Funding you earn now, next payment 03:00 UTC+0.0504%/8h= +55.2% APRpaid last 24h +0.087%
Price spread now: Deribit against Phemex0.000%7-day average −0.045% · 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−$29as in the Price arb table
costs, in and out, $10k−$340.338% of the position
Funding, last 4 days (all we have)+0.133%+$13 on $10k
+Price spread, last 3 days (all we have)−0.070%−$7 · spread now 0.000%, 7d avg −0.045%
=Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Deribit is 0.045% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.045%.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.133% in total (about 12.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex XAGUSDT | 66.370 | 0 | get 0.0000% / 4h | 1h 53m | $1.5M | $250K | 100x |
| Short | Deribit SILVER_USDC-PERPETUAL | 66.370 | 0.0504 | get 0.0063% / 1h | 53m 59s | $50K | $326K | 20x |
Phemex XAGUSDT
Deribit SILVER_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $105.82
- Price spread: 0.000% → −0.045%
- $4.46
- Slippage, 4 orders
- −$14.81
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $76.48
- Costs to cover
- 0.338%
- Break-even
- 1.9 days
Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 10 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 | 3.01 bp | 10.4 bp −$10 | 17.9 bp −$179 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 10 min ago | 0.75 bp | 4.3 bp −$4 | 5.9 bp −$59 | doesn't fit | doesn't fit |
XAG on 43 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 | 66.350 | −0.030% | $15K | — | 5x | as long as short |
| Gate XAG_USDT | 0.0000% | 4h | 66.370 | 0.000% | $152.3M | $161.5M | 100x | as long as short |
| SunX XAG-USDT | 0.0000% | 4h | 66.370 | 0.000% | $2K | $2.8M | 20x | as long as short |
| HTX XAG-USDT | 0.0000% | 4h | 66.420 | +0.075% | $1.1M | $1.1M | 75x | as long as short |
| Phemex XAGUSDTlong | 0.0000% | 4h | 66.370 | long leg | $1.5M | $250K | 100x | |
| gTrade (Gains Network) XAG/USD | L +0.0004% / S −0.0006% | 1h | 66.311 | −0.089% | $121K | — | 250x | as long as short |
| Lighter RH XAG | +0.0032% | 1h | 66.341 | −0.044% | $4.8M | $9.4M | 25x | as long as short |
| Extended XAG-USD | +0.0032% | 1h | 66.299 | −0.106% | $5.3M | $12.2M | 10x | as long as short |
| Injective XAG/USDC PERP | +0.0033% | 1h | 66.400 | +0.045% | $11K | $94K | 52x | as long as short |
| StandX XAG-USD | +0.0040% | 1h | 66.370 | 0.000% | $798K | $2.9M | 40x | as long as short |
dYdX XAG-USD
Gate XAG_USDT
SunX XAG-USDT
HTX XAG-USDT
gTrade (Gains Network) XAG/USD
Lighter RH XAG
Extended XAG-USD
Injective XAG/USDC PERP
StandX XAG-USDShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps XAG-USD.P | +0.0042% | 1h | 66.260 | −0.166% | $5.7M | $9.7M | 25x | as long as short |
| Vest SI-PERP | +0.0046% | 1h | 66.818 | +0.675% | — | — | 25x | as long as short |
| Phoenix SILVER | +0.0048% | 1h | 66.307 | −0.095% | $56K | $26K | 25x | as long as short |
| Polymarket Perps SILVER-USD | +0.0050% | 1h | 66.347 | −0.035% | $3.9M | $672K | 20x | as long as short |
| SoDEX SILVER-USD | +0.0050% | 1h | 66.306 | −0.096% | $3K | $6K | 20x | as long as short |
| QFEX SILVER-USD | +0.0062% | 1h | 66.360 | −0.015% | $115K | $2.7M | 20x | as long as short |
| Kalshi KXSILVERPERP | +0.0063% | 24h | 66.352 | −0.027% | $544K | $24.5M | 8.1x | as long as short |
| Pacifica XAG | +0.0100% | 1h | 66.343 | −0.041% | $472K | $607K | 10x | as long as short |
| KuCoin XAGUSDTM | +0.0100% | 4h | 66.330 | −0.060% | $24.5M | $4.5M | 75x | as long as short |
| ApeX Omni XAGUSDT | +0.0100% | 1h | 66.330 | −0.060% | $113K | $30K | 50x | as long as short |
| tradeXYZ xyz:SILVER | +0.0102% | 1h | 66.322 | −0.072% | $166.0M | $74.7M | 25x | as long as short |
| Paradex XAG-USD-PERP | +0.0141% | 8h | 66.391 | +0.031% | $30K | $1K | 5x | as long as short |
| Aster XAGUSDT | +0.0142% | 4h | 66.380 | +0.015% | $2.7M | $943K | 100x | as long as short |
| Bybit XAGUSDT | +0.0149% | 4h | 66.380 | +0.015% | $26.7M | $36.2M | 150x | as long as short |
| Lighter XAG | +0.0168% | 1h | 66.350 | −0.030% | $5.3M | $10.4M | 25x | as long as short |
| Aevo XAG-PERP | +0.0176% | 1h | 66.368 | −0.003% | $48K | — | 10x | as long as short |
| Variational Omni XAG | +0.0178% | 4h | 66.354 | −0.024% | $5.5M | $9.8M | — | as long as short |
| RISEx XAG/USDC | +0.0181% | 1h | 66.380 | +0.015% | $1.2M | $4.4M | 20x | as long as short |
| MEXC SILVER_USDT | +0.0192% | 4h | 66.360 | −0.015% | $111.6M | $151.6M | 1000x | as long as short |
| Coinbase International SILVER-PERP-INTX | +0.0192% | 1h | 66.350 | −0.030% | $1.9M | $973K | 20x | as long as short |
| Binance XAGUSDT | +0.0194% | 4h | 66.368 | −0.003% | $192.3M | $706.9M | 100x | as long as short |
| edgeX XAGUSDC | +0.0207% | 4h | 66.410 | +0.060% | $674K | $313K | 30x | as long as short |
| OKX XAG-USDT-SWAP | +0.0217% | 8h | 66.360 | −0.015% | $27.9M | $65.7M | 50x | as long as short |
| Hibachi XAG/USDT-P | +0.0224% | 1h | 66.309 | −0.091% | $20K | $22K | 10x | as long as short |
| Aftermath Perps XAGUSD | +0.0233% | 1h | 66.334 | −0.054% | $80K | $38K | 10x | as long as short |
| Nado XAG-PERP | +0.0247% | 1h | 66.313 | −0.086% | $1.3M | $6.6M | 10x | as long as short |
| Bitget XAGUSDT | +0.0256% | 4h | 66.370 | 0.000% | $23.9M | $46.1M | 100x | as long as short |
| GRVT XAG_USDT_Perp | +0.0282% | 4h | 66.410 | +0.060% | $399K | $1.5M | 25x | as long as short |
| Bullet SILVER-USD | +0.0286% | 1h | 66.381 | +0.017% | $46K | $75K | 10x | as long as short |
| GMX SILVER/USD [ETH-USDC] | L +0.0329% / S −0.0339% | 1h | 66.385 | +0.023% | $103K | — | 111x | as long as short |
| Hotstuff SILVER-PERP | +0.0344% | 1h | 66.376 | +0.009% | $35K | $21K | 20x | as long as short |
| Deribit SILVER_USDC-PERPETUALshort | +0.0504% | 1h | 66.370 | 0.000% | $50K | $326K | 20x | |
| Kraken Futures PF_XAGUSD | +0.0549% | 1h | 66.336 | −0.051% | $765K | $478K | 25x | as long as short |
Ondo Perps XAG-USD.P
Vest SI-PERP
Phoenix SILVER
Polymarket Perps SILVER-USD
SoDEX SILVER-USD
QFEX SILVER-USD
Kalshi KXSILVERPERP
Pacifica XAG
KuCoin XAGUSDTM
ApeX Omni XAGUSDT
tradeXYZ xyz:SILVER
Paradex XAG-USD-PERP
Aster XAGUSDT
Bybit XAGUSDT
Lighter XAG
Aevo XAG-PERP
Variational Omni XAG
RISEx XAG/USDC
MEXC SILVER_USDT
Coinbase International SILVER-PERP-INTX
Binance XAGUSDT
edgeX XAGUSDC
OKX XAG-USDT-SWAP
Hibachi XAG/USDT-P
Aftermath Perps XAGUSD
Nado XAG-PERP
Bitget XAGUSDT
GRVT XAG_USDT_Perp
Bullet SILVER-USD
GMX SILVER/USD [ETH-USDC]
Hotstuff SILVER-PERP
Kraken Futures PF_XAGUSD