Silver Edge 15-Min
Kalshi lists a fresh silver contract every fifteen minutes. Once the window opens the strike is locked — so we can tell you what it is actually worth, and what it costs to act.
Once a window opens, its reference price is locked. From that moment the contract's fair value is arithmetic rather than a forecast:
- S — the live silver price, read by our engine from Pyth, the source Kalshi settles on, and refreshed on this page every ten seconds.
- K — the reference price locked at the window's open (for example $62.144).
- τ — time left in the window.
- σ — how much silver has actually been moving, measured over the last fifteen minutes.
There is no drift term. We are not claiming to know which way silver goes next — at this horizon nobody credibly does, and our own hourly model tested worse than the market's own pricing. Setting drift to zero is the honest choice, and it is what makes the number above a measurement rather than an opinion.
FREE · LIVE EVERY 15 MINUTES
Live fair value and the true cost of trading — KXSILVER15M, every 15 minutes
What is this?
Same engine as Gold Edge 15-Min, pointed at silver. Kalshi opens a fresh KXSILVER15M contract every fifteen minutes asking whether silver is higher at the window's close than at its open, settled on Pyth 1-minute candle closes and rounded to 3 decimals (for example a locked reference of $62.144). Silver runs thinner than gold — a typical window trades about a third of gold's volume — so the spread is the thing to watch here.
The advantage of thinner is that the book drifts further from fair value before anyone corrects it. The disadvantage is that the same thinness widens the spread you pay to act, and silver's realized volatility runs well above gold's, which means fair value swings harder in the last few minutes of a window. Both effects are already in the number: the model uses silver's own trailing fifteen-minute volatility, and the fee band widens with the live spread rather than assuming a fixed cost.
Real-World Example
→ A Live Window
A window locks its reference at $62.144. Eleven minutes in, silver has slipped to $62.118 — just below. Four minutes left, and trailing volatility annualizes near 30%.
Fair value for YES comes out around 31¢. The book is quoting 38¢. That is −7pp: YES is expensive, which is the same statement as NO being cheap at 62¢ against a fair value near 69¢.
Fee check: at these prices the taker fee is about 1.6¢ each way, so ~3pp round trip, plus silver's wider spread. Call the dead zone 5pp. A 7pp gap clears it, and with four minutes left there is little time for the price to travel back through the strike — the short clock is doing most of the work in that fair value.
✅Action: Trade the side the gap points at, not the side that feels right — on this product a cheap NO is far more common than a cheap YES, because retail buys YES on the metal it likes. Check the quoted spread before you size: on silver it is the difference between a real edge and a fee. And use the hour-by-hour base rates on the page before assuming any session — London open, COMEX close — behaves differently than the rest.
Bottom line: The thin one. Bigger gaps than gold, wider spreads to pay for them. Free, live every fifteen minutes, and honest about how often the answer is simply no trade.
Full guide →Beta — recalibrating in public
Two things changed underneath this tool in September. Kalshi replaced the weekly metals contracts with daily ones, and Pyth moved its historical price bars behind a paywall — which killed the tooling we used to check our feed against Kalshi's settlement print. So we are rebuilding the evidence from zero, in the open.
Where it stands, measured across 2,086 settled windows per metal: our number does not beat the Kalshi book. The book is fractionally sharper both at window open and five minutes in, and the side we flag wins about 55% of the time while still losing money — roughly a third of a cent per contract on gold, over a cent on silver, and that is measured at the mid, which nobody can actually trade at.
We have now started recording the price you would really pay rather than the mid, because that is the number that decides whether any of this is real. The tool is live and free and the maths is the same maths. We are simply not going to tell you to trade it until the record says you should — and when it does, or does not, that record will be on this page.
Quick Answer
Silver Edge 15-Min prices Kalshi's KXSILVER15M markets — one up-or-down contract per 15-minute window, settling on Pyth 1-minute candle closes. Once a window opens its reference price is locked, so fair value becomes arithmetic: we compute it live from the distance to that strike, the time left, and realized volatility, with no directional call. We also draw the round-trip fee band, because near 50¢ it costs about 3.5¢ to get in and out and most windows offer less edge than that. Closed.
Silver 15-minute windows are closed
These markets run roughly 24 hours a day on weekdays and go dark over the weekend. Resumes when Kalshi lists the next window.
Last silver price: $66.242
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Related Tools
The fee is the whole story
Kalshi charges a quadratic taker fee on these markets — 0.07 × P × (1 − P) per contract. That works out to about 1.75¢ at 50¢, 1.47¢ at 70¢, and 0.63¢ at 90¢. Near the middle, where these contracts spend most of their lives, a round trip costs roughly 3.5¢ before the spread. Add a typical few-cent spread and the market has to be around two percentage points wrong just for you to break even.
That is why the gauge above draws a dead zone instead of a signal. Ninety-six windows a day is a lot of opportunities to pay a fee, and churning every window compounds the cost far faster than most people expect. If you want to see what a given entry actually costs, the Kalshi fee calculator does the arithmetic.
Why we can price these honestly
These contracts settle on Pyth's 1-minute silver candles, and Pyth is the same publisher our engine reads — which is not true of the 15-minute bitcoin markets, where settlement runs through CF Benchmarks instead. The page refreshes from our engine every ten seconds, so the gauge keeps moving between server refreshes; the order book comes with it and is labelled with its own age so you always know how fresh each half is.
On the feed, because nobody else states it. Kalshi's settlement source for this series is listed as Metal.Index.SILVER/USD, and that symbol does not appear anywhere in Pyth's public Hermes catalogue — we checked all 3,056 published feeds. What we poll is the public spot feed, Metal.XAG/USD.
So rather than assume those agree, we measured. Kalshi publishes the actual settlement print on every settled window, so we compared our feed against 193 of them and counted how often it would have called the same up-or-down result: 99.0% of the time. That is the number that decides a contract, and it is why we use this feed rather than hedging about it. Re-run the check yourself — scripts/validate-15m-settlement-feed.ts in our repo does exactly this, and prints the same table for every 15-minute series.
Silver 15-minute base rates
Measured across 2,812 settled windows. A window resolves YES when the closing price is at or above the reference price locked at its open — so the up-rate is close to, but not exactly, a coin flip, and the average move tells you how far these windows typically travel.
Windows settled
2,812
Finished up
50.7%
Avg move per window
$0.115
| Hour (ET) | Windows | Up rate | Avg move |
|---|---|---|---|
| 7 PM | 120 | 51.7% | $0.107 |
| 8 PM | 120 | 48.3% | $0.161 |
| 9 PM | 120 | 50.0% | $0.150 |
| 10 PM | 120 | 51.7% | $0.104 |
| 11 PM | 120 | 44.2% | $0.071 |
| 12 AM | 124 | 55.6% | $0.123 |
| 1 AM | 124 | 56.5% | $0.122 |
| 2 AM | 111 | 53.1% | $0.112 |
| 3 AM | 108 | 49.1% | $0.117 |
| 4 AM | 120 | 49.2% | $0.087 |
| 5 AM | 124 | 46.0% | $0.086 |
| 6 AM | 124 | 55.6% | $0.077 |
| 7 AM | 124 | 54.0% | $0.169 |
| 8 AM | 124 | 55.6% | $0.198 |
| 9 AM | 124 | 50.8% | $0.204 |
| 10 AM | 123 | 50.4% | $0.170 |
| 11 AM | 123 | 47.1% | $0.114 |
| 12 PM | 120 | 49.2% | $0.084 |
| 1 PM | 119 | 40.3% | $0.099 |
| 2 PM | 124 | 51.6% | $0.092 |
| 3 PM | 124 | 41.1% | $0.061 |
| 4 PM | 62 | 79.0% | $0.066 |
| 5 PM | 90 | 45.6% | $0.071 |
| 6 PM | 120 | 53.3% | $0.066 |
The shadow record — not a track record
UnpromotedWhen the market drifts outside the cost band mid-window, we log it and grade it against what actually settled. Nothing here is a pick. No position was taken, no alert was sent, and none of it is scored in our track record. It exists so that the question “is there really an edge here?” gets answered with evidence instead of a claim — and we publish the answer either way.
Graded windows
2,812
Our Brier
0.2464
Market's Brier
0.2380
We beat the market by
-0.0083
Brier score is mean squared error on a probability — lower is better. We score our fair value at the moment the gap first opened, against the market's own mid at that same instant. A positive difference means we were closer to the truth than the price was; a negative one means the market was. Right now, it is the market — which is the result we expected and are reporting anyway. A negative delta is a failed promotion gate, not a near miss.
Promotion gate — all three must clear
- Beats the market's own pricing (Brier delta > 0) (-0.0083) — not yet cleared
- At least 3 weeks of record (44 / 21 days) — cleared
- At least 60 graded windows (sample-size floor) (2812 / 60 graded) — cleared
Until all three clear, this stays research and the tool stays a fair-value instrument. If the record never clears them, we will say so here and leave it as an educational overlay.
Frequently Asked Questions
Does Silver Edge 15-Min actually beat the market?
Not yet, and we would rather say so on the page than let you find out with money. Measured across 2,086 settled KXSILVER15M windows: the Kalshi book is fractionally sharper than our number both at the window open and five minutes in, and the side we flag wins about 55% of the time while still losing money — and that loss is measured at the mid, a price nobody can actually trade at. Two things broke underneath the tool in September: Kalshi replaced its weekly metals contracts with daily ones, and Pyth moved the historical price bars we used for validation behind a paywall. We are rebuilding the evidence in the open, and we have started recording the price you would really pay rather than the mid, because that is what decides whether the edge is real. The maths on this page is sound and the tool is free; the record is what we are still earning.
How do Kalshi's silver 15-minute markets settle?
Each KXSILVER15M contract asks whether the silver price is up over a 15-minute window. It resolves YES if the close of the 1-minute Pyth silver candle at the window's close is at or above the close of the 1-minute candle at the window's open. Pyth is the settlement source Kalshi names in the contract itself, and the reference price is rounded to 3 decimal places. That reference price locks the moment the window opens — before then there is no strike, which is why a fair value only exists once trading is live.
Why isn't fair value 50¢ in the middle of a silver 15-minute window?
Because the strike is already fixed. At the moment the window opens, the contract genuinely is a coin flip. But three minutes in, with the price sitting above the locked reference and eleven minutes left on the clock, the odds are no longer even — they are a specific number you can compute from the distance to the strike, the time remaining, and how much silver has actually been moving. That is what this tool shows: P(YES) = Φ((ln(S/K) − σ²τ/2) / (σ√τ)), with the drift term deliberately set to zero. It is arithmetic on a known strike, not a forecast of where silver is heading.
What does it cost to trade a silver 15-minute contract?
Kalshi charges a quadratic taker fee of 0.07 × P × (1 − P) per contract on these series. At 50¢ that is about 1.75¢ each way, so a round trip near the middle costs roughly 3.5¢ before you pay anything for the spread. On a contract that lives for fifteen minutes and is priced near a coin flip, that fee is the single biggest fact about the product: the market has to be about two percentage points wrong, after the spread, just for a trade to break even. The tool draws that cost as a dead zone around fair value, and most of the time the market sits inside it.
Is there an edge in Kalshi's 15-minute silver markets?
Usually not, and we would rather say so than manufacture a signal every fifteen minutes. We publish fair value and the cost band; when the book drifts outside that band mid-window we flag it as worth a look. We are logging those flags to see whether they actually beat the market's own pricing over time, and we will publish the answer either way. Until that record clears a real bar, nothing here is sold as a pick, alerted on, or scored in our track record.
When do the silver 15-minute markets trade?
Roughly around the clock on weekdays — 96 windows a day, one every fifteen minutes — and dark over the weekend. Those hours are Kalshi's call rather than a stock-exchange calendar, so this page derives them from the windows Kalshi has actually listed instead of assuming a schedule. When nothing is listed, the tool says so and resumes when Kalshi lists the next window.
How is this different from the Silver Edge tool?
Silver Edge covers Kalshi's weekly silver ladder — many strikes on one longer-dated contract, priced against an options-implied view. This tool covers a completely different product: a single up-or-down contract on a fifteen-minute window, where there is no options chain to lean on at that horizon. The weekly tool asks which strike is mispriced; this one asks what the current window is actually worth right now, given a strike that is already locked.
How much volume do these markets have?
Sampled across 200 settled windows in early August 2026, KXSILVER15M averaged ~8,000 contracts per window. For scale, Kalshi's 15-minute bitcoin market runs about 1.8 million per window over the same sample, so metals are a small fraction of that — but ~8,000 contracts in a fifteen-minute window is real retail liquidity, with a two-sided book quoted a few cents wide. These are new products, so treat any volume figure as a snapshot rather than a settled fact.
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