Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h −0.055%

Price spread now: Phemex against Nado+0.123%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.123%, 7d avg +0.074%

Together, before fees−0.083%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.048% dearer against Nado than usual: you sell high and buy low (spread +0.123% now, against its 7-day average of +0.074%): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XAG-PERP	66.718	0.0132	pay 0.0016% / 1h	51m 35s	$1.3M	$6.5M	10x
Short	Phemex XAGUSDT	66.800	0	get 0.0000% / 4h	3h 51m	$1.5M	$251K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$27.62
Price spread: +0.123% → +0.074%: $4.83
Slippage, 4 orders: −$13.79
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.58
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Phemex: live order book, 1 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 Nado live order book, 2 min ago	0.08 bp	4.1 bp −$4	9.9 bp −$99	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.75 bp	11.2 bp −$11	17.9 bp −$179	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	66.742	+0.036%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.770	+0.078%	$26.1M	$35.3M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.780	+0.093%	$155.6M	$165.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.790	+0.108%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.860	+0.213%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.800	+0.123%	$1.5M	$251K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.751	+0.049%	$121K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0024%	1h	66.771	+0.079%	$36K	$21K	20x	as long as short
Lighter RH XAG	+0.0032%	1h	66.782	+0.096%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.739	+0.031%	$5.4M	$13.2M	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	−0.477%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.750	+0.048%	$803K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	67.223	+0.757%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.670	−0.072%	$57K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.765	+0.070%	$166.2M	$85.8M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.742	+0.036%	$3.9M	$699K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.749	+0.046%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.660	−0.087%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0051%	1h	66.750	+0.048%	$115K	$2.8M	20x	as long as short
BloFin XAG-USDT	+0.0056%	4h	66.800	+0.123%	$2.6M	$671K	100x	as long as short
Kalshi KXSILVERPERP	+0.0060%	24h	66.731	+0.019%	$570K	$21.8M	8.1x	as long as short
Variational Omni XAG	+0.0087%	4h	66.806	+0.132%	$5.6M	$10.1M	—	as long as short
Lighter XAG	+0.0088%	1h	66.790	+0.108%	$5.4M	$10.4M	25x	as long as short
Paradex XAG-USD-PERP	+0.0091%	8h	66.778	+0.089%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.745	+0.040%	$482K	$624K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.770	+0.078%	$24.7M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.750	+0.048%	$127K	$26K	50x	as long as short
Aster XAGUSDT	+0.0106%	4h	66.780	+0.093%	$2.8M	$1.1M	100x	as long as short
Binance XAGUSDT	+0.0110%	4h	66.760	+0.063%	$192.2M	$725.6M	100x	as long as short
MEXC SILVER_USDT	+0.0110%	4h	66.790	+0.108%	$116.4M	$154.7M	1000x	as long as short
Aevo XAG-PERP	+0.0112%	1h	66.762	+0.066%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0115%	4h	66.802	+0.125%	$678K	$314K	30x	as long as short
Nado XAG-PERPlong	+0.0132%	1h	66.718	long leg	$1.3M	$6.5M	10x
RISEx XAG/USDC	+0.0148%	1h	66.769	+0.076%	$1.3M	$4.2M	20x	as long as short
Bitget XAGUSDT	+0.0166%	4h	66.770	+0.078%	$24.8M	$48.8M	100x	as long as short
Aftermath Perps XAGUSD	+0.0174%	1h	66.733	+0.023%	$80K	$40K	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.760	+0.063%	$1.9M	$963K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0190%	8h	66.760	+0.063%	$28.2M	$67.6M	50x	as long as short
Bullet SILVER-USD	+0.0191%	1h	66.801	+0.124%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	66.759	+0.061%	$20K	$22K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.790	+0.108%	$397K	$1.5M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.815	+0.145%	$104K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0349%	1h	66.800	+0.123%	$51K	$348K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0487%	1h	66.762	+0.066%	$767K	$592K	25x	as long as short