Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0363%/8h= −39.8% APRpaid last 24h −0.082%

Price spread now: Phemex against Deribit+0.031%7-day average +0.046% · 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−$37as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.031%, 7d avg +0.046%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SILVER_USDC-PERPETUAL	65.280	0.0363	pay 0.0045% / 1h	1m 19s	$66K	$385K	20x
Short	Phemex XAGUSDT	65.300	0	get 0.0000% / 4h	1h 01m	$1.5M	$281K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$76.26
Price spread: +0.031% → +0.046%: −$1.51
Slippage, 4 orders: −$16.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$113.51
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Deribit: live order book, 42 min ago; Phemex: 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, 42 min ago	0.76 bp	8.8 bp −$9	9.2 bp −$92	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.83 bp	9.8 bp −$10	16.4 bp −$164	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
Ondo Perps XAG-USD.P	−0.0070%	1h	65.220	−0.092%	$5.6M	$9.7M	25x	as long as short
Hotstuff SILVER-PERP	−0.0008%	1h	65.239	−0.063%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.233	−0.072%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.330	+0.077%	$27.8M	$39.6M	150x	as long as short
SunX XAG-USDT	0.0000%	4h	65.290	+0.015%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.330	+0.077%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.300	+0.031%	$1.5M	$281K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.238	−0.064%	$118K	—	250x	as long as short
Gate XAG_USDT	+0.0030%	4h	65.340	+0.092%	$141.3M	$184.8M	100x	as long as short
Variational Omni XAG	+0.0031%	4h	65.344	+0.097%	$5.5M	$9.3M	—	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	65.331	+0.078%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.266	−0.021%	$5.1M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.716%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.300	+0.031%	$785K	$2.9M	40x	as long as short
Aster XAGUSDT	+0.0042%	4h	65.339	+0.091%	$2.7M	$977K	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.725	+0.682%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0050%	1h	65.320	+0.061%	$152K	$1.4M	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.291	+0.017%	$3.8M	$854K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.224	−0.086%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0053%	8h	65.325	+0.068%	$29K	$1K	5x	as long as short
MEXC SILVER_USDT	+0.0054%	4h	65.320	+0.061%	$116.5M	$158.1M	1000x	as long as short
Binance XAGUSDT	+0.0056%	4h	65.330	+0.077%	$191.5M	$763.6M	100x	as long as short
tradeXYZ xyz:SILVER	+0.0060%	1h	65.292	+0.018%	$170.5M	$83.1M	25x	as long as short
RISEx XAG/USDC	+0.0061%	1h	65.333	+0.082%	$1.2M	$4.9M	20x	as long as short
Phoenix SILVER	+0.0061%	1h	65.274	−0.009%	$56K	$31K	25x	as long as short
edgeX XAGUSDC	+0.0064%	4h	65.236	−0.067%	$664K	$314K	30x	as long as short
Aevo XAG-PERP	+0.0072%	1h	65.317	+0.057%	$47K	—	10x	as long as short
Kalshi KXSILVERPERP	+0.0078%	24h	65.250	−0.046%	$477K	$31.2M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.275	−0.008%	$468K	$625K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.280	0.000%	$25.3M	$5.0M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.310	+0.046%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0120%	1h	65.230	−0.077%	$1.6M	$1.4M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0140%	4h	65.286	+0.010%	$391K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0152%	1h	65.293	+0.019%	$1.2M	$5.1M	10x	as long as short
Lighter XAG	+0.0168%	1h	65.331	+0.079%	$5.3M	$11.6M	25x	as long as short
Hibachi XAG/USDT-P	+0.0168%	1h	65.237	−0.066%	$20K	$19K	10x	as long as short
Bitget XAGUSDT	+0.0170%	4h	65.330	+0.077%	$23.7M	$46.2M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0184%	8h	65.340	+0.092%	$28.1M	$71.1M	50x	as long as short
Bullet SILVER-USD	+0.0206%	1h	65.308	+0.043%	$44K	$75K	10x	as long as short
Aftermath Perps XAGUSD	+0.0213%	1h	65.292	+0.019%	$78K	$37K	10x	as long as short
BloFin XAG-USDT	+0.0218%	4h	65.260	−0.031%	$2.6M	$590K	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.305	+0.038%	$93K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0363%	1h	65.280	long leg	$66K	$385K	20x
Kraken Futures PF_XAGUSD	+0.0493%	1h	65.269	−0.016%	$1.0M	$877K	25x	as long as short