Funding arb · Price arb /

XAG

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

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

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

Long on Kraken Futures Short on Kalshi

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

The price spread pays, funding is against you. Kalshi is 0.091% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.025%): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 22 hours. 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	Kraken Futures PF_XAGUSD	64.910	0.0420	pay 0.0052% / 1h	33m 47s	$1.0M	$889K	25x
Short	Kalshi KXSILVERPERP	64.953	0.0085	get 0.0254% / 24h	5h 33m	$479K	$34.0M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.066%Rate

Funding earned: −$70.36
Price spread: +0.066% → −0.025%: $9.07
Slippage, 4 orders: −$10.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$92.26
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Kalshi: 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 Kraken Futures live order book, 5 min ago	3.42 bp	9.2 bp −$9	15.7 bp −$157	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	0.69 bp	5.7 bp −$6	6.4 bp −$64	10.7 bp −$1,065	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	−0.074%	$12K	$6K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	64.930	+0.031%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	64.950	+0.062%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	64.920	+0.015%	$1.4M	$310K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	64.866	−0.068%	$117K	—	250x	as long as short
Variational Omni XAG	+0.0015%	4h	64.904	−0.009%	$5.3M	$9.1M	—	as long as short
Lighter RH XAG	+0.0032%	1h	64.893	−0.027%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	64.822	−0.135%	$5.0M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+2.295%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	64.890	−0.031%	$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	−0.015%	$139.2M	$182.7M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.320	+0.632%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0047%	1h	64.900	−0.015%	$445K	$1.5M	20x	as long as short
MEXC SILVER_USDT	+0.0050%	4h	64.890	−0.031%	$121.5M	$158.1M	1000x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	64.836	−0.114%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	64.855	−0.085%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	64.810	−0.154%	$5.6M	$9.9M	25x	as long as short
Binance XAGUSDT	+0.0054%	4h	64.870	−0.062%	$195.7M	$775.4M	100x	as long as short
Paradex XAG-USD-PERP	+0.0060%	8h	64.908	−0.002%	$29K	$166	5x	as long as short
edgeX XAGUSDC	+0.0061%	4h	64.937	+0.042%	$661K	$313K	30x	as long as short
Aevo XAG-PERP	+0.0064%	1h	64.895	−0.023%	$47K	—	10x	as long as short
Aster XAGUSDT	+0.0067%	4h	64.890	−0.031%	$2.6M	$995K	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	64.910	0.000%	$1.6M	$1.4M	20x	as long as short
Kalshi KXSILVERPERPshort	+0.0085%	24h	64.953	+0.066%	$479K	$34.0M	8.1x
Hotstuff SILVER-PERP	+0.0088%	1h	64.925	+0.023%	$35K	$21K	20x	as long as short
Pacifica XAG	+0.0100%	1h	64.856	−0.083%	$463K	$592K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	64.850	−0.093%	$25.1M	$4.5M	75x	as long as short
GRVT XAG_USDT_Perp	+0.0100%	4h	64.907	−0.005%	$390K	$1.6M	25x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	64.870	−0.062%	$111K	$19K	50x	as long as short
Phoenix SILVER	+0.0111%	1h	64.892	−0.028%	$55K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0135%	1h	64.770	−0.216%	$173.4M	$87.4M	25x	as long as short
Nado XAG-PERP	+0.0156%	1h	64.934	+0.037%	$1.2M	$4.2M	10x	as long as short
RISEx XAG/USDC	+0.0158%	1h	64.912	+0.002%	$1.2M	$4.9M	20x	as long as short
Bitget XAGUSDT	+0.0190%	4h	64.850	−0.093%	$23.4M	$46.4M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0193%	8h	64.850	−0.093%	$28.7M	$73.0M	50x	as long as short
Bybit XAGUSDT	+0.0202%	4h	64.890	−0.031%	$29.1M	$42.5M	150x	as long as short
BloFin XAG-USDT	+0.0205%	4h	64.960	+0.077%	$2.7M	$646K	100x	as long as short
Aftermath Perps XAGUSD	+0.0219%	1h	64.894	−0.025%	$78K	$37K	10x	as long as short
Lighter XAG	+0.0224%	1h	64.889	−0.032%	$5.3M	$11.0M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0237% / S −0.0196%	1h	64.935	+0.038%	$92K	—	111x	as long as short
Bullet SILVER-USD	+0.0300%	1h	64.928	+0.027%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0344%	1h	64.860	−0.077%	$20K	$15K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0367%	1h	64.920	+0.015%	$76K	$430K	20x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0420%	1h	64.910	long leg	$1.0M	$889K	25x