Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.010%

Price spread now: Injective against Bybit−1.611%58s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 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 −$8 a day on $10k at the current rate, and Injective is 1.611% cheaper against Bybit than usual: you would sell low and buy high (−$161 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% 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	65.660	0.0287	pay 0.0143% / 4h	3h 00m	$30.7M	$45.0M	150x
Short	Injective XAG/USDC PERP	64.602	0.0033	get 0.0004% / 1h	0m 22s	$11K	$240	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.611%Rate

Funding earned: −$53.25
Price spread: −1.611% → 0.000%: −$161.13
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$225.4
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Injective: 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	0.76 bp	6.3 bp −$6	7.7 bp −$77	16.5 bp −$1,649	84.0 bp −$42.0K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
dYdX XAG-USD	0.0000%	1h	65.533	−0.193%	$12K	$6K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.660	0.000%	$138.2M	$195.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.580	−0.122%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.610	−0.076%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.580	−0.122%	$1.5M	$253K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.591	−0.105%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.614	−0.071%	$4.5M	$10.1M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.557	−0.157%	$5.1M	$11.9M	10x	as long as short
Injective XAG/USDC PERPshort	+0.0033%	1h	64.602	−1.611%	$11K	$240	52x
StandX XAG-USD	+0.0040%	1h	65.560	−0.152%	$789K	$3.0M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SI-PERP	+0.0046%	1h	66.056	+0.603%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0047%	1h	65.620	−0.061%	$436K	$1.5M	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.611	−0.075%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.521	−0.212%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	65.500	−0.244%	$5.7M	$10.2M	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0055%	1h	65.550	−0.168%	$77K	$434K	20x	as long as short
Variational Omni XAG	+0.0076%	4h	65.573	−0.133%	$5.4M	$9.1M	—	as long as short
Paradex XAG-USD-PERP	+0.0079%	8h	65.593	−0.102%	$29K	$166	5x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	65.600	−0.091%	$1.6M	$1.6M	20x	as long as short
Kalshi KXSILVERPERP	+0.0090%	24h	65.629	−0.047%	$660K	$36.2M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.554	−0.161%	$467K	$590K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.610	−0.076%	$25.4M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.590	−0.107%	$112K	$19K	50x	as long as short
Phoenix SILVER	+0.0111%	1h	65.549	−0.169%	$56K	$31K	25x	as long as short
Hotstuff SILVER-PERP	+0.0120%	1h	65.592	−0.104%	$35K	$22K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0120%	1h	65.610	−0.076%	$174.4M	$92.3M	25x	as long as short
Binance XAGUSDT	+0.0122%	4h	65.650	−0.015%	$195.5M	$822.1M	100x	as long as short
MEXC SILVER_USDT	+0.0124%	4h	65.640	−0.030%	$114.9M	$164.3M	1000x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.580	−0.122%	$47K	—	10x	as long as short
Aster XAGUSDT	+0.0135%	4h	65.640	−0.030%	$2.7M	$1.1M	100x	as long as short
edgeX XAGUSDC	+0.0143%	4h	65.604	−0.085%	$668K	$314K	30x	as long as short
Nado XAG-PERP	+0.0148%	1h	65.582	−0.119%	$1.3M	$4.1M	10x	as long as short
RISEx XAG/USDC	+0.0158%	1h	65.645	−0.024%	$1.2M	$4.9M	20x	as long as short
Aftermath Perps XAGUSD	+0.0196%	1h	65.527	−0.202%	$79K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0213%	8h	65.640	−0.030%	$28.3M	$81.0M	50x	as long as short
Lighter XAG	+0.0216%	1h	65.624	−0.056%	$5.1M	$12.2M	25x	as long as short
Bitget XAGUSDT	+0.0232%	4h	65.640	−0.030%	$23.1M	$49.3M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.585	−0.114%	$93K	—	111x	as long as short
Bybit XAGUSDTlong	+0.0287%	4h	65.660	long leg	$30.7M	$45.0M	150x
Bullet SILVER-USD	+0.0304%	1h	65.643	−0.026%	$45K	$75K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0350%	4h	65.590	−0.107%	$384K	$1.6M	25x	as long as short
BloFin XAG-USDT	+0.0364%	4h	65.580	−0.122%	$2.7M	$710K	100x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	65.523	−0.208%	$21K	$12K	10x	as long as short
Kraken Futures PF_XAGUSD	+0.0415%	1h	65.557	−0.158%	$1.0M	$893K	25x	as long as short