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Silver Perps on Kalshi: Funding, Leverage and Liquidation Price

Live from Kalshi's public data: what a XAG perp costs to hold, how much leverage you get, and where a position gets liquidated. Trades 24/7.

Price
$52.46
mark · last $52.44
Max leverage
8.3x / 9.1x
long / short at $1K
24h volume
$24.1M
open interest $1.4M
Next funding
Nov 11, 10:00 AM ET
running estimate +0.0389%

Silver funding since launch

Across 61 funding prints since Sep 11, 2026, longs have paid 7.9% a year on average. That is $131.39 paid on a $10,000 long held the whole way. Longs paid in 62% of windows, shorts paid in 0%, and 38% paid nothing. The last 30 days averaged +0.0354% per window.
Funding time (ET)RateWho paidOn $10,000 long
Nov 10, 10 AM+0.0599%Longs → shorts−$5.99
Nov 9, 10 AM+0.0674%Longs → shorts−$6.74
Nov 8, 10 AM0.0000%Nobody$0.00
Nov 7, 10 AM+0.0711%Longs → shorts−$7.11
Nov 6, 10 AM+0.0596%Longs → shorts−$5.96
Nov 5, 10 AM+0.0409%Longs → shorts−$4.09
Nov 4, 10 AM+0.0197%Longs → shorts−$1.97
Nov 3, 10 AM+0.0127%Longs → shorts−$1.27
Nov 2, 10 AM+0.0224%Longs → shorts−$2.24
Nov 1, 10 AM0.0000%Nobody$0.00
Oct 31, 10 AM+0.0540%Longs → shorts−$5.40
Oct 30, 10 AM+0.0466%Longs → shorts−$4.66
Oct 29, 10 AM+0.0278%Longs → shorts−$2.78
Oct 28, 10 AM+0.0144%Longs → shorts−$1.44
Oct 27, 10 AM+0.0250%Longs → shorts−$2.50
Oct 26, 10 AM+0.0201%Longs → shorts−$2.01
Oct 25, 10 AM0.0000%Nobody$0.00
Oct 24, 10 AM+0.0240%Longs → shorts−$2.40
Oct 23, 10 AM+0.0758%Longs → shorts−$7.58
Oct 22, 10 AM+0.0500%Longs → shorts−$5.00
Oct 21, 10 AM+0.0564%Longs → shorts−$5.64

Where a XAG position gets liquidated

Entry at $52.46, $1,000 of margin. The quick rule is 100 ÷ leverage; the estimate includes Kalshi's maintenance margin (opening margin ÷ 1.3, calibrated against the liquidation prices Kalshi's app shows). Kalshi's app shows your exact figure once a position is open.

LeverageQuick ruleLong liquidates atShort liquidates at
2x50%$29.36 (44.0%)$71.69 (36.7%)
3x33%$39.15 (25.4%)$63.72 (21.5%)
5x20%$46.98 (10.5%)$57.35 (9.3%)

Run your own XAG position

Hold for
Order type
ESTIMATED LIQUIDATION PRICE · XAG LONG 3.0x
$39.15▼ 25.4% from $52.46

The quick rule (100 ÷ leverage) says 33%. Kalshi's maintenance margin eats part of that cushion, so the real distance is closer to 25.4%. Estimate from Kalshi's published risk parameters; the app shows your exact number once the position is open.

POSITION SIZE
$1,500
≈ 285 contracts
FEES IN + OUT
$3.60
0.120% × 2 fills
FUNDING, 7D
−$3.71
you pay
BREAK-EVEN MOVE
0.49%
up to cover costs
Liquidation insurance (Kalshi event contract)

Buy NO on Silver above $39.99 (Silver monthly close, closes Nov 30, 5:00 PM ET) at 5¢.

Market's odds XAG closes below $39.99
2.5%
your liquidation is further out, so your odds are lower than this (close only; touch odds run higher)
Cover your $500 margin
$26.67
500 contracts, event-contract fee included
Strike vs your liquidation
2.15%
triggers before you are liquidated

This ladder settles on a closing price, not a touch: it pays only if the price is still past the strike at the close. A wick that liquidates you and bounces back would not pay. The hedge closes on Nov 30, 5:00 PM ET; the perp does not. Re-hedge on the next month's ladder if you hold longer.

See this contract on Kalshi →

Live from Kalshi's public perps API, Nov 10, 2026, 10:16 PM ET. Funding uses the XAG 30-day average per daily window (+0.0354%); a single print can run to Kalshi's ±2% cap. Liquidation ignores fees and funding already paid, which pull it closer. See every print on the Silver perps page.

What to know about Silver perps

Silver perps launched Sept. 10, 2026 after CFTC approval, trade around the clock, and fund once a day at 10 a.m. ET instead of three times. They carry the most leverage on Kalshi, which also means the thinnest cushion: at max leverage a normal day’s move can liquidate you. If you stack physical metal, a perp is a very different animal: no storage, no premium over spot, but a funding bill and a liquidation price.

Reference price: Pyth silver index (always-on pricing; Kalshi / Pyth announcement, Sept 2026).

Silver perps on Kalshi — frequently asked

What is the funding rate on Kalshi Silver perps?

Silver funds once a day at 10 a.m. ET. Since launch the average has worked out to 7.9% a year paid by longs, and 38% of the 61 prints paid nothing because Kalshi rounds rates under 0.01% to zero. The most recent print was +0.0599%.

How much leverage can I use on Kalshi Silver perps?

At a $1,000 position Kalshi allowed about 8.3x long and 9.1x short when this page last refreshed. Bigger positions get less.

What are the fees on Kalshi Silver perps?

Kalshi charges perps fees on the full notional value of the position (margin × leverage), once to open and once to close. At the entry tier that is 0.120% for a taker fill and 0.020% for a resting maker fill; rates step down as your 30-day volume grows, and Kalshi counts your prediction-market volume toward that tier, not just perps.

Can I hedge a Silver perp with a Kalshi event contract?

Yes. Kalshi lists a Silver monthly close ladder. It settles on a closing price rather than a touch, so it only pays if the price is still past the strike at the close. It is a partial hedge, not a perfect one. The perps calculator on this page finds the right strike and prices it.

Perps carry leverage and can lose your entire margin quickly. Numbers are read from Kalshi's public API and our own math; PredictionMarketsPicks is independent of Kalshi. Trade responsibly.

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