Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.019%

Price spread now: Extended against Phemex−0.125%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.125%, 7d avg −0.084%

Together, before fees+0.075%+ Points / potential airdropExtended: Active · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.042% cheaper against Phemex than usual: you would sell low and buy high (spread −0.125% now, against its 7-day average of −0.084%). If the spread goes back, that is −$4 on $10k: about 4.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.140	0	get 0.0000% / 4h	15m 55s	$1.5M	$279K	100x
Short	Extended XAG-USD	65.058	0.0032	get 0.0004% / 1h	15m 55s	$5.0M	$11.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.125%Rate

Funding earned: $6.72
Price spread: −0.125% → −0.084%: −$4.18
Slippage, 4 orders: −$10.18
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$24.64
Costs to cover: 0.272%
Break-even: 32.7 days

Slippage from Phemex: live order book, 2 min ago; Extended: 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 Phemex live order book, 2 min ago	0.77 bp	11.3 bp −$11	19.0 bp −$190	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	0.08 bp	2.6 bp −$3	4.4 bp −$44	11.3 bp −$1,127	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	−0.0030%	1h	65.020	−0.184%	$5.6M	$9.8M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.070	−0.107%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.130	−0.015%	$27.7M	$39.1M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.124	−0.025%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.120	−0.031%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.160	+0.031%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.140	long leg	$1.5M	$279K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.072	−0.105%	$118K	—	250x	as long as short
Gate XAG_USDT	+0.0026%	4h	65.130	−0.015%	$140.4M	$181.3M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.130	−0.015%	$4.6M	$9.9M	25x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USDshort	+0.0032%	1h	65.058	−0.125%	$5.0M	$11.7M	10x
Hotstuff SILVER-PERP	+0.0032%	1h	65.099	−0.063%	$35K	$21K	20x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.934%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.120	−0.031%	$127.0M	$160.9M	1000x	as long as short
Binance XAGUSDT	+0.0035%	4h	65.120	−0.031%	$191.3M	$757.3M	100x	as long as short
Aster XAGUSDT	+0.0037%	4h	65.128	−0.019%	$2.7M	$976K	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.160	+0.031%	$784K	$2.9M	40x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.120	−0.031%	$160K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.543	+0.619%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.118	−0.034%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.088	−0.080%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.073	−0.103%	$3K	$6K	20x	as long as short
edgeX XAGUSDC	+0.0050%	4h	65.121	−0.029%	$663K	$314K	30x	as long as short
Paradex XAG-USD-PERP	+0.0054%	8h	65.106	−0.052%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.070	−0.107%	$55K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0068%	1h	65.085	−0.084%	$173.0M	$84.7M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.097	−0.066%	$482K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	64.970	−0.261%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.066	−0.113%	$463K	$600K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.080	−0.092%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.070	−0.107%	$111K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.135	−0.008%	$1.2M	$4.8M	20x	as long as short
BloFin XAG-USDT	+0.0139%	4h	65.110	−0.046%	$2.7M	$625K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0142%	4h	65.140	0.000%	$394K	$1.6M	25x	as long as short
Bitget XAGUSDT	+0.0158%	4h	65.120	−0.031%	$23.2M	$44.9M	100x	as long as short
Nado XAG-PERP	+0.0163%	1h	65.090	−0.077%	$1.2M	$4.7M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0171%	8h	65.130	−0.015%	$28.4M	$70.5M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.140	+0.001%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0192%	1h	65.111	−0.045%	$78K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0211%	1h	65.110	−0.046%	$65K	$395K	20x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	65.115	−0.039%	$20K	$17K	10x	as long as short
Bullet SILVER-USD	+0.0235%	1h	65.141	+0.001%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.125	−0.023%	$92K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0364%	1h	65.100	−0.062%	$1.0M	$869K	25x	as long as short