Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.100%

Price spread now: Kraken Futures against Kalshi−0.066%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.221%+$22 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.066%, 7d avg +0.025%

Together, before fees+0.372%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.091% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.025%). If the spread goes back, that is −$9 on $10k: about 22 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.221% in total) that is about 2.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.221% in total (about 11.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	64.953	0.0085	pay 0.0254% / 24h	5h 33m	$479K	$34.0M	8.1x
Short	Kraken Futures PF_XAGUSD	64.910	0.0420	get 0.0052% / 1h	33m 46s	$1.0M	$889K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.066%Rate

Funding earned: $70.36
Price spread: −0.066% → +0.025%: −$9.07
Slippage, 4 orders: −$10.98
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $30.31
Costs to cover: 0.310%
Break-even: 4.0 days

Slippage from Kalshi: live order book, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	0.69 bp	6.1 bp −$6	7.8 bp −$78	11.3 bp −$1,128	doesn't fit
Sell Kraken Futures live order book, 5 min ago	3.42 bp	10.0 bp −$10	13.7 bp −$137	61.8 bp −$6,180	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
dYdX XAG-USD	0.0000%	1h	64.862	−0.140%	$12K	$6K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	64.930	−0.035%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	64.950	−0.005%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	64.920	−0.051%	$1.4M	$310K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	64.866	−0.134%	$117K	—	250x	as long as short
Variational Omni XAG	+0.0015%	4h	64.904	−0.075%	$5.3M	$9.1M	—	as long as short
Lighter RH XAG	+0.0032%	1h	64.893	−0.093%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	64.822	−0.201%	$5.0M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+2.228%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	64.890	−0.097%	$780K	$3.0M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XAG_USDT	+0.0042%	4h	64.900	−0.082%	$139.2M	$182.7M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.320	+0.565%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0047%	1h	64.900	−0.082%	$445K	$1.5M	20x	as long as short
MEXC SILVER_USDT	+0.0050%	4h	64.890	−0.097%	$121.5M	$158.1M	1000x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	64.836	−0.180%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	64.855	−0.151%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	64.810	−0.220%	$5.6M	$9.9M	25x	as long as short
Binance XAGUSDT	+0.0054%	4h	64.870	−0.128%	$195.7M	$775.4M	100x	as long as short
Paradex XAG-USD-PERP	+0.0060%	8h	64.908	−0.069%	$29K	$166	5x	as long as short
edgeX XAGUSDC	+0.0061%	4h	64.937	−0.024%	$661K	$313K	30x	as long as short
Aevo XAG-PERP	+0.0064%	1h	64.895	−0.089%	$47K	—	10x	as long as short
Aster XAGUSDT	+0.0067%	4h	64.890	−0.097%	$2.6M	$995K	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	64.910	−0.066%	$1.6M	$1.4M	20x	as long as short
Kalshi KXSILVERPERPlong	+0.0085%	24h	64.953	long leg	$479K	$34.0M	8.1x
Hotstuff SILVER-PERP	+0.0088%	1h	64.925	−0.043%	$35K	$21K	20x	as long as short
Pacifica XAG	+0.0100%	1h	64.856	−0.149%	$463K	$592K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	64.850	−0.159%	$25.1M	$4.5M	75x	as long as short
GRVT XAG_USDT_Perp	+0.0100%	4h	64.907	−0.071%	$390K	$1.6M	25x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	64.870	−0.128%	$111K	$19K	50x	as long as short
Phoenix SILVER	+0.0111%	1h	64.892	−0.094%	$55K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0135%	1h	64.770	−0.282%	$173.4M	$87.4M	25x	as long as short
Nado XAG-PERP	+0.0156%	1h	64.934	−0.029%	$1.2M	$4.2M	10x	as long as short
RISEx XAG/USDC	+0.0158%	1h	64.912	−0.064%	$1.2M	$4.9M	20x	as long as short
Bitget XAGUSDT	+0.0190%	4h	64.850	−0.159%	$23.4M	$46.4M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0193%	8h	64.850	−0.159%	$28.7M	$73.0M	50x	as long as short
Bybit XAGUSDT	+0.0202%	4h	64.890	−0.097%	$29.1M	$42.5M	150x	as long as short
BloFin XAG-USDT	+0.0205%	4h	64.960	+0.011%	$2.7M	$646K	100x	as long as short
Aftermath Perps XAGUSD	+0.0219%	1h	64.894	−0.091%	$78K	$37K	10x	as long as short
Lighter XAG	+0.0224%	1h	64.889	−0.098%	$5.3M	$11.0M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0237% / S −0.0196%	1h	64.935	−0.028%	$92K	—	111x	as long as short
Bullet SILVER-USD	+0.0300%	1h	64.928	−0.039%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0344%	1h	64.860	−0.143%	$20K	$15K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0367%	1h	64.920	−0.051%	$76K	$430K	20x	as long as short
Kraken Futures PF_XAGUSDshort	+0.0420%	1h	64.910	−0.066%	$1.0M	$889K	25x