Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.041%

Price spread now: Phemex against Lighter+0.019%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now +0.019%, 7d avg +0.057%

Together, before fees−0.039%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.038% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAG	66.347	0.0184	pay 0.0023% / 1h	29m 57s	$5.3M	$10.5M	25x
Short	Phemex XAGUSDT	66.360	0	get 0.0000% / 4h	1h 29m	$1.5M	$251K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$38.64
Price spread: +0.019% → +0.057%: −$3.75
Slippage, 4 orders: −$11.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.51
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Phemex: live order book, 3 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 Lighter live order book, 3 min ago	0.32 bp	0.4 bp $0	0.5 bp −$5	5.7 bp −$566	17.1 bp −$8,570
Sell Phemex live order book, 3 min ago	2.26 bp	12.7 bp −$13	16.0 bp −$160	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	66.279	−0.102%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.301	−0.069%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.370	+0.035%	$150.5M	$163.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.350	+0.004%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.360	+0.019%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.360	+0.019%	$1.5M	$251K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.290	−0.086%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.338	−0.014%	$4.8M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.287	−0.091%	$5.2M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.080%	$11K	$94K	52x	as long as short

Show 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	−0.101%	$797K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.780	+0.652%	—	—	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	66.285	−0.094%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.250	−0.146%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.340	−0.011%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0064%	24h	66.304	−0.065%	$571K	$24.5M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.244	−0.155%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0094%	1h	66.320	−0.041%	$166.1M	$74.1M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.285	−0.094%	$472K	$607K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.310	−0.056%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.210	−0.207%	$113K	$30K	50x	as long as short
Paradex XAG-USD-PERP	+0.0135%	8h	66.344	−0.004%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0137%	4h	66.350	+0.004%	$2.7M	$877K	100x	as long as short
BloFin XAG-USDT	+0.0149%	4h	66.300	−0.071%	$2.6M	$553K	100x	as long as short
Bybit XAGUSDT	+0.0164%	4h	66.370	+0.035%	$26.9M	$36.2M	150x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.352	+0.007%	$48K	—	10x	as long as short
Variational Omni XAG	+0.0179%	4h	66.321	−0.039%	$5.6M	$9.8M	—	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.359	+0.018%	$1.3M	$4.5M	20x	as long as short
Lighter XAGlong	+0.0184%	1h	66.347	long leg	$5.3M	$10.5M	25x
MEXC SILVER_USDT	+0.0192%	4h	66.350	+0.004%	$111.3M	$152.2M	1000x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.250	−0.146%	$1.9M	$980K	20x	as long as short
Binance XAGUSDT	+0.0195%	4h	66.360	+0.019%	$192.3M	$706.4M	100x	as long as short
edgeX XAGUSDC	+0.0198%	4h	66.273	−0.111%	$672K	$315K	30x	as long as short
Nado XAG-PERP	+0.0214%	1h	66.299	−0.073%	$1.3M	$6.5M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	66.360	+0.019%	$27.8M	$65.9M	50x	as long as short
Aftermath Perps XAGUSD	+0.0234%	1h	66.236	−0.168%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0248%	4h	66.360	+0.019%	$23.8M	$45.9M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0264%	4h	66.280	−0.101%	$402K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0264%	1h	66.282	−0.098%	$20K	$22K	10x	as long as short
Bullet SILVER-USD	+0.0280%	1h	66.358	+0.016%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0348% / S −0.0368%	1h	66.365	+0.027%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.340	−0.011%	$50K	$322K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.330	−0.026%	$916K	$674K	25x	as long as short