Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Bybit against Phemex−0.015%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 3 days (all we have)−0.095%−$10 · spread now −0.015%, 7d avg −0.035%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.260	0	get 0.0000% / 4h	1h 16m	$1.5M	$248K	100x
Short	Bybit XAGUSDT	66.250	0	get 0.0000% / 4h	1h 16m	$25.6M	$33.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.015%Rate

Funding earned: $0
Price spread: −0.015% → −0.035%: $1.99
Slippage, 4 orders: −$12.56
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.57
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Bybit: live order book, 2 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 Phemex live order book, 1 min ago	0.75 bp	11.2 bp −$11	17.9 bp −$179	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.75 bp	7.0 bp −$7	9.0 bp −$90	16.3 bp −$1,630	67.0 bp −$33.5K

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
Kraken Futures PF_XAGUSD	−0.0272%	1h	66.209	−0.076%	$766K	$569K	25x	as long as short
dYdX XAG-USD	0.0000%	1h	66.175	−0.128%	$15K	—	5x	as long as short
Bybit XAGUSDTshort	0.0000%	4h	66.250	−0.015%	$25.6M	$33.3M	150x
RISEx XAG/USDC	0.0000%	1h	66.250	−0.015%	$1.3M	$4.2M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.240	−0.030%	$146.2M	$173.0M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.250	−0.015%	$2K	$3.1M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.280	+0.030%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.260	long leg	$1.5M	$248K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.179	−0.123%	$120K	—	250x	as long as short
QFEX SILVER-USD	+0.0016%	1h	66.220	−0.060%	$144K	$2.8M	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	66.229	−0.047%	$4.7M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.171	−0.134%	$5.5M	$12.4M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.211%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.180	−0.121%	$792K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.679	+0.632%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.203	−0.086%	$165.0M	$88.3M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.211	−0.074%	$3.9M	$698K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.176	−0.127%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.140	−0.181%	$5.7M	$9.9M	25x	as long as short
Kalshi KXSILVERPERP	+0.0057%	24h	66.194	−0.100%	$583K	$21.3M	8.1x	as long as short
Aster XAGUSDT	+0.0060%	4h	66.252	−0.012%	$2.8M	$1.0M	100x	as long as short
Bitget XAGUSDT	+0.0062%	4h	66.250	−0.015%	$24.0M	$47.7M	100x	as long as short
Variational Omni XAG	+0.0064%	4h	66.237	−0.035%	$5.5M	$10.5M	—	as long as short
Hotstuff SILVER-PERP	+0.0072%	1h	66.210	−0.075%	$35K	$21K	20x	as long as short
Phoenix SILVER	+0.0073%	1h	66.194	−0.100%	$56K	$26K	25x	as long as short
MEXC SILVER_USDT	+0.0080%	4h	66.240	−0.030%	$118.2M	$181.8M	1000x	as long as short
Binance XAGUSDT	+0.0081%	4h	66.239	−0.032%	$189.7M	$727.4M	100x	as long as short
edgeX XAGUSDC	+0.0084%	4h	66.235	−0.037%	$672K	$315K	30x	as long as short
Aevo XAG-PERP	+0.0088%	1h	66.237	−0.034%	$48K	—	10x	as long as short
Pacifica XAG	+0.0100%	1h	66.184	−0.115%	$473K	$625K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.210	−0.075%	$24.3M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.180	−0.121%	$113K	$26K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	66.220	−0.060%	$1.9M	$862K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0110%	4h	66.240	−0.030%	$390K	$1.5M	25x	as long as short
Paradex XAG-USD-PERP	+0.0116%	8h	66.230	−0.046%	$30K	$1K	5x	as long as short
BloFin XAG-USDT	+0.0123%	4h	66.250	−0.015%	$2.5M	$847K	100x	as long as short
Aftermath Perps XAGUSD	+0.0125%	1h	66.191	−0.103%	$80K	$40K	10x	as long as short
Lighter XAG	+0.0128%	1h	66.227	−0.050%	$5.2M	$11.0M	25x	as long as short
Hibachi XAG/USDT-P	+0.0144%	1h	66.193	−0.100%	$20K	$22K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0171%	8h	66.260	0.000%	$27.3M	$66.4M	50x	as long as short
Nado XAG-PERP	+0.0221%	1h	66.188	−0.108%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0264%	1h	66.249	−0.016%	$44K	$74K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0303% / S −0.0300%	1h	66.245	−0.023%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0354%	1h	66.230	−0.045%	$51K	$359K	20x	as long as short