Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.151%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$710.714% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.151%, 7d avg +0.052%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.099% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.151% now, against its 7-day average of +0.052%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni XAGUSDT	66.110	0.0100	pay 0.0013% / 1h	48m 25s	$113K	$77K	50x
Short	Phemex XAGUSDT	66.210	0	get 0.0000% / 4h	1h 48m	$1.5M	$247K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.151%Rate

Funding earned: −$21
Price spread: +0.151% → +0.052%: $9.94
Slippage, 4 orders: −$49.44
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.51
Costs to cover: 0.714%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 32 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 32 min ago	9.08 bp	19.5 bp −$20	53.8 bp −$538	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.27 bp	16.8 bp −$17	28.2 bp −$282	doesn't fit	doesn't fit

XAG on 43 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
Kraken Futures PF_XAGUSD	−0.0272%	1h	66.184	+0.112%	$777K	$593K	25x	as long as short
Hotstuff SILVER-PERP	−0.0032%	1h	66.165	+0.083%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	66.121	+0.017%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.200	+0.136%	$25.5M	$34.1M	150x	as long as short
RISEx XAG/USDC	0.0000%	1h	66.210	+0.151%	$1.3M	$4.2M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.180	+0.106%	$146.4M	$171.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.220	+0.166%	$2K	$3.3M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.250	+0.212%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.210	+0.151%	$1.5M	$247K	100x
Bitget XAGUSDT	+0.0002%	4h	66.210	+0.151%	$23.7M	$48.7M	100x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.131	+0.031%	$120K	—	10x	as long as short
Aster XAGUSDT	+0.0006%	4h	66.201	+0.137%	$2.8M	$1.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0008%	4h	66.209	+0.150%	$395K	$1.6M	25x	as long as short
QFEX SILVER-USD	+0.0016%	1h	66.190	+0.121%	$144K	$2.8M	20x	as long as short
Variational Omni XAG	+0.0031%	4h	66.189	+0.120%	$5.4M	$10.7M	—	as long as short
Lighter XAG	+0.0032%	1h	66.186	+0.114%	$5.2M	$10.7M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.177	+0.101%	$4.5M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.139	+0.044%	$5.5M	$14.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.439%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0040%	4h	66.190	+0.121%	$116.5M	$181.1M	1000x	as long as short
StandX XAG-USD	+0.0040%	1h	66.160	+0.076%	$792K	$2.8M	40x	as long as short
Binance XAGUSDT	+0.0042%	4h	66.190	+0.121%	$189.3M	$760.6M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.639	+0.800%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.147	+0.056%	$164.0M	$91.6M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.165	+0.083%	$3.9M	$715K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.147	+0.056%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.120	+0.015%	$5.6M	$9.9M	25x	as long as short
Kalshi KXSILVERPERP	+0.0054%	24h	66.165	+0.083%	$589K	$21.6M	8.1x	as long as short
Aevo XAG-PERP	+0.0056%	1h	66.188	+0.118%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0056%	4h	66.191	+0.122%	$671K	$315K	30x	as long as short
BloFin XAG-USDT	+0.0068%	4h	66.180	+0.106%	$2.5M	$1.2M	100x	as long as short
Phoenix SILVER	+0.0073%	1h	66.124	+0.021%	$56K	$26K	25x	as long as short
Aftermath Perps XAGUSD	+0.0075%	1h	66.151	+0.062%	$80K	$40K	10x	as long as short
Paradex XAG-USD-PERP	+0.0090%	8h	66.193	+0.125%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.154	+0.067%	$474K	$641K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.170	+0.091%	$24.3M	$4.5M	75x	as long as short
ApeX Omni XAGUSDTlong	+0.0100%	1h	66.110	long leg	$113K	$77K	50x
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	66.200	+0.136%	$1.9M	$889K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0140%	8h	66.210	+0.151%	$27.2M	$67.6M	50x	as long as short
Nado XAG-PERP	+0.0146%	1h	66.149	+0.059%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0168%	1h	66.205	+0.144%	$45K	$74K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0360% / S −0.0369%	1h	66.195	+0.129%	$103K	—	29x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0657%	1h	66.230	+0.182%	$60K	$357K	20x	as long as short