Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h −0.035%

Price spread now: BloFin against GMX−0.187%51s7-day average −0.002% · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.327%−$33 on $10k

Price spread, last 3 days (all we have)+0.180%+$18 · spread now −0.187%, 7d avg −0.002%

Together, before fees−0.147%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BloFin is 0.185% cheaper against GMX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.002%). Swap the legs. The two prices were read 51 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	GMX SILVER/USD [ETH-USDC]	66.675	L +0.0291% / S −0.0281%	pay 0.0036% / 1h	18m 13s	$103K	—	111x
Short	BloFin XAG-USDT	66.550	0.0068	get 0.0034% / 4h	18m 13s	$2.6M	$651K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.187%Rate

Funding earned: −$46.76
Price spread: −0.187% → −0.002%: −$18.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$89.3
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: 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 BloFin live order book, 5 min ago	1.50 bp	7.5 bp −$8	7.5 bp −$75	7.9 bp −$792	13.7 bp −$6,833

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	66.560	−0.172%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.660	−0.022%	$26.2M	$34.6M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.680	+0.007%	$154.7M	$173.9M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.680	+0.007%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.670	−0.007%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.660	−0.022%	$1.5M	$250K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.610	−0.098%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.631	−0.066%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.610	−0.097%	$5.5M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.412%	$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	66.485	−0.285%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	66.530	−0.217%	$796K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	67.085	+0.615%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.611	−0.096%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.634	−0.061%	$3.9M	$699K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.606	−0.103%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.570	−0.157%	$5.7M	$10.0M	25x	as long as short
Kalshi KXSILVERPERP	+0.0060%	24h	66.595	−0.120%	$583K	$21.4M	8.1x	as long as short
QFEX SILVER-USD	+0.0061%	1h	66.660	−0.022%	$125K	$2.8M	20x	as long as short
BloFin XAG-USDTshort	+0.0068%	4h	66.550	−0.187%	$2.6M	$651K	100x
tradeXYZ xyz:SILVER	+0.0073%	1h	66.631	−0.066%	$166.1M	$86.9M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.583	−0.138%	$481K	$618K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.620	−0.082%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.450	−0.337%	$126K	$26K	50x	as long as short
Variational Omni XAG	+0.0106%	4h	66.526	−0.223%	$5.6M	$10.1M	—	as long as short
Paradex XAG-USD-PERP	+0.0107%	8h	66.633	−0.062%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0114%	4h	66.670	−0.007%	$2.8M	$1.1M	100x	as long as short
Lighter XAG	+0.0120%	1h	66.659	−0.024%	$5.2M	$10.4M	25x	as long as short
Aevo XAG-PERP	+0.0120%	1h	66.664	−0.017%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0122%	4h	66.478	−0.296%	$674K	$314K	30x	as long as short
MEXC SILVER_USDT	+0.0122%	4h	66.650	−0.037%	$115.2M	$153.4M	1000x	as long as short
Binance XAGUSDT	+0.0124%	4h	66.660	−0.022%	$192.9M	$724.4M	100x	as long as short
Bitget XAGUSDT	+0.0152%	4h	66.680	+0.007%	$24.4M	$48.4M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0160%	1h	66.640	−0.052%	$1.9M	$851K	20x	as long as short
Aftermath Perps XAGUSD	+0.0165%	1h	66.476	−0.298%	$80K	$40K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0178%	4h	66.490	−0.278%	$390K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0197%	8h	66.660	−0.022%	$28.0M	$66.9M	50x	as long as short
RISEx XAG/USDC	+0.0208%	1h	66.657	−0.028%	$1.3M	$4.2M	20x	as long as short
Bullet SILVER-USD	+0.0254%	1h	66.667	−0.013%	$45K	$75K	10x	as long as short
Nado XAG-PERP	+0.0255%	1h	66.595	−0.120%	$1.3M	$6.6M	10x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0291% / S −0.0281%	1h	66.675	long leg	$103K	—	111x
Hibachi XAG/USDT-P	+0.0296%	1h	66.521	−0.230%	$20K	$22K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0501%	1h	66.670	−0.007%	$51K	$351K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0594%	1h	66.643	−0.048%	$764K	$586K	25x	as long as short