Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.081%

Price spread now: Kalshi against Deribit+0.035%56s7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.155%−$16 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.035%, 7d avg −0.085%

Together, before fees−0.303%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.120% dearer against Deribit than usual: you sell high and buy low (spread +0.035% now, against its 7-day average of −0.085%): +$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 3.7 days. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SILVER_USDC-PERPETUAL	65.700	0.0207	pay 0.0026% / 1h	59m 19s	$77K	$411K	20x
Short	Kalshi KXSILVERPERP	65.723	0.0098	get 0.0294% / 24h	3h 59m	$709K	$38.6M	8.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.035%Rate

Funding earned: −$22.85
Price spread: +0.035% → −0.085%: $11.97
Slippage, 4 orders: −$8.01
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$35.9
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Deribit: live order book, 52 min ago; Kalshi: live order book, 3 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 Deribit live order book, 52 min ago	0.76 bp	7.3 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.46 bp	6.4 bp −$6	6.5 bp −$65	9.9 bp −$989	doesn't fit

XAG on 44 exchanges

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
Hotstuff SILVER-PERP	−1.5176%	1h	65.532	−0.256%	$36K	$23K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.654	−0.070%	$13K	$8K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.720	+0.030%	$138.9M	$202.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.730	+0.046%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.740	+0.061%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.720	+0.030%	$1.5M	$251K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.621	−0.121%	$119K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0013%	1h	65.590	−0.167%	$5.7M	$10.9M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	65.711	+0.016%	$4.5M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.644	−0.085%	$5.1M	$11.8M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.671%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.720	+0.030%	$791K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.128	+0.651%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.654	−0.070%	$3.8M	$894K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.656	−0.067%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0058%	8h	65.701	+0.001%	$29K	$166	5x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.660	−0.061%	$447K	$1.4M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0071%	1h	65.677	−0.035%	$174.7M	$94.0M	25x	as long as short
Kalshi KXSILVERPERPshort	+0.0098%	24h	65.723	+0.035%	$709K	$38.6M	8.1x
Pacifica XAG	+0.0100%	1h	65.685	−0.022%	$467K	$570K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.670	−0.046%	$25.4M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.640	−0.091%	$112K	$19K	50x	as long as short
Variational Omni XAG	+0.0101%	4h	65.650	−0.077%	$5.7M	$9.1M	—	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.690	−0.015%	$1.6M	$1.9M	20x	as long as short
Phoenix SILVER	+0.0110%	1h	65.567	−0.202%	$55K	$13K	25x	as long as short
RISEx XAG/USDC	+0.0116%	1h	65.710	+0.015%	$1.2M	$4.9M	20x	as long as short
MEXC SILVER_USDT	+0.0124%	4h	65.690	−0.015%	$121.4M	$162.1M	1000x	as long as short
Binance XAGUSDT	+0.0125%	4h	65.697	−0.004%	$191.8M	$861.2M	100x	as long as short
Aster XAGUSDT	+0.0126%	4h	65.698	−0.002%	$2.7M	$1.1M	100x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.699	−0.001%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0129%	4h	65.604	−0.147%	$668K	$315K	30x	as long as short
Bybit XAGUSDT	+0.0169%	4h	65.720	+0.030%	$30.4M	$47.9M	150x	as long as short
Bullet SILVER-USD	+0.0171%	1h	65.704	+0.006%	$45K	$74K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0172%	4h	65.737	+0.056%	$397K	$1.5M	25x	as long as short
Lighter XAG	+0.0192%	1h	65.719	+0.028%	$5.1M	$11.6M	25x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0207%	1h	65.700	long leg	$77K	$411K	20x
OKX XAG-USDT-SWAP	+0.0216%	8h	65.720	+0.030%	$28.0M	$85.6M	50x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	65.607	−0.141%	$79K	$37K	10x	as long as short
Nado XAG-PERP	+0.0242%	1h	65.692	−0.013%	$1.2M	$3.7M	10x	as long as short
Bitget XAGUSDT	+0.0252%	4h	65.720	+0.030%	$23.3M	$52.7M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0267% / S −0.0234%	1h	65.775	+0.114%	$93K	—	111x	as long as short
Hibachi XAG/USDT-P	+0.0280%	1h	65.703	+0.005%	$21K	$12K	10x	as long as short
BloFin XAG-USDT	+0.0365%	4h	65.700	0.000%	$2.7M	$771K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0547%	1h	65.681	−0.029%	$1.0M	$943K	25x	as long as short