Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.028%

Price spread now: Kalshi against Variational Omni+0.010%7-day average −0.109% · you sell dearer than you buy

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

Long on Variational Omni Short on Kalshi

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−0.100%−$10 · spread now +0.010%, 7d avg −0.109%

Together, before fees−0.130%+ Points / potential airdropVariational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.119% dearer against Variational Omni than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.109%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 3 days (−0.030% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XAG	66.242	0.0176	pay 0.0088% / 4h	1h 50m	$5.5M	$9.7M	—
Short	Kalshi KXSILVERPERP	66.249	0.0063	get 0.0190% / 24h	11h 50m	$547K	$24.5M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee KalshibpOrdersPrice spread, now +0.010%Rate

Funding earned: −$23.74
Price spread: +0.010% → −0.109%: $11.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$21.81
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Kalshi: live order book, 3 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 Variational Omni RFQ quote, 3 min ago	2.56 bp	doesn't fit	2.9 bp −$29	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.53 bp	6.3 bp −$6	7.2 bp −$72	11.6 bp −$1,158	doesn't fit

XAG on 43 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	66.236	−0.010%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.270	+0.042%	$151.7M	$161.7M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.220	−0.033%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.280	+0.057%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.290	+0.072%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.180	−0.093%	$121K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0022%	1h	66.160	−0.124%	$5.7M	$9.7M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.254	+0.019%	$4.8M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.206	−0.055%	$5.3M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.238%	$11K	$94K	52x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff SILVER-PERP	+0.0040%	1h	66.273	+0.047%	$35K	$21K	20x	as long as short
StandX XAG-USD	+0.0040%	1h	66.390	+0.223%	$799K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.691	+0.678%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.196	−0.070%	$3.9M	$673K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.188	−0.082%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.230	−0.018%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERPshort	+0.0063%	24h	66.249	+0.010%	$547K	$24.5M	8.1x
Phoenix SILVER	+0.0084%	1h	66.303	+0.092%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0095%	1h	66.228	−0.021%	$165.8M	$74.7M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.219	−0.035%	$471K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.230	−0.018%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.330	+0.133%	$113K	$30K	50x	as long as short
Paradex XAG-USD-PERP	+0.0138%	8h	66.270	+0.042%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0142%	4h	66.240	−0.003%	$2.7M	$917K	100x	as long as short
Bybit XAGUSDT	+0.0144%	4h	66.290	+0.072%	$26.7M	$36.2M	150x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.244	+0.003%	$48K	—	10x	as long as short
Lighter XAG	+0.0176%	1h	66.262	+0.030%	$5.3M	$10.4M	25x	as long as short
Variational Omni XAGlong	+0.0176%	4h	66.242	long leg	$5.5M	$9.7M	—
RISEx XAG/USDC	+0.0181%	1h	66.250	+0.012%	$1.2M	$4.4M	20x	as long as short
MEXC SILVER_USDT	+0.0192%	4h	66.270	+0.042%	$111.6M	$151.7M	1000x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.350	+0.163%	$1.9M	$972K	20x	as long as short
Binance XAGUSDT	+0.0192%	4h	66.270	+0.042%	$191.9M	$706.0M	100x	as long as short
edgeX XAGUSDC	+0.0201%	4h	66.366	+0.187%	$673K	$314K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0217%	8h	66.270	+0.042%	$27.8M	$65.6M	50x	as long as short
Aftermath Perps XAGUSD	+0.0233%	1h	66.281	+0.059%	$80K	$38K	10x	as long as short
Hibachi XAG/USDT-P	+0.0240%	1h	66.320	+0.118%	$20K	$22K	10x	as long as short
Nado XAG-PERP	+0.0242%	1h	66.198	−0.066%	$1.3M	$6.6M	10x	as long as short
Bitget XAGUSDT	+0.0254%	4h	66.270	+0.042%	$23.9M	$46.1M	100x	as long as short
Bullet SILVER-USD	+0.0267%	1h	66.250	+0.011%	$46K	$75K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0282%	4h	66.380	+0.208%	$393K	$1.5M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0330% / S −0.0341%	1h	66.255	+0.019%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0354%	1h	66.240	−0.003%	$50K	$326K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0550%	1h	66.198	−0.067%	$763K	$475K	25x	as long as short