Funding you earn now, next payment 02:00 UTC−0.0465%/8h= −50.9% APRnext payment −$0.58 per $10,000 · paid last 24h −0.071%
Price spread now: Phoenix against Kraken Futures−0.089%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.070%−$7 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 −$14 a day on $10k at the current rate, and Phoenix is 0.089% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.070% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 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 | 66.303 | 0.0549 | pay 0.0069% / 1h | 30m 34s | $916K | $675K | 25x |
| Short | Phoenix SILVER | 66.244 | 0.0084 | get 0.0011% / 1h | 30m 34s | $56K | $26K | 25x |
Kraken Futures PF_XAGUSD
Phoenix SILVERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$97.59
- Price spread: −0.089% → 0.000%
- −$8.94
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$123.52
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 33 min ago; Phoenix: no order-book sample. 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 Kraken Futures live order book, 33 min ago | 2.64 bp | 8.5 bp −$9 | 14.1 bp −$141 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | 66.279 | −0.036% | $15K | — | 5x | as long as short |
| Hotstuff SILVER-PERP | 0.0000% | 1h | 66.301 | −0.003% | $35K | $21K | 20x | as long as short |
| Gate XAG_USDT | 0.0000% | 4h | 66.360 | +0.086% | $150.5M | $163.8M | 100x | as long as short |
| SunX XAG-USDT | 0.0000% | 4h | 66.320 | +0.025% | $2K | $2.7M | 20x | as long as short |
| HTX XAG-USDT | 0.0000% | 4h | 66.360 | +0.086% | $1.0M | $1.1M | 75x | as long as short |
| Phemex XAGUSDT | 0.0000% | 4h | 66.350 | +0.071% | $1.5M | $251K | 100x | as long as short |
| gTrade (Gains Network) XAG/USD | L +0.0004% / S −0.0006% | 1h | 66.260 | −0.065% | $121K | — | 250x | as long as short |
| Lighter RH XAG | +0.0032% | 1h | 66.339 | +0.054% | $4.8M | $9.4M | 25x | as long as short |
| Extended XAG-USD | +0.0032% | 1h | 66.281 | −0.034% | $5.3M | $12.2M | 10x | as long as short |
| Injective XAG/USDC PERP | +0.0033% | 1h | 66.400 | +0.146% | $11K | $94K | 52x | as long as short |
dYdX XAG-USD
Hotstuff SILVER-PERP
Gate XAG_USDT
SunX XAG-USDT
HTX XAG-USDT
Phemex XAGUSDT
gTrade (Gains Network) XAG/USD
Lighter RH XAG
Extended XAG-USD
Injective XAG/USDC PERPShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX XAG-USD | +0.0040% | 1h | 66.280 | −0.035% | $797K | $2.9M | 40x | as long as short |
| Vest SI-PERP | +0.0046% | 1h | 66.780 | +0.719% | — | — | 25x | as long as short |
| Polymarket Perps SILVER-USD | +0.0050% | 1h | 66.325 | +0.033% | $3.9M | $672K | 20x | as long as short |
| SoDEX SILVER-USD | +0.0050% | 1h | 66.266 | −0.056% | $3K | $6K | 20x | as long as short |
| Ondo Perps XAG-USD.P | +0.0050% | 1h | 66.250 | −0.080% | $5.7M | $9.8M | 25x | as long as short |
| QFEX SILVER-USD | +0.0062% | 1h | 66.340 | +0.055% | $115K | $2.7M | 20x | as long as short |
| Kalshi KXSILVERPERP | +0.0064% | 24h | 66.282 | −0.032% | $571K | $24.5M | 8.1x | as long as short |
| Phoenix SILVERshort | +0.0084% | 1h | 66.244 | −0.089% | $56K | $26K | 25x | |
| tradeXYZ xyz:SILVER | +0.0094% | 1h | 66.324 | +0.031% | $166.1M | $74.1M | 25x | as long as short |
| Pacifica XAG | +0.0100% | 1h | 66.285 | −0.028% | $472K | $607K | 10x | as long as short |
| KuCoin XAGUSDTM | +0.0100% | 4h | 66.310 | +0.010% | $24.5M | $4.5M | 75x | as long as short |
| ApeX Omni XAGUSDT | +0.0100% | 1h | 66.210 | −0.141% | $113K | $30K | 50x | as long as short |
| Paradex XAG-USD-PERP | +0.0135% | 8h | 66.344 | +0.062% | $30K | $1K | 5x | as long as short |
| Aster XAGUSDT | +0.0137% | 4h | 66.340 | +0.055% | $2.7M | $877K | 100x | as long as short |
| BloFin XAG-USDT | +0.0149% | 4h | 66.300 | −0.005% | $2.6M | $553K | 100x | as long as short |
| Bybit XAGUSDT | +0.0164% | 4h | 66.370 | +0.101% | $26.9M | $36.2M | 150x | as long as short |
| Aevo XAG-PERP | +0.0176% | 1h | 66.330 | +0.040% | $48K | — | 10x | as long as short |
| Variational Omni XAG | +0.0179% | 4h | 66.321 | +0.027% | $5.6M | $9.8M | — | as long as short |
| RISEx XAG/USDC | +0.0181% | 1h | 66.359 | +0.084% | $1.3M | $4.5M | 20x | as long as short |
| Lighter XAG | +0.0184% | 1h | 66.338 | +0.052% | $5.3M | $10.5M | 25x | as long as short |
| MEXC SILVER_USDT | +0.0192% | 4h | 66.360 | +0.086% | $111.3M | $152.2M | 1000x | as long as short |
| Coinbase International SILVER-PERP-INTX | +0.0192% | 1h | 66.250 | −0.080% | $1.9M | $980K | 20x | as long as short |
| Binance XAGUSDT | +0.0195% | 4h | 66.360 | +0.086% | $192.3M | $706.2M | 100x | as long as short |
| edgeX XAGUSDC | +0.0198% | 4h | 66.273 | −0.045% | $672K | $315K | 30x | as long as short |
| Nado XAG-PERP | +0.0214% | 1h | 66.299 | −0.007% | $1.3M | $6.5M | 10x | as long as short |
| OKX XAG-USDT-SWAP | +0.0216% | 8h | 66.350 | +0.071% | $27.8M | $65.9M | 50x | as long as short |
| Aftermath Perps XAGUSD | +0.0235% | 1h | 66.221 | −0.125% | $80K | $38K | 10x | as long as short |
| Bitget XAGUSDT | +0.0248% | 4h | 66.360 | +0.086% | $23.8M | $45.9M | 100x | as long as short |
| GRVT XAG_USDT_Perp | +0.0264% | 4h | 66.280 | −0.035% | $402K | $1.5M | 25x | as long as short |
| Hibachi XAG/USDT-P | +0.0264% | 1h | 66.282 | −0.032% | $20K | $22K | 10x | as long as short |
| Bullet SILVER-USD | +0.0280% | 1h | 66.358 | +0.083% | $45K | $75K | 10x | as long as short |
| GMX SILVER/USD [ETH-USDC] | L +0.0348% / S −0.0368% | 1h | 66.335 | +0.048% | $103K | — | 111x | as long as short |
| Deribit SILVER_USDC-PERPETUAL | +0.0504% | 1h | 66.330 | +0.040% | $50K | $322K | 20x | as long as short |
| Kraken Futures PF_XAGUSDlong | +0.0549% | 1h | 66.303 | long leg | $916K | $675K | 25x |
StandX XAG-USD
Vest SI-PERP
Polymarket Perps SILVER-USD
SoDEX SILVER-USD
Ondo Perps XAG-USD.P
QFEX SILVER-USD
Kalshi KXSILVERPERP
tradeXYZ xyz:SILVER
Pacifica XAG
KuCoin XAGUSDTM
ApeX Omni XAGUSDT
Paradex XAG-USD-PERP
Aster XAGUSDT
BloFin XAG-USDT
Bybit XAGUSDT
Aevo XAG-PERP
Variational Omni XAG
RISEx XAG/USDC
Lighter XAG
MEXC SILVER_USDT
Coinbase International SILVER-PERP-INTX
Binance XAGUSDT
edgeX XAGUSDC
Nado XAG-PERP
OKX XAG-USDT-SWAP
Aftermath Perps XAGUSD
Bitget XAGUSDT
GRVT XAG_USDT_Perp
Hibachi XAG/USDT-P
Bullet SILVER-USD
GMX SILVER/USD [ETH-USDC]
Deribit SILVER_USDC-PERPETUAL