Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.037%

Price spread now: GMX against Bybit−0.008%7-day average +0.010% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.139%+$14 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.008%, 7d avg +0.010%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAGUSDT	66.370	0.0146	pay 0.0073% / 4h	1h 56m	$26.7M	$36.3M	150x
Short	GMX SILVER/USD [ETH-USDC]	66.365	L +0.0328% / S −0.0338%	get 0.0042% / 1h	56m 08s	$103K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.008%Rate

Funding earned: $40.26
Price spread: −0.008% → +0.010%: −$1.71
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $15.55
Costs to cover: 0.230%
Break-even: 4.3 days

Slippage unknown: Bybit: live order book, 3 min ago; GMX: 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 Bybit live order book, 3 min ago	0.75 bp	6.3 bp −$6	10.0 bp −$100	18.6 bp −$1,865	57.0 bp −$28.5K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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
dYdX XAG-USD	0.0000%	1h	66.359	−0.017%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.360	−0.015%	$152.1M	$161.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.380	+0.015%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.390	+0.030%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.370	0.000%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.288	−0.124%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.346	−0.036%	$4.8M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.286	−0.126%	$5.3M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.045%	$11K	$94K	52x	as long as short
Ondo Perps XAG-USD.P	+0.0039%	1h	66.290	−0.121%	$5.7M	$9.7M	25x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.440	+0.105%	$799K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.807	+0.658%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.307	−0.095%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.325	−0.068%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.281	−0.134%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.370	0.000%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0063%	24h	66.350	−0.030%	$543K	$24.5M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	66.335	−0.052%	$472K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.320	−0.075%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.290	−0.121%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0103%	1h	66.302	−0.102%	$165.9M	$75.7M	25x	as long as short
Paradex XAG-USD-PERP	+0.0141%	8h	66.371	+0.001%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0144%	4h	66.372	+0.003%	$2.7M	$941K	100x	as long as short
Bybit XAGUSDTlong	+0.0146%	4h	66.370	long leg	$26.7M	$36.3M	150x
Lighter XAG	+0.0160%	1h	66.352	−0.027%	$5.3M	$10.4M	25x	as long as short
Hotstuff SILVER-PERP	+0.0160%	1h	66.342	−0.042%	$35K	$21K	20x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.355	−0.023%	$48K	—	10x	as long as short
Variational Omni XAG	+0.0178%	4h	66.354	−0.024%	$5.5M	$9.8M	—	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.388	+0.027%	$1.2M	$4.4M	20x	as long as short
MEXC SILVER_USDT	+0.0192%	4h	66.350	−0.030%	$111.6M	$151.6M	1000x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.320	−0.075%	$1.9M	$971K	20x	as long as short
Binance XAGUSDT	+0.0192%	4h	66.353	−0.026%	$192.2M	$706.7M	100x	as long as short
edgeX XAGUSDC	+0.0197%	4h	66.335	−0.053%	$673K	$315K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0217%	8h	66.360	−0.015%	$27.9M	$65.7M	50x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	66.338	−0.049%	$20K	$22K	10x	as long as short
Aftermath Perps XAGUSD	+0.0235%	1h	66.345	−0.037%	$80K	$38K	10x	as long as short
Nado XAG-PERP	+0.0253%	1h	66.327	−0.064%	$1.3M	$6.6M	10x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.350	−0.030%	$23.9M	$46.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0280%	4h	66.367	−0.005%	$398K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0294%	1h	66.367	−0.004%	$46K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]short	L +0.0328% / S −0.0338%	1h	66.365	−0.008%	$103K	—	111x
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.330	−0.060%	$50K	$326K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.321	−0.074%	$765K	$478K	25x	as long as short