Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.039%

Price spread now: Binance against GMX+0.028%7-day average −0.015% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.192%−$19 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.028%, 7d avg −0.015%

Together, before fees−0.393%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.042% dearer against GMX than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.015%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SILVER/USD [ETH-USDC]	66.205	L +0.0358% / S −0.0384%	pay 0.0045% / 1h	8m 41s	$103K	—	111x
Short	Binance XAGUSDT	66.224	0.0190	get 0.0095% / 4h	1h 08m	$191.9M	$706.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$35.3
Price spread: +0.028% → −0.015%: $4.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$53.05
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.75 bp	5.8 bp −$6	5.8 bp −$58	9.0 bp −$904	23.1 bp −$11.5K

GMX: 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	66.142	−0.095%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.161	−0.066%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.200	−0.008%	$149.8M	$165.1M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.210	+0.008%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.230	+0.038%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.230	+0.038%	$1.5M	$252K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.134	−0.108%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.206	+0.001%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.131	−0.112%	$5.2M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.295%	$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
StandX XAG-USD	+0.0040%	1h	66.180	−0.038%	$796K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.632	+0.645%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.172	−0.050%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.132	−0.110%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.090	−0.174%	$5.7M	$9.7M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.210	+0.008%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0066%	24h	66.168	−0.056%	$545K	$24.8M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.217	+0.018%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0094%	1h	66.178	−0.041%	$165.9M	$73.5M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.163	−0.063%	$471K	$612K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.150	−0.083%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.220	+0.023%	$113K	$30K	50x	as long as short
Aster XAGUSDT	+0.0125%	4h	66.190	−0.023%	$2.7M	$877K	100x	as long as short
Bybit XAGUSDT	+0.0125%	4h	66.240	+0.053%	$26.9M	$36.1M	150x	as long as short
Paradex XAG-USD-PERP	+0.0127%	8h	66.214	+0.014%	$30K	$1K	5x	as long as short
BloFin XAG-USDT	+0.0134%	4h	66.210	+0.008%	$2.6M	$552K	100x	as long as short
Variational Omni XAG	+0.0174%	4h	66.172	−0.050%	$5.6M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.201	−0.005%	$48K	—	10x	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.219	+0.022%	$1.3M	$4.4M	20x	as long as short
Lighter XAG	+0.0184%	1h	66.213	+0.012%	$5.2M	$10.6M	25x	as long as short
MEXC SILVER_USDT	+0.0188%	4h	66.190	−0.023%	$106.1M	$154.0M	1000x	as long as short
Binance XAGUSDTshort	+0.0190%	4h	66.224	+0.028%	$191.9M	$706.0M	100x
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.180	−0.038%	$1.8M	$1.0M	20x	as long as short
edgeX XAGUSDC	+0.0199%	4h	66.176	−0.044%	$671K	$313K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	66.230	+0.038%	$27.7M	$65.8M	50x	as long as short
Nado XAG-PERP	+0.0222%	1h	66.156	−0.074%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0228%	1h	66.180	−0.038%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0240%	4h	66.200	−0.008%	$23.8M	$45.7M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0254%	4h	66.225	+0.030%	$390K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0272%	1h	66.204	−0.001%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0288%	1h	66.150	−0.083%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0355%	1h	66.180	−0.038%	$57K	$329K	20x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0358% / S −0.0384%	1h	66.205	long leg	$103K	—	111x
Kraken Futures PF_XAGUSD	+0.0550%	1h	66.180	−0.037%	$913K	$674K	25x	as long as short