Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.4% APRpaid last 24h +0.014%
Price spread now: Phoenix against Kalshi+0.078%74s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.134%+$13 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. Phoenix is 0.078% dearer against Kalshi than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 21 days. Mind the row above: over the last 7 days funding on this pair paid +0.134%, so the current rate has only just turned against you. The two prices were read 74 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 | Kalshi KXSILVERPERP | 66.361 | 0.0061 | pay 0.0182% / 24h | 12h 37m | $577K | $23.1M | 8.1x |
| Short | Phoenix SILVER | 66.413 | 0.0048 | get 0.0006% / 1h | 37m 36s | $56K | $26K | 25x |
Kalshi KXSILVERPERP
Phoenix SILVERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kalshi. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$2.62
- Price spread: +0.078% → 0.000%
- $7.84
- Slippage, 4 orders
- no order book: not counted
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$11.79
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Kalshi: live order book, 1 min ago; Phoenix: no order-book sample. 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 Kalshi live order book, 1 min ago | 0.30 bp | 7.3 bp −$7 | 7.8 bp −$78 | 11.9 bp −$1,188 | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 66.294 | −0.100% | $15K | — | 5x | as long as short |
| Gate XAG_USDT | 0.0000% | 4h | 66.380 | +0.029% | $153.7M | $162.2M | 100x | as long as short |
| SunX XAG-USDT | 0.0000% | 4h | 66.380 | +0.029% | $2K | $2.8M | 20x | as long as short |
| HTX XAG-USDT | 0.0000% | 4h | 66.550 | +0.285% | $1.1M | $1.1M | 75x | as long as short |
| Phemex XAGUSDT | 0.0000% | 4h | 66.400 | +0.059% | $1.5M | $250K | 100x | as long as short |
| gTrade (Gains Network) XAG/USD | L +0.0004% / S −0.0006% | 1h | 66.303 | −0.088% | $120K | — | 250x | as long as short |
| Lighter RH XAG | +0.0032% | 1h | 66.366 | +0.007% | $4.8M | $9.5M | 25x | as long as short |
| Extended XAG-USD | +0.0032% | 1h | 66.310 | −0.076% | $5.4M | $12.5M | 10x | as long as short |
| Injective XAG/USDC PERP | +0.0033% | 1h | 66.400 | +0.059% | $11K | $94K | 52x | as long as short |
| StandX XAG-USD | +0.0040% | 1h | 66.420 | +0.089% | $799K | $2.9M | 40x | as long as short |
dYdX XAG-USD
Gate XAG_USDT
SunX XAG-USDT
HTX XAG-USDT
Phemex XAGUSDT
gTrade (Gains Network) XAG/USD
Lighter RH XAG
Extended XAG-USD
Injective XAG/USDC PERP
StandX XAG-USDShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Vest SI-PERP | +0.0046% | 1h | 66.810 | +0.677% | — | — | 25x | as long as short |
| Phoenix SILVERshort | +0.0048% | 1h | 66.413 | +0.078% | $56K | $26K | 25x | |
| Polymarket Perps SILVER-USD | +0.0050% | 1h | 66.314 | −0.071% | $3.9M | $669K | 20x | as long as short |
| SoDEX SILVER-USD | +0.0050% | 1h | 66.303 | −0.087% | $3K | $6K | 20x | as long as short |
| Ondo Perps XAG-USD.P | +0.0050% | 1h | 66.280 | −0.122% | $5.7M | $9.5M | 25x | as long as short |
| QFEX SILVER-USD | +0.0054% | 1h | 66.360 | −0.002% | $115K | $2.7M | 20x | as long as short |
| Kalshi KXSILVERPERPlong | +0.0061% | 24h | 66.361 | long leg | $577K | $23.1M | 8.1x | |
| RISEx XAG/USDC | +0.0079% | 1h | 66.375 | +0.021% | $1.2M | $4.3M | 20x | as long as short |
| Bybit XAGUSDT | +0.0080% | 4h | 66.380 | +0.029% | $26.4M | $35.9M | 150x | as long as short |
| tradeXYZ xyz:SILVER | +0.0094% | 1h | 66.349 | −0.018% | $165.6M | $76.0M | 25x | as long as short |
| Pacifica XAG | +0.0100% | 1h | 66.328 | −0.050% | $472K | $605K | 10x | as long as short |
| KuCoin XAGUSDTM | +0.0100% | 4h | 66.350 | −0.017% | $24.6M | $4.5M | 75x | as long as short |
| ApeX Omni XAGUSDT | +0.0100% | 1h | 66.470 | +0.164% | $126K | $23K | 50x | as long as short |
| BloFin XAG-USDT | +0.0103% | 4h | 66.570 | +0.315% | $2.6M | $624K | 100x | as long as short |
| Aster XAGUSDT | +0.0118% | 4h | 66.360 | −0.002% | $2.7M | $967K | 100x | as long as short |
| Paradex XAG-USD-PERP | +0.0123% | 8h | 66.372 | +0.017% | $30K | $1K | 5x | as long as short |
| Variational Omni XAG | +0.0129% | 4h | 66.505 | +0.217% | $5.5M | $9.8M | — | as long as short |
| Aevo XAG-PERP | +0.0144% | 1h | 66.362 | +0.002% | $48K | — | 10x | as long as short |
| MEXC SILVER_USDT | +0.0152% | 4h | 66.390 | +0.044% | $102.2M | $158.0M | 1000x | as long as short |
| Binance XAGUSDT | +0.0153% | 4h | 66.350 | −0.017% | $192.5M | $707.8M | 100x | as long as short |
| Lighter XAG | +0.0160% | 1h | 66.377 | +0.024% | $5.3M | $10.5M | 25x | as long as short |
| edgeX XAGUSDC | +0.0166% | 4h | 66.514 | +0.230% | $675K | $314K | 30x | as long as short |
| Coinbase International SILVER-PERP-INTX | +0.0184% | 1h | 66.520 | +0.240% | $1.9M | $967K | 20x | as long as short |
| OKX XAG-USDT-SWAP | +0.0197% | 8h | 66.370 | +0.014% | $28.0M | $65.9M | 50x | as long as short |
| Aftermath Perps XAGUSD | +0.0221% | 1h | 66.456 | +0.143% | $80K | $38K | 10x | as long as short |
| Hotstuff SILVER-PERP | +0.0224% | 1h | 66.368 | +0.011% | $35K | $21K | 20x | as long as short |
| Bitget XAGUSDT | +0.0226% | 4h | 66.350 | −0.017% | $24.4M | $46.1M | 100x | as long as short |
| Nado XAG-PERP | +0.0229% | 1h | 66.324 | −0.056% | $1.3M | $6.5M | 10x | as long as short |
| GRVT XAG_USDT_Perp | +0.0242% | 4h | 66.526 | +0.248% | $391K | $1.5M | 25x | as long as short |
| Hibachi XAG/USDT-P | +0.0272% | 1h | 66.473 | +0.168% | $20K | $22K | 10x | as long as short |
| Bullet SILVER-USD | +0.0278% | 1h | 66.388 | +0.041% | $45K | $76K | 10x | as long as short |
| GMX SILVER/USD [ETH-USDC] | L +0.0292% / S −0.0281% | 1h | 66.375 | +0.021% | $103K | — | 111x | as long as short |
| Deribit SILVER_USDC-PERPETUAL | +0.0353% | 1h | 66.350 | −0.017% | $50K | $325K | 20x | as long as short |
| Kraken Futures PF_XAGUSD | +0.0463% | 1h | 66.346 | −0.023% | $765K | $472K | 25x | as long as short |
Vest SI-PERP
Polymarket Perps SILVER-USD
SoDEX SILVER-USD
Ondo Perps XAG-USD.P
QFEX SILVER-USD
RISEx XAG/USDC
Bybit XAGUSDT
tradeXYZ xyz:SILVER
Pacifica XAG
KuCoin XAGUSDTM
ApeX Omni XAGUSDT
BloFin XAG-USDT
Aster XAGUSDT
Paradex XAG-USD-PERP
Variational Omni XAG
Aevo XAG-PERP
MEXC SILVER_USDT
Binance XAGUSDT
Lighter XAG
edgeX XAGUSDC
Coinbase International SILVER-PERP-INTX
OKX XAG-USDT-SWAP
Aftermath Perps XAGUSD
Hotstuff SILVER-PERP
Bitget XAGUSDT
Nado XAG-PERP
GRVT XAG_USDT_Perp
Hibachi XAG/USDT-P
Bullet SILVER-USD
GMX SILVER/USD [ETH-USDC]
Deribit SILVER_USDC-PERPETUAL
Kraken Futures PF_XAGUSD