Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0030%/8h= −3.2% APRpaid last 24h −0.018%

Price spread now: Phoenix against Binance−0.036%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.036% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XAGUSDT	66.050	0.0102	pay 0.0051% / 4h	2h 10m	$190.5M	$798.3M	100x
Short	Phoenix SILVER	66.026	0.0073	get 0.0009% / 1h	10m 49s	$56K	$26K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$6.2
Price spread: −0.036% → 0.000%: −$3.63
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$26.84
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 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 Binance live order book, 3 min ago	0.76 bp	5.8 bp −$6	5.8 bp −$58	11.5 bp −$1,150	27.2 bp −$13.6K
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 42 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	65.992	−0.088%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.040	−0.015%	$25.8M	$36.4M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.030	−0.030%	$147.5M	$185.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.040	−0.015%	$2K	$3.4M	20x	as long as short
Deribit SILVER_USDC-PERPETUAL	0.0000%	1h	66.060	+0.015%	$76K	$367K	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.090	+0.061%	$1.0M	$1.2M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.070	+0.030%	$1.5M	$249K	100x	as long as short
Nado XAG-PERP	+0.0003%	1h	66.040	−0.016%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0005%	1h	66.061	+0.017%	$44K	$74K	10x	as long as short
Aftermath Perps XAGUSD	+0.0016%	1h	66.009	−0.063%	$79K	$40K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAG	+0.0032%	1h	66.036	−0.021%	$5.1M	$11.5M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.034	−0.023%	$4.4M	$9.9M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.034	−0.024%	$5.3M	$14.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.530%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.040	−0.015%	$790K	$2.8M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.530	+0.727%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.019	−0.047%	$164.5M	$96.4M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.012	−0.058%	$3.9M	$743K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.016	−0.051%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	65.980	−0.106%	$5.4M	$9.8M	25x	as long as short
Kalshi KXSILVERPERP	+0.0055%	24h	66.005	−0.068%	$638K	$21.8M	8.1x	as long as short
Aster XAGUSDT	+0.0061%	4h	66.046	−0.006%	$2.8M	$1.2M	100x	as long as short
Phoenix SILVERshort	+0.0073%	1h	66.026	−0.036%	$56K	$26K	25x
QFEX SILVER-USD	+0.0080%	1h	66.040	−0.015%	$143K	$2.8M	20x	as long as short
Bitget XAGUSDT	+0.0082%	4h	66.040	−0.015%	$23.7M	$52.6M	100x	as long as short
Pacifica XAG	+0.0100%	1h	66.031	−0.029%	$472K	$647K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.010	−0.061%	$24.2M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	+0.015%	$112K	$85K	50x	as long as short
Binance XAGUSDTlong	+0.0102%	4h	66.050	long leg	$190.5M	$798.3M	100x
Aevo XAG-PERP	+0.0104%	1h	66.049	−0.002%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0106%	4h	66.070	+0.030%	$123.1M	$192.4M	1000x	as long as short
GRVT XAG_USDT_Perp	+0.0108%	4h	66.046	−0.006%	$390K	$1.6M	25x	as long as short
Paradex XAG-USD-PERP	+0.0109%	8h	66.062	+0.018%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0127%	4h	66.052	+0.003%	$5.3M	$11.7M	—	as long as short
BloFin XAG-USDT	+0.0130%	4h	66.020	−0.045%	$2.6M	$1.2M	100x	as long as short
edgeX XAGUSDC	+0.0142%	4h	66.052	+0.003%	$670K	$316K	30x	as long as short
Hotstuff SILVER-PERP	+0.0160%	1h	66.016	−0.051%	$35K	$21K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0164%	8h	66.040	−0.015%	$27.5M	$69.9M	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.000	−0.076%	$1.9M	$1.2M	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0390% / S −0.0416%	1h	66.055	+0.008%	$102K	—	29x	as long as short
RISEx XAG/USDC	+0.0432%	1h	66.050	0.000%	$1.3M	$4.3M	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0615%	1h	66.006	−0.066%	$775K	$628K	25x	as long as short