Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0368%/8h= +40.3% APRpaid last 24h +0.067%

Price spread now: GMX against Kalshi+0.071%7-day average +0.115% · you sell dearer than you buy

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.173%+$17 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now +0.071%, 7d avg +0.115%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.044% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.071% now, against its 7-day average of +0.115%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$11 a day). At the pace of the last 3 days (+0.173% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	65.988	0.0073	pay 0.0218% / 24h	9h 36m	$540K	$25.9M	8.1x
Short	GMX SILVER/USD [ETH-USDC]	66.035	L +0.0387% / S −0.0440%	get 0.0055% / 1h	36m 53s	$105K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.071%Rate

Funding earned: $77.26
Price spread: +0.071% → +0.115%: −$4.37
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $50.9
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: Kalshi: live order book, 2 min ago; GMX: no order-book sample. 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 Kalshi live order book, 2 min ago	0.23 bp	6.8 bp −$7	7.4 bp −$74	11.8 bp −$1,176	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Ondo Perps XAG-USD.P	−0.0046%	1h	65.880	−0.164%	$5.7M	$9.3M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.934	−0.082%	$14K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.040	+0.079%	$149.7M	$163.6M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.020	+0.048%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.050	+0.094%	$1.0M	$966K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.030	+0.064%	$1.5M	$320K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.974	−0.022%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.017	+0.043%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.976	−0.018%	$5.1M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.624%	$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	65.980	−0.012%	$794K	$3.1M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.433	+0.674%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	65.963	−0.038%	$35K	$21K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.985	−0.005%	$166.1M	$73.5M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.974	−0.021%	$3.9M	$674K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.965	−0.035%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0060%	1h	66.000	+0.018%	$114K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPlong	+0.0073%	24h	65.988	long leg	$540K	$25.9M	8.1x
Phoenix SILVER	+0.0073%	1h	65.926	−0.094%	$56K	$26K	25x	as long as short
RISEx XAG/USDC	+0.0080%	1h	65.995	+0.010%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.940	−0.073%	$469K	$612K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.000	+0.018%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.930	−0.088%	$113K	$30K	50x	as long as short
Bybit XAGUSDT	+0.0107%	4h	66.040	+0.079%	$27.4M	$36.4M	150x	as long as short
Lighter XAG	+0.0112%	1h	66.024	+0.054%	$5.2M	$10.6M	25x	as long as short
Paradex XAG-USD-PERP	+0.0113%	8h	65.986	−0.002%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0137%	4h	66.030	+0.064%	$2.7M	$871K	100x	as long as short
BloFin XAG-USDT	+0.0171%	4h	66.020	+0.048%	$2.6M	$562K	100x	as long as short
Nado XAG-PERP	+0.0181%	1h	65.957	−0.048%	$1.4M	$5.8M	10x	as long as short
Aevo XAG-PERP	+0.0184%	1h	66.010	+0.034%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0188%	4h	65.963	−0.037%	$5.6M	$9.4M	—	as long as short
MEXC SILVER_USDT	+0.0200%	4h	66.020	+0.048%	$112.8M	$152.2M	1000x	as long as short
GRVT XAG_USDT_Perp	+0.0200%	4h	65.987	−0.001%	$394K	$1.5M	25x	as long as short
Binance XAGUSDT	+0.0200%	4h	66.030	+0.064%	$191.2M	$702.4M	100x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0205%	1h	66.010	+0.033%	$75K	$363K	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	65.950	−0.058%	$1.8M	$1.0M	20x	as long as short
Aftermath Perps XAGUSD	+0.0213%	1h	65.952	−0.054%	$79K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0213%	4h	65.976	−0.017%	$669K	$311K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0232%	8h	66.020	+0.048%	$27.7M	$64.8M	50x	as long as short
Bullet SILVER-USD	+0.0234%	1h	66.030	+0.064%	$44K	$76K	10x	as long as short
Bitget XAGUSDT	+0.0240%	4h	66.030	+0.064%	$23.9M	$45.3M	100x	as long as short
Hibachi XAG/USDT-P	+0.0320%	1h	65.922	−0.100%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]short	L +0.0387% / S −0.0440%	1h	66.035	+0.071%	$105K	—	111x
Kraken Futures PF_XAGUSD	+0.0624%	1h	65.989	+0.001%	$911K	$683K	25x	as long as short