Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Phemex against Injective−1.069%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 1.069% cheaper against Injective than usual: you would sell low and buy high (−$107 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XAG/USDC PERP	66.400	0.0033	pay 0.0004% / 1h	30m 53s	$11K	$94K	52x
Short	Phemex XAGUSDT	65.690	0	get 0.0000% / 4h	2h 30m	$1.5M	$264K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −1.069%Rate

Funding earned: −$7
Price spread: −1.069% → 0.000%: −$106.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$125.95
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	4.57 bp	21.5 bp −$22	22.6 bp −$226	doesn't fit	doesn't fit

Injective: 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
Ondo Perps XAG-USD.P	−0.0036%	1h	65.570	−1.250%	$5.6M	$9.4M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.597	−1.209%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.680	−1.084%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.720	−1.024%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.690	−1.069%	$1.5M	$264K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.610	−1.190%	$120K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.692	−1.066%	$1.3M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.660	−1.115%	$4.7M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.652	−1.127%	$5.1M	$11.5M	10x	as long as short
Injective XAG/USDC PERPlong	+0.0033%	1h	66.400	long leg	$11K	$94K	52x

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix SILVER	+0.0036%	1h	65.634	−1.154%	$56K	$26K	25x	as long as short
Gate XAG_USDT	+0.0038%	4h	65.720	−1.024%	$147.2M	$165.0M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.600	−1.205%	$788K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.103	−0.447%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.654	−1.123%	$3.9M	$701K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.607	−1.194%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.670	−1.099%	$156K	$2.8M	20x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	65.560	−1.265%	$35K	$21K	20x	as long as short
Paradex XAG-USD-PERP	+0.0059%	8h	65.675	−1.091%	$29K	$1K	5x	as long as short
tradeXYZ xyz:SILVER	+0.0065%	1h	65.665	−1.107%	$166.2M	$76.2M	25x	as long as short
Kalshi KXSILVERPERP	+0.0075%	24h	65.655	−1.122%	$569K	$27.3M	8.1x	as long as short
Bybit XAGUSDT	+0.0085%	4h	65.740	−0.994%	$28.4M	$38.4M	150x	as long as short
Aster XAGUSDT	+0.0098%	4h	65.690	−1.069%	$2.7M	$926K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.632	−1.157%	$468K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.670	−1.099%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.600	−1.205%	$112K	$30K	50x	as long as short
Lighter XAG	+0.0120%	1h	65.668	−1.102%	$5.4M	$11.0M	25x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.734	−1.002%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0137%	4h	65.665	−1.107%	$5.6M	$9.5M	—	as long as short
MEXC SILVER_USDT	+0.0146%	4h	65.730	−1.009%	$117.4M	$153.5M	1000x	as long as short
Binance XAGUSDT	+0.0147%	4h	65.720	−1.024%	$189.6M	$719.0M	100x	as long as short
edgeX XAGUSDC	+0.0157%	4h	65.780	−0.933%	$669K	$313K	30x	as long as short
Nado XAG-PERP	+0.0159%	1h	65.639	−1.147%	$1.3M	$5.5M	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.640	−1.145%	$1.7M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0190%	4h	65.700	−1.054%	$390K	$1.5M	25x	as long as short
BloFin XAG-USDT	+0.0206%	4h	65.670	−1.099%	$2.6M	$605K	100x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.650	−1.130%	$72K	$366K	20x	as long as short
Bitget XAGUSDT	+0.0212%	4h	65.730	−1.009%	$24.5M	$46.8M	100x	as long as short
Aftermath Perps XAGUSD	+0.0214%	1h	65.800	−0.904%	$79K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0219%	8h	65.730	−1.009%	$27.4M	$68.4M	50x	as long as short
Bullet SILVER-USD	+0.0229%	1h	65.693	−1.065%	$43K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0352%	1h	65.608	−1.193%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0360%	1h	65.675	−1.092%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0469%	1h	65.655	−1.122%	$918K	$748K	25x	as long as short