Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.005%

Price spread now: Polymarket Perps against Bybit−0.111%47s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.111%, 7d avg −0.112%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.112%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAGUSDT	66.410	0.0152	pay 0.0076% / 4h	1h 58m	$26.7M	$36.4M	150x
Short	Polymarket Perps SILVER-USD	66.336	0.0079	get 0.0010% / 1h	58m 50s	$3.9M	$672K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$15.31
Price spread: −0.111% → −0.112%: $0.02
Slippage, 4 orders: −$5.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$40.29
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Polymarket Perps: live order book, 5 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, 5 min ago	0.75 bp	7.6 bp −$8	9.7 bp −$97	16.5 bp −$1,650	60.7 bp −$30.4K
Sell Polymarket Perps live order book, 5 min ago	1.13 bp	5.6 bp −$6	5.7 bp −$57	6.8 bp −$675	doesn't fit

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	66.300	−0.166%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.370	−0.060%	$152.0M	$161.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.370	−0.060%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.400	−0.015%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.370	−0.060%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.292	−0.178%	$120K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0029%	1h	66.260	−0.226%	$5.7M	$9.7M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.386	−0.037%	$4.8M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.287	−0.185%	$5.3M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.015%	$11K	$94K	52x	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	66.350	−0.090%	$798K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.791	+0.574%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.315	−0.143%	$56K	$25K	25x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.282	−0.193%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.360	−0.075%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0063%	24h	66.308	−0.154%	$536K	$24.5M	8.1x	as long as short
Polymarket Perps SILVER-USDshort	+0.0079%	1h	66.336	−0.111%	$3.9M	$672K	20x
Pacifica XAG	+0.0100%	1h	66.296	−0.172%	$472K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.320	−0.136%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.280	−0.196%	$113K	$30K	50x	as long as short
Paradex XAG-USD-PERP	+0.0140%	8h	66.346	−0.097%	$30K	$1K	5x	as long as short
tradeXYZ xyz:SILVER	+0.0141%	1h	66.343	−0.101%	$166.0M	$75.7M	25x	as long as short
Aster XAGUSDT	+0.0141%	4h	66.365	−0.068%	$2.7M	$934K	100x	as long as short
Bybit XAGUSDTlong	+0.0152%	4h	66.410	long leg	$26.7M	$36.4M	150x
Variational Omni XAG	+0.0176%	4h	66.333	−0.115%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.349	−0.092%	$48K	—	10x	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.374	−0.054%	$1.3M	$4.4M	20x	as long as short
MEXC SILVER_USDT	+0.0188%	4h	66.360	−0.075%	$111.6M	$151.6M	1000x	as long as short
Binance XAGUSDT	+0.0191%	4h	66.399	−0.017%	$192.4M	$707.2M	100x	as long as short
Lighter XAG	+0.0192%	1h	66.391	−0.028%	$5.3M	$10.4M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.320	−0.136%	$1.9M	$971K	20x	as long as short
edgeX XAGUSDC	+0.0197%	4h	66.335	−0.113%	$673K	$315K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0217%	8h	66.400	−0.015%	$27.9M	$65.7M	50x	as long as short
Hotstuff SILVER-PERP	+0.0224%	1h	66.317	−0.140%	$35K	$21K	20x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	66.283	−0.191%	$20K	$22K	10x	as long as short
Aftermath Perps XAGUSD	+0.0237%	1h	66.309	−0.152%	$80K	$38K	10x	as long as short
Nado XAG-PERP	+0.0240%	1h	66.297	−0.171%	$1.3M	$6.6M	10x	as long as short
Bitget XAGUSDT	+0.0254%	4h	66.370	−0.060%	$23.9M	$46.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.382	−0.043%	$399K	$1.5M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0327% / S −0.0336%	1h	66.370	−0.060%	$103K	—	111x	as long as short
Bullet SILVER-USD	+0.0347%	1h	66.360	−0.075%	$46K	$75K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0504%	1h	66.350	−0.090%	$50K	$326K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.330	−0.120%	$765K	$478K	25x	as long as short