Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.079%

Price spread now: Deribit against Kalshi−0.056%7-day average +0.081% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.158%+$16 on $10k

Price spread, last 4 days (all we have)+0.153%+$15 · spread now −0.056%, 7d avg +0.081%

Together, before fees+0.311%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.138% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.081%). If the spread goes back, that is −$14 on $10k: about 4.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	65.567	0.0112	pay 0.0335% / 24h	2h 07m	$782K	$38.8M	8.1x
Short	Deribit SILVER_USDC-PERPETUAL	65.530	0.0208	get 0.0026% / 1h	7m 27s	$77K	$381K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.056%Rate

Funding earned: $20.22
Price spread: −0.056% → +0.081%: −$13.76
Slippage, 4 orders: −$9.68
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.22
Costs to cover: 0.267%
Break-even: 14.0 days

Slippage from Kalshi: live order book, 5 min ago; Deribit: live order book, 34 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 Kalshi live order book, 5 min ago	0.61 bp	6.9 bp −$7	7.1 bp −$71	12.0 bp −$1,203	doesn't fit
Sell Deribit live order book, 34 min ago	0.76 bp	5.8 bp −$6	7.1 bp −$71	doesn't fit	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	−0.6920%	1h	65.534	−0.050%	$39K	$26K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.485	−0.125%	$13K	$8K	5x	as long as short
RISEx XAG/USDC	0.0000%	1h	65.567	0.000%	$1.3M	$5.6M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	65.580	+0.020%	$135.1M	$204.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.570	+0.005%	$2K	$2.3M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.610	+0.066%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.570	+0.005%	$1.5M	$257K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.501	−0.101%	$118K	—	250x	as long as short
Variational Omni XAG	+0.0014%	4h	65.557	−0.015%	$5.4M	$9.3M	—	as long as short
Lighter RH XAG	+0.0032%	1h	65.549	−0.028%	$4.6M	$10.0M	25x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USD	+0.0032%	1h	65.490	−0.117%	$5.1M	$12.3M	10x	as long as short
Ondo Perps XAG-USD.P	+0.0032%	1h	65.440	−0.194%	$5.7M	$11.1M	25x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.472%	$11K	$240	52x	as long as short
Aster XAGUSDT	+0.0039%	4h	65.550	−0.026%	$2.7M	$1.2M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.570	+0.005%	$789K	$3.1M	40x	as long as short
MEXC SILVER_USDT	+0.0042%	4h	65.550	−0.026%	$120.6M	$166.6M	1000x	as long as short
QFEX SILVER-USD	+0.0042%	1h	65.540	−0.041%	$446K	$1.4M	20x	as long as short
Binance XAGUSDT	+0.0044%	4h	65.560	−0.011%	$191.0M	$861.1M	100x	as long as short
edgeX XAGUSDC	+0.0045%	4h	65.560	−0.010%	$668K	$314K	30x	as long as short
Vest SI-PERP	+0.0046%	1h	65.988	+0.642%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.524	−0.066%	$3.8M	$1.5M	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.492	−0.114%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.534	−0.051%	$29K	—	5x	as long as short
Aevo XAG-PERP	+0.0056%	1h	65.530	−0.057%	$47K	—	10x	as long as short
Bybit XAGUSDT	+0.0061%	4h	65.580	+0.020%	$30.9M	$48.6M	150x	as long as short
GRVT XAG_USDT_Perp	+0.0078%	4h	65.571	+0.006%	$390K	$1.6M	25x	as long as short
tradeXYZ xyz:SILVER	+0.0086%	1h	65.534	−0.050%	$175.6M	$85.9M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.494	−0.111%	$462K	$501K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.520	−0.072%	$25.3M	$4.1M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.520	−0.072%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.540	−0.041%	$1.6M	$2.1M	20x	as long as short
Kalshi KXSILVERPERPlong	+0.0112%	24h	65.567	long leg	$782K	$38.8M	8.1x
Phoenix SILVER	+0.0134%	1h	65.516	−0.078%	$55K	$15K	25x	as long as short
Nado XAG-PERP	+0.0138%	1h	65.514	−0.081%	$1.1M	$3.2M	10x	as long as short
Lighter XAG	+0.0144%	1h	65.554	−0.020%	$5.3M	$12.2M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0161%	8h	65.560	−0.011%	$27.6M	$86.3M	50x	as long as short
BloFin XAG-USDT	+0.0171%	4h	65.590	+0.035%	$2.6M	$771K	100x	as long as short
Bitget XAGUSDT	+0.0188%	4h	65.570	+0.005%	$23.3M	$53.4M	100x	as long as short
Deribit SILVER_USDC-PERPETUALshort	+0.0208%	1h	65.530	−0.056%	$77K	$381K	20x
Aftermath Perps XAGUSD	+0.0228%	1h	65.533	−0.052%	$79K	$37K	10x	as long as short
Bullet SILVER-USD	+0.0241%	1h	65.579	+0.018%	$43K	$70K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0244% / S −0.0204%	1h	65.575	+0.012%	$93K	—	111x	as long as short
Hibachi XAG/USDT-P	+0.0248%	1h	65.517	−0.077%	$21K	$12K	10x	as long as short
Kraken Futures PF_XAGUSD	+0.0540%	1h	65.537	−0.046%	$1.0M	$959K	25x	as long as short