Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h −0.062%

Price spread now: Binance against Kraken Futures+0.182%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.154%−$15 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.182%, 7d avg +0.073%

Together, before fees−0.230%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.109% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.182% now, against its 7-day average of +0.073%): +$11 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.154% in total) that is about 5.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.154% in total (about -8.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAGUSD	65.134	0.0364	pay 0.0046% / 1h	13m 39s	$1.0M	$869K	25x
Short	Binance XAGUSDT	65.253	0.0035	get 0.0018% / 4h	13m 39s	$191.7M	$755.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.182%Rate

Funding earned: −$69.08
Price spread: +0.182% → +0.073%: $10.92
Slippage, 4 orders: −$9.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$87.54
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Binance: live order book, 15 min ago.

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 Kraken Futures live order book, 5 min ago	2.24 bp	8.5 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.77 bp	5.8 bp −$6	5.8 bp −$58	8.9 bp −$890	21.6 bp −$10.8K

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	−0.0028%	1h	65.120	−0.022%	$5.6M	$9.8M	25x	as long as short
Hotstuff SILVER-PERP	−0.0016%	1h	65.081	−0.082%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.145	+0.016%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.270	+0.208%	$27.7M	$39.1M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.125	−0.014%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.170	+0.055%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.210	+0.116%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.180	+0.070%	$1.5M	$279K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.091	−0.067%	$118K	—	250x	as long as short
Gate XAG_USDT	+0.0026%	4h	65.240	+0.162%	$140.6M	$181.4M	100x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	65.190	+0.086%	$4.6M	$9.9M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.134	−0.001%	$5.0M	$11.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.943%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.180	+0.070%	$126.7M	$162.1M	1000x	as long as short
Binance XAGUSDTshort	+0.0035%	4h	65.253	+0.182%	$191.7M	$755.6M	100x
Aster XAGUSDT	+0.0039%	4h	65.244	+0.169%	$2.7M	$976K	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.110	−0.037%	$783K	$2.9M	40x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.210	+0.116%	$161K	$1.4M	20x	as long as short
edgeX XAGUSDC	+0.0046%	4h	65.107	−0.041%	$663K	$314K	30x	as long as short
Vest SI-PERP	+0.0046%	1h	65.555	+0.646%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.150	+0.025%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.119	−0.024%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.095	−0.060%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0054%	8h	65.170	+0.055%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.101	−0.051%	$56K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0069%	1h	65.154	+0.030%	$173.2M	$84.8M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.096	−0.059%	$482K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	64.970	−0.252%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.130	−0.007%	$463K	$600K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.150	+0.024%	$25.3M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.070	−0.099%	$111K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.237	+0.158%	$1.2M	$4.8M	20x	as long as short
BloFin XAG-USDT	+0.0139%	4h	65.100	−0.053%	$2.7M	$624K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.139	+0.008%	$394K	$1.6M	25x	as long as short
Bitget XAGUSDT	+0.0160%	4h	65.210	+0.116%	$23.2M	$44.9M	100x	as long as short
Nado XAG-PERP	+0.0160%	1h	65.082	−0.080%	$1.2M	$4.7M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0172%	8h	65.260	+0.193%	$28.4M	$70.5M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.185	+0.078%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0193%	1h	65.105	−0.045%	$78K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0211%	1h	65.140	+0.009%	$65K	$396K	20x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	65.060	−0.115%	$20K	$17K	10x	as long as short
Bullet SILVER-USD	+0.0235%	1h	65.169	+0.052%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.115	−0.030%	$92K	—	111x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0364%	1h	65.134	long leg	$1.0M	$869K	25x