Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.004%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now −0.004%, 7d avg −0.072%

Together, before fees−0.047%+ Points / potential airdropLighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.069% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.600	0	get 0.0000% / 4h	15m 39s	$1.5M	$250K	100x
Short	Lighter RH XAG	66.598	0.0032	get 0.0004% / 1h	15m 39s	$4.8M	$9.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.004%Rate

Funding earned: $6.72
Price spread: −0.004% → −0.072%: $6.87
Slippage, 4 orders: −$13.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$12.38
Costs to cover: 0.260%
Break-even: 19.9 days

Slippage from Phemex: live order book, 2 min ago; Lighter RH: 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	0.75 bp	15.5 bp −$15	21.2 bp −$212	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.73 bp	2.0 bp −$2	2.5 bp −$25	17.0 bp −$1,703	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	66.560	−0.060%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.640	+0.060%	$26.5M	$34.7M	150x	as long as short
Gate XAG_USDT	0.0000%	4h	66.620	+0.030%	$156.0M	$174.6M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.610	+0.015%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.640	+0.060%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.600	long leg	$1.5M	$250K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.552	−0.073%	$120K	—	250x	as long as short
Lighter RH XAGshort	+0.0032%	1h	66.598	−0.004%	$4.8M	$9.6M	25x
Extended XAG-USD	+0.0032%	1h	66.551	−0.074%	$5.5M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.300%	$11K	$94K	52x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix SILVER	+0.0036%	1h	66.531	−0.104%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	66.580	−0.030%	$797K	$2.7M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	67.063	+0.695%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.583	−0.026%	$3.9M	$699K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.542	−0.087%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.520	−0.120%	$5.7M	$10.0M	25x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	66.579	−0.032%	$35K	$21K	20x	as long as short
Kalshi KXSILVERPERP	+0.0060%	24h	66.577	−0.035%	$581K	$21.4M	8.1x	as long as short
QFEX SILVER-USD	+0.0061%	1h	66.600	0.000%	$124K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0071%	1h	66.580	−0.030%	$166.0M	$87.0M	25x	as long as short
BloFin XAG-USDT	+0.0084%	4h	66.630	+0.045%	$2.6M	$652K	100x	as long as short
Pacifica XAG	+0.0100%	1h	66.556	−0.066%	$481K	$618K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.580	−0.030%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.600	0.000%	$127K	$26K	50x	as long as short
Variational Omni XAG	+0.0103%	4h	66.615	+0.023%	$5.6M	$10.1M	—	as long as short
Paradex XAG-USD-PERP	+0.0105%	8h	66.597	−0.005%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0115%	4h	66.617	+0.025%	$2.8M	$1.1M	100x	as long as short
Lighter XAG	+0.0120%	1h	66.599	−0.001%	$5.2M	$10.4M	25x	as long as short
MEXC SILVER_USDT	+0.0122%	4h	66.610	+0.015%	$115.2M	$153.4M	1000x	as long as short
Binance XAGUSDT	+0.0123%	4h	66.610	+0.015%	$191.8M	$725.0M	100x	as long as short
Aevo XAG-PERP	+0.0128%	1h	66.609	+0.013%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0134%	4h	66.629	+0.044%	$676K	$316K	30x	as long as short
Bitget XAGUSDT	+0.0154%	4h	66.620	+0.030%	$24.4M	$48.2M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0160%	1h	66.640	+0.060%	$1.9M	$852K	20x	as long as short
Aftermath Perps XAGUSD	+0.0169%	1h	66.546	−0.082%	$80K	$40K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0180%	4h	66.634	+0.052%	$401K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0197%	8h	66.610	+0.015%	$28.0M	$66.8M	50x	as long as short
RISEx XAG/USDC	+0.0208%	1h	66.623	+0.034%	$1.3M	$4.2M	20x	as long as short
Bullet SILVER-USD	+0.0251%	1h	66.622	+0.033%	$45K	$75K	10x	as long as short
Nado XAG-PERP	+0.0253%	1h	66.574	−0.039%	$1.3M	$6.6M	10x	as long as short
Hibachi XAG/USDT-P	+0.0288%	1h	66.582	−0.027%	$20K	$22K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.615	+0.023%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0351%	1h	66.590	−0.015%	$50K	$351K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0595%	1h	66.581	−0.029%	$764K	$588K	25x	as long as short