Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0470%/8h= −51.4% APRpaid last 24h −0.093%

Price spread now: Phemex against Kraken Futures+0.050%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now +0.050%, 7d avg +0.110%

Together, before fees−0.108%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.061% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.110%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.209% in total (about -10.9% 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	65.578	0.0470	pay 0.0059% / 1h	3m 12s	$915K	$735K	25x
Short	Phemex XAGUSDT	65.610	0	get 0.0000% / 4h	2h 03m	$1.5M	$280K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$98.64
Price spread: +0.050% → +0.110%: −$6.07
Slippage, 4 orders: −$23.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$150.21
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 45 min ago; Phemex: live order book, 5 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, 45 min ago	3.47 bp	9.2 bp −$9	15.0 bp −$150	102.5 bp −$10.2K	doesn't fit
Sell Phemex live order book, 5 min ago	1.52 bp	7.5 bp −$8	12.9 bp −$129	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
Hibachi XAG/USDT-P	−0.0064%	1h	65.599	+0.033%	$20K	$19K	10x	as long as short
Ondo Perps XAG-USD.P	−0.0008%	1h	65.550	−0.042%	$5.7M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.582	+0.006%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.600	+0.034%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.700	+0.187%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.610	+0.050%	$1.5M	$280K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.547	−0.046%	$119K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.632	+0.083%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.598	+0.031%	$4.7M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.546	−0.048%	$5.1M	$11.7M	10x	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	+1.254%	$11K	$94K	52x	as long as short
Phoenix SILVER	+0.0036%	1h	65.609	+0.048%	$56K	$26K	25x	as long as short
Gate XAG_USDT	+0.0038%	4h	65.620	+0.065%	$144.3M	$181.5M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.620	+0.065%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.036	+0.699%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.564	−0.021%	$3.9M	$711K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.545	−0.050%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.610	+0.050%	$152K	$2.8M	20x	as long as short
Paradex XAG-USD-PERP	+0.0062%	8h	65.593	+0.023%	$29K	$1K	5x	as long as short
Aster XAGUSDT	+0.0070%	4h	65.620	+0.065%	$2.7M	$944K	100x	as long as short
tradeXYZ xyz:SILVER	+0.0075%	1h	65.579	+0.002%	$170.9M	$82.4M	25x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.590	+0.019%	$462K	$29.3M	8.1x	as long as short
Bybit XAGUSDT	+0.0090%	4h	65.630	+0.080%	$28.9M	$39.1M	150x	as long as short
Hotstuff SILVER-PERP	+0.0096%	1h	65.606	+0.043%	$35K	$21K	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.581	+0.006%	$468K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.580	+0.004%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.640	+0.095%	$112K	$19K	50x	as long as short
Binance XAGUSDT	+0.0117%	4h	65.614	+0.055%	$188.7M	$744.9M	100x	as long as short
Variational Omni XAG	+0.0120%	4h	65.674	+0.146%	$5.5M	$9.5M	—	as long as short
Lighter XAG	+0.0120%	1h	65.609	+0.047%	$5.4M	$11.4M	25x	as long as short
Aevo XAG-PERP	+0.0120%	1h	65.606	+0.043%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0122%	4h	65.600	+0.034%	$112.8M	$162.4M	1000x	as long as short
edgeX XAGUSDC	+0.0139%	4h	65.652	+0.114%	$668K	$313K	30x	as long as short
Nado XAG-PERP	+0.0147%	1h	65.610	+0.049%	$1.3M	$5.6M	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.690	+0.172%	$1.6M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0194%	4h	65.738	+0.244%	$389K	$1.5M	25x	as long as short
Bitget XAGUSDT	+0.0206%	4h	65.610	+0.050%	$23.8M	$46.2M	100x	as long as short
Aftermath Perps XAGUSD	+0.0206%	1h	65.598	+0.032%	$79K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0208%	1h	65.590	+0.019%	$66K	$368K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0208%	8h	65.610	+0.050%	$27.9M	$70.1M	50x	as long as short
Bullet SILVER-USD	+0.0233%	1h	65.611	+0.051%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0320% / S −0.0301%	1h	65.605	+0.042%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0357%	4h	65.650	+0.111%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0470%	1h	65.578	long leg	$915K	$735K	25x