Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.055%

Price spread now: Coinbase International against Phemex−0.276%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 4 days (all we have)+0.196%+$20 · spread now −0.276%, 7d avg −0.067%

Together, before fees+0.450%+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.209% cheaper against Phemex than usual: you would sell low and buy high (spread −0.276% now, against its 7-day average of −0.067%). If the spread goes back, that is −$21 on $10k: about 7.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.150	0	get 0.0000% / 4h	8m 29s	$1.5M	$278K	100x
Short	Coinbase International SILVER-PERP-INTX	64.970	0.0096	get 0.0012% / 1h	8m 29s	$1.6M	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.276%Rate

Funding earned: $20.16
Price spread: −0.276% → −0.067%: −$20.93
Slippage, 4 orders: −$13.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$36.53
Costs to cover: 0.358%
Break-even: 19.7 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 5 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, 4 min ago	1.53 bp	11.9 bp −$12	18.5 bp −$185	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.77 bp	7.2 bp −$7	7.9 bp −$79	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
Ondo Perps XAG-USD.P	−0.0028%	1h	65.000	−0.230%	$5.7M	$9.9M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.061	−0.137%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.120	−0.046%	$27.7M	$39.1M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.227	+0.118%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.150	0.000%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.170	+0.031%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.150	long leg	$1.5M	$278K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.080	−0.107%	$118K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0016%	1h	65.121	−0.045%	$35K	$21K	20x	as long as short
Gate XAG_USDT	+0.0028%	4h	65.130	−0.031%	$140.3M	$181.5M	100x	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	65.111	−0.061%	$4.6M	$10.0M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.052	−0.150%	$5.0M	$11.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.919%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.100	−0.077%	$125.9M	$162.3M	1000x	as long as short
Binance XAGUSDT	+0.0034%	4h	65.116	−0.053%	$191.3M	$755.4M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.240	+0.138%	$785K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0040%	4h	65.120	−0.046%	$2.7M	$981K	100x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.110	−0.061%	$170K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.535	+0.591%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.147	−0.005%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.128	−0.034%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.088	−0.095%	$3K	$6K	20x	as long as short
edgeX XAGUSDC	+0.0050%	4h	65.251	+0.155%	$664K	$312K	30x	as long as short
Paradex XAG-USD-PERP	+0.0053%	8h	65.092	−0.088%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.211	+0.094%	$56K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0069%	1h	65.089	−0.094%	$173.0M	$84.5M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.146	−0.006%	$490K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTXshort	+0.0096%	1h	64.970	−0.276%	$1.6M	$1.4M	20x
Pacifica XAG	+0.0100%	1h	65.058	−0.140%	$463K	$598K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.080	−0.107%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.200	+0.077%	$111K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.118	−0.049%	$1.3M	$4.9M	20x	as long as short
BloFin XAG-USDT	+0.0138%	4h	65.150	0.000%	$2.7M	$625K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.219	+0.106%	$394K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0155%	1h	65.065	−0.131%	$1.2M	$4.7M	10x	as long as short
Bitget XAGUSDT	+0.0160%	4h	65.120	−0.046%	$23.2M	$44.8M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0172%	8h	65.130	−0.031%	$28.4M	$70.4M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.111	−0.060%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0192%	1h	65.145	−0.007%	$78K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0211%	1h	65.130	−0.031%	$65K	$397K	20x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	65.173	+0.035%	$20K	$17K	10x	as long as short
Bullet SILVER-USD	+0.0234%	1h	65.159	+0.014%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.145	−0.008%	$92K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0364%	1h	65.119	−0.048%	$1.0M	$869K	25x	as long as short