Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0133%/8h= +14.6% APRpaid last 24h +0.028%

Price spread now: Variational Omni against Kalshi+0.009%7-day average +0.108% · you sell dearer than you buy

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

Long on Kalshi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 7 days+0.098%+$10 · spread now +0.009%, 7d avg +0.108%

Together, before fees+0.128%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.100% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.108%). If the spread goes back, that is −$10 on $10k: about 2.5 days of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.030% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	66.057	0.0071	pay 0.0213% / 24h	10h 09m	$547K	$25.4M	8.1x
Short	Variational Omni XAG	66.063	0.0204	get 0.0102% / 4h	9m 32s	$5.6M	$9.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.009%Rate

Funding earned: $27.92
Price spread: +0.009% → +0.108%: −$9.96
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $7.96
Costs to cover: 0.100%
Break-even: 5.0 days

Slippage unknown: Kalshi: live order book, 4 min ago; Variational Omni: RFQ quote, 5 min ago. 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, 4 min ago	0.98 bp	6.7 bp −$7	7.0 bp −$70	10.4 bp −$1,035	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.56 bp	doesn't fit	2.6 bp −$26	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	66.018	−0.059%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.120	+0.095%	$150.2M	$163.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.100	+0.065%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.130	+0.111%	$1.0M	$968K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.140	+0.126%	$1.5M	$317K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.028	−0.044%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.099	+0.063%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.040	−0.026%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.519%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.070	+0.020%	$795K	$3.1M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0044%	1h	65.980	−0.117%	$5.7M	$9.6M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.530	+0.716%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.079	+0.033%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.080	+0.035%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.021	−0.054%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.110	+0.080%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.053	−0.006%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPlong	+0.0071%	24h	66.057	long leg	$547K	$25.4M	8.1x
Pacifica XAG	+0.0100%	1h	66.054	−0.005%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.080	+0.035%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.030	−0.041%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0126%	1h	66.073	+0.024%	$166.0M	$73.3M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.100	+0.065%	$1.3M	$4.6M	20x	as long as short
Paradex XAG-USD-PERP	+0.0142%	8h	66.111	+0.082%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0146%	4h	66.080	+0.035%	$2.7M	$868K	100x	as long as short
Bybit XAGUSDT	+0.0172%	4h	66.130	+0.111%	$27.1M	$36.1M	150x	as long as short
Lighter XAG	+0.0184%	1h	66.101	+0.067%	$5.2M	$10.7M	25x	as long as short
Aevo XAG-PERP	+0.0192%	1h	66.097	+0.061%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.020	−0.056%	$1.8M	$1.0M	20x	as long as short
Variational Omni XAGshort	+0.0204%	4h	66.063	+0.009%	$5.6M	$9.5M	—
BloFin XAG-USDT	+0.0212%	4h	66.120	+0.095%	$2.6M	$554K	100x	as long as short
MEXC SILVER_USDT	+0.0212%	4h	66.110	+0.080%	$110.6M	$153.0M	1000x	as long as short
Nado XAG-PERP	+0.0213%	1h	66.060	+0.004%	$1.4M	$6.4M	10x	as long as short
Binance XAGUSDT	+0.0215%	4h	66.123	+0.100%	$192.8M	$700.0M	100x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	66.069	+0.018%	$80K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0227%	4h	66.058	+0.001%	$670K	$311K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0234%	8h	66.110	+0.080%	$27.7M	$65.0M	50x	as long as short
Bitget XAGUSDT	+0.0258%	4h	66.110	+0.080%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0276%	4h	66.090	+0.050%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0289%	1h	66.104	+0.071%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.080	+0.035%	$75K	$362K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.020	−0.056%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.115	+0.088%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.070	+0.019%	$912K	$683K	25x	as long as short