Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0233%/8h= −25.6% APRpaid last 24h −0.050%

Price spread now: Bybit against GMX−0.023%51s7-day average −0.009% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now −0.023%, 7d avg −0.009%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. 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]	66.225	L +0.0357% / S −0.0382%	pay 0.0045% / 1h	11m 40s	$103K	—	111x
Short	Bybit XAGUSDT	66.210	0.0124	get 0.0062% / 4h	1h 11m	$26.9M	$36.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$49
Price spread: −0.023% → −0.009%: −$1.32
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$73.33
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.75 bp	6.3 bp −$6	8.9 bp −$89	13.4 bp −$1,340	54.7 bp −$27.4K

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	66.087	−0.208%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.134	−0.137%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.190	−0.053%	$149.7M	$165.0M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.220	−0.008%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.220	−0.008%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.190	−0.053%	$1.5M	$252K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.146	−0.120%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.156	−0.104%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.107	−0.178%	$5.2M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.264%	$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	66.210	−0.023%	$796K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.660	+0.657%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.177	−0.072%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.106	−0.180%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.050	−0.264%	$5.7M	$9.7M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.170	−0.083%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0065%	24h	66.206	−0.029%	$560K	$24.8M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.217	−0.012%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0092%	1h	66.135	−0.136%	$165.8M	$73.7M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.123	−0.154%	$471K	$611K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.120	−0.159%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.220	−0.008%	$113K	$30K	50x	as long as short
Bybit XAGUSDTshort	+0.0124%	4h	66.210	−0.023%	$26.9M	$36.1M	150x
Paradex XAG-USD-PERP	+0.0125%	8h	66.167	−0.088%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0125%	4h	66.160	−0.098%	$2.7M	$877K	100x	as long as short
BloFin XAG-USDT	+0.0165%	4h	66.280	+0.083%	$2.6M	$552K	100x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.202	−0.035%	$48K	—	10x	as long as short
Variational Omni XAG	+0.0180%	4h	66.272	+0.071%	$5.6M	$9.8M	—	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.177	−0.073%	$1.3M	$4.4M	20x	as long as short
Lighter XAG	+0.0184%	1h	66.171	−0.082%	$5.2M	$10.5M	25x	as long as short
MEXC SILVER_USDT	+0.0188%	4h	66.170	−0.083%	$106.3M	$153.9M	1000x	as long as short
Binance XAGUSDT	+0.0190%	4h	66.185	−0.061%	$191.8M	$706.0M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.170	−0.083%	$1.8M	$1.0M	20x	as long as short
edgeX XAGUSDC	+0.0210%	4h	66.256	+0.046%	$672K	$313K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0215%	8h	66.190	−0.053%	$27.7M	$65.8M	50x	as long as short
Nado XAG-PERP	+0.0219%	1h	66.183	−0.063%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0226%	1h	66.226	+0.001%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0238%	4h	66.180	−0.068%	$23.8M	$45.7M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0256%	4h	66.264	+0.060%	$390K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0270%	1h	66.226	+0.001%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0280%	1h	66.198	−0.040%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0355%	1h	66.190	−0.053%	$50K	$322K	20x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0357% / S −0.0382%	1h	66.225	long leg	$103K	—	111x
Kraken Futures PF_XAGUSD	+0.0550%	1h	66.172	−0.080%	$913K	$671K	25x	as long as short