Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Phemex against Lighter RH+0.009%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now +0.009%, 7d avg +0.069%

Together, before fees+0.049%+ Points / potential airdropLighter RH: Points live · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.060% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.069%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XAG	65.624	0.0032	pay 0.0004% / 1h	4m 34s	$4.7M	$9.6M	25x
Short	Phemex XAGUSDT	65.630	0	get 0.0000% / 4h	2h 04m	$1.5M	$280K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$6.72
Price spread: +0.009% → +0.069%: −$5.96
Slippage, 4 orders: −$18.17
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.85
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 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 RH live order book, 4 min ago	1.42 bp	1.4 bp −$1	2.6 bp −$26	22.0 bp −$2,196	doesn't fit
Sell Phemex live order book, 3 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	−0.0040%	1h	65.660	+0.055%	$20K	$19K	10x	as long as short
Ondo Perps XAG-USD.P	−0.0006%	1h	65.520	−0.159%	$5.7M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.582	−0.065%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.650	+0.039%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.690	+0.100%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.630	+0.009%	$1.5M	$280K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.587	−0.057%	$119K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.654	+0.045%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAGlong	+0.0032%	1h	65.624	long leg	$4.7M	$9.6M	25x
Extended XAG-USD	+0.0032%	1h	65.580	−0.067%	$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	+1.182%	$11K	$94K	52x	as long as short
Phoenix SILVER	+0.0036%	1h	65.609	−0.023%	$56K	$26K	25x	as long as short
Gate XAG_USDT	+0.0040%	4h	65.650	+0.039%	$144.3M	$181.3M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.630	+0.009%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.079	+0.693%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.602	−0.034%	$3.9M	$711K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.571	−0.081%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.640	+0.024%	$152K	$2.8M	20x	as long as short
Paradex XAG-USD-PERP	+0.0062%	8h	65.620	−0.006%	$29K	$1K	5x	as long as short
Aster XAGUSDT	+0.0074%	4h	65.640	+0.024%	$2.7M	$944K	100x	as long as short
tradeXYZ xyz:SILVER	+0.0076%	1h	65.600	−0.037%	$170.9M	$82.3M	25x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.626	+0.003%	$461K	$29.3M	8.1x	as long as short
Hotstuff SILVER-PERP	+0.0096%	1h	65.606	−0.028%	$35K	$21K	20x	as long as short
Bybit XAGUSDT	+0.0098%	4h	65.670	+0.070%	$28.9M	$39.2M	150x	as long as short
Pacifica XAG	+0.0100%	1h	65.580	−0.067%	$468K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.610	−0.021%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.680	+0.085%	$112K	$23K	50x	as long as short
Variational Omni XAG	+0.0120%	4h	65.674	+0.075%	$5.5M	$9.5M	—	as long as short
Binance XAGUSDT	+0.0124%	4h	65.642	+0.027%	$188.8M	$745.4M	100x	as long as short
Lighter XAG	+0.0128%	1h	65.626	+0.003%	$5.4M	$11.4M	25x	as long as short
MEXC SILVER_USDT	+0.0128%	4h	65.630	+0.009%	$112.6M	$162.3M	1000x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.618	−0.009%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0148%	4h	65.729	+0.160%	$669K	$313K	30x	as long as short
Nado XAG-PERP	+0.0148%	1h	65.589	−0.053%	$1.3M	$5.6M	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.690	+0.100%	$1.6M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0194%	4h	65.738	+0.173%	$389K	$1.5M	25x	as long as short
Aftermath Perps XAGUSD	+0.0207%	1h	65.617	−0.011%	$79K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.610	−0.021%	$66K	$368K	20x	as long as short
Bitget XAGUSDT	+0.0208%	4h	65.640	+0.024%	$23.8M	$46.3M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0211%	8h	65.650	+0.039%	$27.9M	$70.1M	50x	as long as short
Bullet SILVER-USD	+0.0236%	1h	65.651	+0.041%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0320% / S −0.0301%	1h	65.635	+0.017%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0369%	4h	65.660	+0.055%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0470%	1h	65.595	−0.044%	$915K	$735K	25x	as long as short