Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h 0.000%

Price spread now: Phemex against Kalshi+0.068%7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.105%+$11 · spread now +0.068%, 7d avg +0.137%

Together, before fees+0.108%+$11 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 Phemex is 0.069% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.137%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	66.085	0.0069	pay 0.0206% / 24h	10h 33m	$518K	$25.5M	8.1x
Short	Phemex XAGUSDT	66.130	0	get 0.0000% / 4h	33m 21s	$1.5M	$317K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$14.43
Price spread: +0.068% → +0.137%: −$6.86
Slippage, 4 orders: −$14.31
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.6
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Phemex: live order book, 4 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	0.53 bp	7.9 bp −$8	8.0 bp −$80	11.3 bp −$1,127	doesn't fit
Sell Phemex live order book, 4 min ago	0.76 bp	11.2 bp −$11	16.6 bp −$166	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
dYdX XAG-USD	0.0000%	1h	66.022	−0.095%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.170	+0.129%	$150.2M	$163.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.140	+0.083%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.160	+0.113%	$1.0M	$978K	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.130	+0.068%	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.074	−0.016%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.126	+0.062%	$4.7M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.077	−0.012%	$5.2M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.477%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.120	+0.053%	$795K	$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
Vest SI-PERP	+0.0046%	1h	66.573	+0.738%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.114	+0.044%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.115	+0.045%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.052	−0.050%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.020	−0.098%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.140	+0.083%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.080	−0.008%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPlong	+0.0069%	24h	66.085	long leg	$518K	$25.5M	8.1x
Pacifica XAG	+0.0100%	1h	66.091	+0.009%	$470K	$619K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.110	+0.038%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.050	−0.053%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0133%	1h	66.119	+0.051%	$165.5M	$74.0M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.146	+0.092%	$1.3M	$4.5M	20x	as long as short
Aster XAGUSDT	+0.0145%	4h	66.105	+0.030%	$2.7M	$876K	100x	as long as short
Paradex XAG-USD-PERP	+0.0151%	8h	66.145	+0.091%	$30K	$1K	5x	as long as short
Bybit XAGUSDT	+0.0160%	4h	66.160	+0.113%	$27.0M	$36.1M	150x	as long as short
Nado XAG-PERP	+0.0196%	1h	66.092	+0.010%	$1.3M	$6.5M	10x	as long as short
Lighter XAG	+0.0200%	1h	66.131	+0.070%	$5.2M	$10.5M	25x	as long as short
Aevo XAG-PERP	+0.0200%	1h	66.140	+0.083%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.130	+0.068%	$1.8M	$999K	20x	as long as short
BloFin XAG-USDT	+0.0201%	4h	66.110	+0.038%	$2.6M	$554K	100x	as long as short
Variational Omni XAG	+0.0210%	4h	66.123	+0.058%	$5.6M	$9.7M	—	as long as short
MEXC SILVER_USDT	+0.0216%	4h	66.150	+0.098%	$109.3M	$152.5M	1000x	as long as short
Binance XAGUSDT	+0.0216%	4h	66.150	+0.098%	$192.8M	$700.8M	100x	as long as short
Aftermath Perps XAGUSD	+0.0229%	1h	66.095	+0.014%	$80K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0231%	8h	66.160	+0.113%	$27.8M	$65.5M	50x	as long as short
edgeX XAGUSDC	+0.0235%	4h	66.098	+0.020%	$671K	$312K	30x	as long as short
Bitget XAGUSDT	+0.0260%	4h	66.150	+0.098%	$23.8M	$45.7M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0282%	4h	66.121	+0.054%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0309%	1h	66.163	+0.119%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.100	+0.023%	$62K	$348K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.060	−0.038%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0376% / S −0.0411%	1h	66.155	+0.106%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.088	+0.004%	$912K	$676K	25x	as long as short