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: Kalshi against Phemex−0.068%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Phemex Short on Kalshi

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.069% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.137%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.130	0	get 0.0000% / 4h	33m 26s	$1.5M	$317K	100x
Short	Kalshi KXSILVERPERP	66.085	0.0069	get 0.0206% / 24h	10h 33m	$518K	$25.5M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now −0.068%Rate

Funding earned: $14.43
Price spread: −0.068% → −0.137%: $6.86
Slippage, 4 orders: −$14.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$15.01
Costs to cover: 0.363%
Break-even: 14.3 days

Slippage from Phemex: live order book, 4 min ago; Kalshi: live order book, 6 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 Phemex live order book, 4 min ago	0.76 bp	11.2 bp −$11	18.7 bp −$187	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	0.53 bp	6.1 bp −$6	6.3 bp −$63	10.8 bp −$1,078	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	−0.163%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.170	+0.060%	$150.2M	$163.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.140	+0.015%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.160	+0.045%	$1.0M	$978K	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.130	long leg	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.074	−0.084%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.126	−0.006%	$4.7M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.077	−0.080%	$5.2M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.408%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.120	−0.015%	$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	+0.670%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.114	−0.024%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.115	−0.023%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.052	−0.118%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.020	−0.166%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.140	+0.015%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.080	−0.076%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPshort	+0.0069%	24h	66.085	−0.068%	$518K	$25.5M	8.1x
Pacifica XAG	+0.0100%	1h	66.091	−0.059%	$470K	$619K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.110	−0.030%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.050	−0.121%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0133%	1h	66.119	−0.017%	$165.5M	$74.0M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.146	+0.024%	$1.3M	$4.5M	20x	as long as short
Aster XAGUSDT	+0.0145%	4h	66.105	−0.038%	$2.7M	$876K	100x	as long as short
Paradex XAG-USD-PERP	+0.0151%	8h	66.145	+0.023%	$30K	$1K	5x	as long as short
Bybit XAGUSDT	+0.0160%	4h	66.160	+0.045%	$27.0M	$36.1M	150x	as long as short
Nado XAG-PERP	+0.0196%	1h	66.092	−0.058%	$1.3M	$6.5M	10x	as long as short
Lighter XAG	+0.0200%	1h	66.131	+0.002%	$5.2M	$10.5M	25x	as long as short
Aevo XAG-PERP	+0.0200%	1h	66.140	+0.015%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.130	0.000%	$1.8M	$999K	20x	as long as short
BloFin XAG-USDT	+0.0201%	4h	66.110	−0.030%	$2.6M	$554K	100x	as long as short
Variational Omni XAG	+0.0210%	4h	66.123	−0.010%	$5.6M	$9.7M	—	as long as short
MEXC SILVER_USDT	+0.0216%	4h	66.150	+0.030%	$109.3M	$152.5M	1000x	as long as short
Binance XAGUSDT	+0.0216%	4h	66.150	+0.030%	$192.8M	$700.8M	100x	as long as short
Aftermath Perps XAGUSD	+0.0229%	1h	66.095	−0.054%	$80K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0231%	8h	66.160	+0.045%	$27.8M	$65.5M	50x	as long as short
edgeX XAGUSDC	+0.0235%	4h	66.098	−0.048%	$671K	$312K	30x	as long as short
Bitget XAGUSDT	+0.0260%	4h	66.150	+0.030%	$23.8M	$45.7M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0282%	4h	66.121	−0.014%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0309%	1h	66.163	+0.050%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.100	−0.045%	$62K	$348K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.060	−0.106%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0376% / S −0.0411%	1h	66.155	+0.038%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.088	−0.064%	$912K	$676K	25x	as long as short