XAG

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0187%/8h= −20.4% APRnext payment −$0.93 per $10,000 · paid last 24h −0.036%

Price spread now: Phemex against Binance−0.045%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.045%, 7d avg +0.037%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.082% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.062% in total (about -3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.93 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XAGUSDT	66.050	0.0187	pay 0.0093% / 4h	3h 23m	$191.1M	$700.8M	100x
Short	Phemex XAGUSDT	66.020	0	get 0.0000% / 4h	3h 23m	$1.5M	$320K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$39.22
Price spread: −0.045% → +0.037%: −$8.2
Slippage, 4 orders: −$11.89
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$81.31
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Binance: live order book, 5 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 Binance live order book, 5 min ago	0.76 bp	5.8 bp −$6	6.4 bp −$64	8.8 bp −$881	18.0 bp −$8,989
Sell Phemex live order book, 4 min ago	1.51 bp	10.5 bp −$10	15.9 bp −$159	doesn't fit	doesn't fit

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
Ondo Perps XAG-USD.P	−0.0057%	1h	65.920	−0.197%	$5.7M	$9.2M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	−0.093%	$15K	—	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.020	−0.045%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.060	+0.015%	$1.0M	$964K	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.020	−0.045%	$1.5M	$320K	100x
Gate XAG_USDT	+0.0002%	4h	66.060	+0.015%	$149.9M	$163.8M	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.967	−0.126%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.030	−0.030%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.988	−0.094%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.530%	$11K	$94K	52x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.030	−0.030%	$794K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.449	+0.604%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.988	−0.094%	$3.9M	$674K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.963	−0.132%	$3K	$6K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0051%	1h	66.009	−0.062%	$166.4M	$73.8M	25x	as long as short
Paradex XAG-USD-PERP	+0.0057%	8h	66.030	−0.030%	$30K	$1K	5x	as long as short
QFEX SILVER-USD	+0.0060%	1h	66.030	−0.030%	$114K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0073%	1h	65.955	−0.144%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0073%	24h	65.983	−0.101%	$517K	$26.1M	8.1x	as long as short
Hotstuff SILVER-PERP	+0.0080%	1h	65.992	−0.088%	$35K	$21K	20x	as long as short
RISEx XAG/USDC	+0.0080%	1h	66.054	+0.006%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.988	−0.094%	$470K	$608K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.000	−0.076%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.980	−0.106%	$113K	$30K	50x	as long as short
Lighter XAG	+0.0104%	1h	66.034	−0.024%	$5.2M	$10.7M	25x	as long as short
Aster XAGUSDT	+0.0130%	4h	66.040	−0.015%	$2.7M	$866K	100x	as long as short
Bybit XAGUSDT	+0.0132%	4h	66.060	+0.015%	$27.8M	$36.6M	150x	as long as short
Nado XAG-PERP	+0.0171%	1h	65.984	−0.099%	$1.4M	$5.8M	10x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.009	−0.062%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0178%	4h	66.013	−0.056%	$5.6M	$9.4M	—	as long as short
MEXC SILVER_USDT	+0.0186%	4h	66.040	−0.015%	$114.7M	$152.5M	1000x	as long as short
Binance XAGUSDTlong	+0.0187%	4h	66.050	long leg	$191.1M	$700.8M	100x
BloFin XAG-USDT	+0.0191%	4h	66.030	−0.030%	$2.6M	$562K	100x	as long as short
Aftermath Perps XAGUSD	+0.0195%	1h	65.985	−0.099%	$79K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0196%	4h	66.015	−0.054%	$670K	$310K	30x	as long as short
GRVT XAG_USDT_Perp	+0.0204%	4h	66.021	−0.043%	$394K	$1.5M	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0205%	1h	66.000	−0.076%	$75K	$363K	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	65.950	−0.151%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0227%	8h	66.050	0.000%	$27.7M	$64.5M	50x	as long as short
Bullet SILVER-USD	+0.0228%	1h	66.030	−0.030%	$44K	$76K	10x	as long as short
Bitget XAGUSDT	+0.0230%	4h	66.050	0.000%	$23.9M	$45.2M	100x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	65.981	−0.105%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0387% / S −0.0440%	1h	66.025	−0.038%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	65.996	−0.081%	$911K	$683K	25x	as long as short