Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.058%

Price spread now: Bybit against Deribit+0.061%7-day average +0.016% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.115%−$12 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.061%, 7d avg +0.016%

Together, before fees−0.214%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.045% dearer against Deribit than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.016%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SILVER_USDC-PERPETUAL	65.560	0.0208	pay 0.0026% / 1h	12m 07s	$66K	$367K	20x
Short	Bybit XAGUSDT	65.600	0.0127	get 0.0064% / 4h	2h 12m	$28.7M	$38.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$16.89
Price spread: +0.061% → +0.016%: $4.52
Slippage, 4 orders: −$10.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.56
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from Deribit: live order book, 36 min ago; Bybit: live order book, 2 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 Deribit live order book, 36 min ago	0.76 bp	10.2 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.76 bp	7.4 bp −$7	9.4 bp −$94	18.4 bp −$1,842	60.3 bp −$30.2K

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	−0.0001%	1h	65.430	−0.198%	$5.6M	$9.6M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.424	−0.207%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.580	+0.031%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.560	0.000%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.580	+0.031%	$1.5M	$280K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.513	−0.072%	$118K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.561	+0.002%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.573	+0.020%	$4.7M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.518	−0.064%	$5.1M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.281%	$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	65.388	−0.262%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	65.400	−0.244%	$787K	$3.0M	40x	as long as short
Gate XAG_USDT	+0.0042%	4h	65.600	+0.061%	$144.9M	$179.3M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.967	+0.621%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.534	−0.040%	$3.9M	$710K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.516	−0.067%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.540	−0.031%	$157K	$2.8M	20x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	65.362	−0.302%	$35K	$21K	20x	as long as short
Paradex XAG-USD-PERP	+0.0065%	8h	65.513	−0.071%	$29K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.464	−0.146%	$444K	$28.8M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0082%	1h	65.550	−0.015%	$170.9M	$82.6M	25x	as long as short
Aster XAGUSDT	+0.0089%	4h	65.580	+0.031%	$2.7M	$942K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.471	−0.136%	$467K	$626K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.530	−0.046%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.360	−0.305%	$112K	$30K	50x	as long as short
Bybit XAGUSDTshort	+0.0127%	4h	65.600	+0.061%	$28.7M	$38.8M	150x
Lighter XAG	+0.0128%	1h	65.578	+0.028%	$5.3M	$11.2M	25x	as long as short
Variational Omni XAG	+0.0131%	4h	65.414	−0.222%	$5.5M	$9.6M	—	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.566	+0.009%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0139%	4h	65.588	+0.043%	$189.1M	$744.4M	100x	as long as short
MEXC SILVER_USDT	+0.0140%	4h	65.580	+0.031%	$122.9M	$161.2M	1000x	as long as short
edgeX XAGUSDC	+0.0152%	4h	65.410	−0.230%	$666K	$314K	30x	as long as short
Nado XAG-PERP	+0.0157%	1h	65.526	−0.052%	$1.3M	$5.5M	10x	as long as short
Hibachi XAG/USDT-P	+0.0168%	1h	65.360	−0.305%	$20K	$19K	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.530	−0.046%	$1.6M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0204%	4h	65.430	−0.198%	$397K	$1.5M	25x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0208%	1h	65.560	long leg	$66K	$367K	20x
Aftermath Perps XAGUSD	+0.0209%	1h	65.419	−0.215%	$79K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0214%	4h	65.590	+0.046%	$23.7M	$46.4M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	65.590	+0.046%	$27.9M	$70.0M	50x	as long as short
Bullet SILVER-USD	+0.0245%	1h	65.576	+0.024%	$43K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0361%	1h	65.575	+0.023%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0380%	4h	65.460	−0.153%	$2.6M	$627K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0470%	1h	65.553	−0.011%	$914K	$735K	25x	as long as short