Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0354%/8h= +38.8% APRpaid last 24h +0.071%

Price spread now: Deribit against Bybit−0.060%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)+0.121%+$12 · spread now −0.060%, 7d avg −0.011%

Together, before fees+0.220%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.050% cheaper against Bybit than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.011%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$11 a day). At the pace of the last 4 days (+0.099% in total) that is about 43 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.099% in total (about 10.0% a year). A funding rate is set anew for every payment. 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	Bybit XAGUSDT	66.260	0	get 0.0000% / 4h	1h 16m	$25.6M	$33.3M	150x
Short	Deribit SILVER_USDC-PERPETUAL	66.220	0.0354	get 0.0044% / 1h	16m 06s	$51K	$359K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.060%Rate

Funding earned: $74.43
Price spread: −0.060% → −0.011%: −$4.97
Slippage, 4 orders: −$8.23
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $43.23
Costs to cover: 0.262%
Break-even: 2.9 days

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 3 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 Bybit live order book, 3 min ago	0.75 bp	6.3 bp −$6	9.9 bp −$99	14.8 bp −$1,479	56.5 bp −$28.2K
Sell Deribit live order book, 3 min ago	0.75 bp	4.3 bp −$4	5.2 bp −$52	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
Kraken Futures PF_XAGUSD	−0.0272%	1h	66.211	−0.074%	$766K	$569K	25x	as long as short
dYdX XAG-USD	0.0000%	1h	66.175	−0.128%	$15K	—	5x	as long as short
Bybit XAGUSDTlong	0.0000%	4h	66.260	long leg	$25.6M	$33.3M	150x
RISEx XAG/USDC	0.0000%	1h	66.240	−0.031%	$1.3M	$4.2M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.240	−0.030%	$146.2M	$173.0M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.250	−0.015%	$2K	$3.1M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.270	+0.015%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.260	0.000%	$1.5M	$248K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.171	−0.135%	$120K	—	250x	as long as short
QFEX SILVER-USD	+0.0016%	1h	66.230	−0.045%	$144K	$2.8M	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	66.228	−0.049%	$4.7M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.167	−0.141%	$5.5M	$12.4M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.211%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.190	−0.106%	$792K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.671	+0.620%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.203	−0.086%	$165.0M	$88.4M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.206	−0.081%	$3.9M	$698K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.170	−0.136%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.150	−0.166%	$5.7M	$9.9M	25x	as long as short
Kalshi KXSILVERPERP	+0.0057%	24h	66.195	−0.098%	$583K	$21.3M	8.1x	as long as short
Aster XAGUSDT	+0.0063%	4h	66.248	−0.018%	$2.8M	$1.0M	100x	as long as short
Variational Omni XAG	+0.0064%	4h	66.237	−0.035%	$5.5M	$10.5M	—	as long as short
Bitget XAGUSDT	+0.0064%	4h	66.260	0.000%	$24.0M	$47.8M	100x	as long as short
Hotstuff SILVER-PERP	+0.0072%	1h	66.203	−0.086%	$35K	$21K	20x	as long as short
Phoenix SILVER	+0.0073%	1h	66.194	−0.100%	$56K	$26K	25x	as long as short
MEXC SILVER_USDT	+0.0080%	4h	66.240	−0.030%	$121.6M	$182.2M	1000x	as long as short
Binance XAGUSDT	+0.0082%	4h	66.250	−0.016%	$189.7M	$728.5M	100x	as long as short
edgeX XAGUSDC	+0.0084%	4h	66.235	−0.037%	$672K	$315K	30x	as long as short
Aevo XAG-PERP	+0.0088%	1h	66.233	−0.041%	$48K	—	10x	as long as short
Pacifica XAG	+0.0100%	1h	66.184	−0.115%	$473K	$625K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.210	−0.075%	$24.3M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.180	−0.121%	$113K	$26K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	66.220	−0.060%	$1.9M	$862K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0110%	4h	66.240	−0.030%	$390K	$1.5M	25x	as long as short
Paradex XAG-USD-PERP	+0.0116%	8h	66.224	−0.054%	$30K	$1K	5x	as long as short
BloFin XAG-USDT	+0.0123%	4h	66.250	−0.015%	$2.5M	$847K	100x	as long as short
Aftermath Perps XAGUSD	+0.0125%	1h	66.196	−0.096%	$80K	$40K	10x	as long as short
Lighter XAG	+0.0136%	1h	66.229	−0.047%	$5.2M	$11.0M	25x	as long as short
Hibachi XAG/USDT-P	+0.0144%	1h	66.193	−0.100%	$20K	$22K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0172%	8h	66.260	0.000%	$27.3M	$66.4M	50x	as long as short
Nado XAG-PERP	+0.0221%	1h	66.181	−0.120%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0264%	1h	66.244	−0.024%	$44K	$74K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0302% / S −0.0300%	1h	66.245	−0.023%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUALshort	+0.0354%	1h	66.220	−0.060%	$51K	$359K	20x