XAG

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0304%/8h= −33.3% APRnext payment −$0.38 per $10,000 · paid last 24h −0.028%

Price spread now: Coinbase International against Kraken Futures−0.005%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.005%, 7d avg +0.045%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Coinbase International is 0.049% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.051%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.051% in total (about 2.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. 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	66.533	0.0488	pay 0.0061% / 1h	4m 13s	$765K	$564K	25x
Short	Coinbase International SILVER-PERP-INTX	66.530	0.0184	get 0.0023% / 1h	4m 13s	$1.9M	$934K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$63.92
Price spread: −0.005% → +0.045%: −$4.92
Slippage, 4 orders: −$10.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$99.39
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	2.75 bp	8.9 bp −$9	13.7 bp −$137	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.75 bp	7.3 bp −$7	9.2 bp −$92	doesn't fit	doesn't fit

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	66.473	−0.090%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.580	+0.070%	$25.6M	$35.7M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.580	+0.070%	$155.1M	$169.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.580	+0.070%	$2K	$2.9M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.620	+0.131%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.580	+0.070%	$1.5M	$251K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.498	−0.053%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.539	+0.009%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.495	−0.057%	$5.4M	$12.4M	10x	as long as short
Hotstuff SILVER-PERP	+0.0032%	1h	66.523	−0.015%	$35K	$21K	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.200%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.570	+0.055%	$801K	$2.8M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.993	+0.691%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.497	−0.054%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.535	+0.003%	$3.9M	$700K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.487	−0.069%	$3K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.460	−0.110%	$5.7M	$9.5M	25x	as long as short
QFEX SILVER-USD	+0.0051%	1h	66.550	+0.025%	$115K	$2.8M	20x	as long as short
Kalshi KXSILVERPERP	+0.0059%	24h	66.513	−0.030%	$563K	$21.5M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0070%	1h	66.533	0.000%	$165.8M	$84.7M	25x	as long as short
Aster XAGUSDT	+0.0095%	4h	66.575	+0.062%	$2.8M	$1.1M	100x	as long as short
BloFin XAG-USDT	+0.0098%	4h	66.550	+0.025%	$2.6M	$696K	100x	as long as short
Pacifica XAG	+0.0100%	1h	66.506	−0.041%	$474K	$619K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.530	−0.005%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.480	−0.080%	$126K	$24K	50x	as long as short
Variational Omni XAG	+0.0102%	4h	66.563	+0.044%	$5.6M	$9.9M	—	as long as short
Paradex XAG-USD-PERP	+0.0111%	8h	66.548	+0.023%	$30K	$1K	5x	as long as short
Aevo XAG-PERP	+0.0112%	1h	66.559	+0.039%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0116%	4h	66.570	+0.055%	$108.8M	$160.6M	1000x	as long as short
Binance XAGUSDT	+0.0118%	4h	66.566	+0.049%	$193.5M	$717.0M	100x	as long as short
edgeX XAGUSDC	+0.0119%	4h	66.554	+0.031%	$675K	$314K	30x	as long as short
Lighter XAG	+0.0128%	1h	66.548	+0.022%	$5.4M	$10.6M	25x	as long as short
RISEx XAG/USDC	+0.0148%	1h	66.567	+0.051%	$1.3M	$4.2M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0180%	4h	66.550	+0.026%	$402K	$1.5M	25x	as long as short
Coinbase International SILVER-PERP-INTXshort	+0.0184%	1h	66.530	−0.005%	$1.9M	$934K	20x
Nado XAG-PERP	+0.0187%	1h	66.515	−0.027%	$1.3M	$6.5M	10x	as long as short
Bitget XAGUSDT	+0.0192%	4h	66.570	+0.055%	$24.6M	$47.5M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0195%	8h	66.560	+0.040%	$28.0M	$66.8M	50x	as long as short
Aftermath Perps XAGUSD	+0.0206%	1h	66.520	−0.020%	$80K	$39K	10x	as long as short
Bullet SILVER-USD	+0.0250%	1h	66.576	+0.064%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.500	−0.050%	$20K	$22K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.575	+0.063%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0352%	1h	66.540	+0.010%	$50K	$336K	20x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0488%	1h	66.533	long leg	$765K	$564K	25x