Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.065%

Price spread now: Phemex against Bullet−0.028%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 −$7 a day on $10k at the current rate, and Phemex is 0.028% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SILVER-USD	66.149	0.0230	pay 0.0029% / 1h	49m 14s	$44K	$76K	10x
Short	Phemex XAGUSDT	66.130	0	get 0.0000% / 4h	2h 49m	$1.5M	$257K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bullet. 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 BulletbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$48.25
Price spread: −0.028% → 0.000%: −$2.85
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$71.1
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Phemex: live order book, 4 min ago. 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 Bullet no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.27 bp	9.8 bp −$10	15.1 bp −$151	doesn't fit	doesn't fit

Bullet: 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 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	−0.0030%	1h	66.030	−0.180%	$5.7M	$9.3M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	66.104	−0.068%	$14K	$66	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.150	+0.002%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.170	+0.032%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.130	−0.028%	$1.5M	$257K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.076	−0.110%	$121K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	66.159	+0.015%	$1.3M	$4.8M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	66.117	−0.048%	$4.8M	$9.3M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.075	−0.111%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.380%	$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
Phoenix SILVER	+0.0036%	1h	66.018	−0.198%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	66.150	+0.002%	$796K	$3.0M	40x	as long as short
Gate XAG_USDT	+0.0042%	4h	66.140	−0.013%	$149.8M	$153.9M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.572	+0.640%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.119	−0.045%	$3.9M	$676K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.065	−0.127%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	66.130	−0.028%	$114K	$2.7M	20x	as long as short
Paradex XAG-USD-PERP	+0.0054%	8h	66.134	−0.022%	$30K	$1K	5x	as long as short
tradeXYZ xyz:SILVER	+0.0074%	1h	66.090	−0.089%	$166.6M	$73.8M	25x	as long as short
Kalshi KXSILVERPERP	+0.0075%	24h	66.110	−0.059%	$519K	$26.7M	8.1x	as long as short
Bybit XAGUSDT	+0.0087%	4h	66.140	−0.013%	$27.7M	$36.4M	150x	as long as short
Pacifica XAG	+0.0100%	1h	66.099	−0.076%	$471K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.100	−0.074%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.100	−0.074%	$113K	$30K	50x	as long as short
Aster XAGUSDT	+0.0111%	4h	66.128	−0.032%	$2.7M	$873K	100x	as long as short
Lighter XAG	+0.0136%	1h	66.120	−0.044%	$5.2M	$10.6M	25x	as long as short
BloFin XAG-USDT	+0.0146%	4h	66.130	−0.028%	$2.6M	$571K	100x	as long as short
Variational Omni XAG	+0.0151%	4h	66.143	−0.008%	$5.7M	$9.5M	—	as long as short
Aevo XAG-PERP	+0.0152%	1h	66.124	−0.038%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0163%	4h	66.127	−0.033%	$191.3M	$703.1M	100x	as long as short
MEXC SILVER_USDT	+0.0164%	4h	66.120	−0.044%	$116.4M	$151.8M	1000x	as long as short
Nado XAG-PERP	+0.0165%	1h	66.118	−0.047%	$1.4M	$5.6M	10x	as long as short
edgeX XAGUSDC	+0.0172%	4h	66.086	−0.095%	$671K	$311K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.980	−0.255%	$1.8M	$1.0M	20x	as long as short
Aftermath Perps XAGUSD	+0.0197%	1h	66.075	−0.111%	$79K	$36K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0204%	1h	66.110	−0.059%	$74K	$364K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0206%	4h	66.160	+0.017%	$395K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0221%	8h	66.130	−0.028%	$27.8M	$64.6M	50x	as long as short
Bitget XAGUSDT	+0.0222%	4h	66.130	−0.028%	$24.0M	$44.9M	100x	as long as short
Bullet SILVER-USDlong	+0.0230%	1h	66.149	long leg	$44K	$76K	10x
Hotstuff SILVER-PERP	+0.0320%	1h	66.129	−0.030%	$35K	$21K	20x	as long as short
Hibachi XAG/USDT-P	+0.0328%	1h	66.100	−0.074%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0443%	1h	66.135	−0.021%	$106K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0466%	1h	66.108	−0.062%	$908K	$688K	25x	as long as short