Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0199%/8h= −21.7% APRpaid last 24h −0.051%

Price spread now: Variational Omni against Deribit−0.025%59s7-day average +0.005% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.025%, 7d avg +0.005%

Together, before fees−0.095%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.030% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.005%). Swap the legs. The two prices were read 59 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	Deribit SILVER_USDC-PERPETUAL	66.100	0.0356	pay 0.0044% / 1h	52m 18s	$75K	$363K	20x
Short	Variational Omni XAG	66.083	0.0157	get 0.0078% / 4h	2h 52m	$5.6M	$9.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.025%Rate

Funding earned: −$41.71
Price spread: −0.025% → +0.005%: −$3.04
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$51.74
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 61 min ago; Variational Omni: RFQ quote, 2 min ago. 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 Deribit live order book, 61 min ago	0.76 bp	4.3 bp −$4	4.6 bp −$46	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.57 bp	doesn't fit	3.1 bp −$31	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
dYdX XAG-USD	0.0000%	1h	66.050	−0.076%	$14K	$66	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.110	+0.015%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.150	+0.076%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.110	+0.015%	$1.5M	$257K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.092	−0.012%	$121K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0006%	1h	65.990	−0.166%	$5.7M	$9.2M	25x	as long as short
RISEx XAG/USDC	+0.0030%	1h	66.112	+0.018%	$1.3M	$4.8M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	66.098	−0.004%	$4.8M	$9.2M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.044	−0.085%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.454%	$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	66.018	−0.124%	$56K	$26K	25x	as long as short
Hotstuff SILVER-PERP	+0.0040%	1h	66.082	−0.027%	$35K	$21K	20x	as long as short
StandX XAG-USD	+0.0040%	1h	66.110	+0.015%	$795K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.545	+0.673%	—	—	25x	as long as short
Gate XAG_USDT	+0.0050%	4h	66.150	+0.076%	$149.9M	$153.9M	100x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.081	−0.029%	$3.9M	$676K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.048	−0.079%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	66.090	−0.015%	$114K	$2.7M	20x	as long as short
Paradex XAG-USD-PERP	+0.0055%	8h	66.088	−0.018%	$30K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0074%	24h	66.065	−0.053%	$530K	$26.7M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0094%	1h	66.102	+0.003%	$166.6M	$73.7M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.043	−0.087%	$470K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.080	−0.030%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.000	−0.151%	$113K	$30K	50x	as long as short
Bybit XAGUSDT	+0.0112%	4h	66.160	+0.091%	$27.8M	$36.4M	150x	as long as short
Aster XAGUSDT	+0.0115%	4h	66.140	+0.061%	$2.7M	$871K	100x	as long as short
Lighter XAG	+0.0144%	1h	66.096	−0.006%	$5.2M	$10.6M	25x	as long as short
Aevo XAG-PERP	+0.0152%	1h	66.137	+0.056%	$47K	—	10x	as long as short
Variational Omni XAGshort	+0.0157%	4h	66.083	−0.025%	$5.6M	$9.5M	—
MEXC SILVER_USDT	+0.0166%	4h	66.120	+0.030%	$116.4M	$151.7M	1000x	as long as short
Binance XAGUSDT	+0.0167%	4h	66.151	+0.077%	$191.4M	$703.0M	100x	as long as short
edgeX XAGUSDC	+0.0170%	4h	66.074	−0.040%	$671K	$310K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.980	−0.182%	$1.8M	$1.0M	20x	as long as short
Nado XAG-PERP	+0.0186%	1h	66.065	−0.053%	$1.4M	$5.6M	10x	as long as short
Aftermath Perps XAGUSD	+0.0200%	1h	66.041	−0.089%	$79K	$36K	10x	as long as short
BloFin XAG-USDT	+0.0207%	4h	66.080	−0.030%	$2.6M	$570K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0210%	4h	66.063	−0.056%	$395K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0223%	8h	66.150	+0.076%	$27.8M	$64.7M	50x	as long as short
Bitget XAGUSDT	+0.0224%	4h	66.120	+0.030%	$24.0M	$44.9M	100x	as long as short
Bullet SILVER-USD	+0.0252%	1h	66.148	+0.072%	$44K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0328%	1h	66.076	−0.036%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0356%	1h	66.100	long leg	$75K	$363K	20x
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0443%	1h	66.155	+0.083%	$106K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0466%	1h	66.079	−0.032%	$908K	$688K	25x	as long as short