Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.046%

Price spread now: OKX against Phemex−0.061%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.061%, 7d avg −0.042%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.072% in total (about 3.7% 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	65.440	0	get 0.0000% / 4h	1h 40m	$1.5M	$280K	100x
Short	OKX XAG-USDT-SWAP	65.400	0.0189	get 0.0189% / 8h	1h 40m	$27.9M	$71.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.061%Rate

Funding earned: $39.78
Price spread: −0.061% → −0.042%: −$1.9
Slippage, 4 orders: −$11.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $3.95
Costs to cover: 0.339%
Break-even: 6.3 days

Slippage from Phemex: live order book, 2 min ago; OKX: 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	1.53 bp	9.0 bp −$9	16.7 bp −$167	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.76 bp	5.8 bp −$6	6.8 bp −$68	12.3 bp −$1,228	53.8 bp −$26.9K

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
Hibachi XAG/USDT-P	−0.0120%	1h	65.369	−0.108%	$20K	$20K	10x	as long as short
Ondo Perps XAG-USD.P	−0.0082%	1h	65.300	−0.214%	$5.6M	$9.7M	25x	as long as short
Hotstuff SILVER-PERP	−0.0024%	1h	65.383	−0.087%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.350	−0.137%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.430	−0.015%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.440	0.000%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.440	long leg	$1.5M	$280K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.370	−0.108%	$118K	—	250x	as long as short
Bybit XAGUSDT	+0.0018%	4h	65.420	−0.031%	$28.4M	$39.6M	150x	as long as short
Gate XAG_USDT	+0.0026%	4h	65.420	−0.031%	$141.3M	$181.1M	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	65.421	−0.029%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.352	−0.134%	$5.1M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.467%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.410	−0.046%	$787K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0045%	4h	65.400	−0.061%	$2.7M	$973K	100x	as long as short
Vest SI-PERP	+0.0046%	1h	65.837	+0.607%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0050%	1h	65.410	−0.046%	$152K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.394	−0.070%	$170.3M	$83.8M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.380	−0.092%	$3.8M	$718K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.366	−0.113%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0057%	8h	65.390	−0.076%	$29K	$1K	5x	as long as short
Variational Omni XAG	+0.0060%	4h	65.414	−0.040%	$5.5M	$9.4M	—	as long as short
RISEx XAG/USDC	+0.0061%	1h	65.422	−0.027%	$1.3M	$4.9M	20x	as long as short
Phoenix SILVER	+0.0061%	1h	65.384	−0.086%	$56K	$31K	25x	as long as short
Binance XAGUSDT	+0.0076%	4h	65.410	−0.046%	$189.8M	$763.2M	100x	as long as short
MEXC SILVER_USDT	+0.0076%	4h	65.400	−0.061%	$115.4M	$157.1M	1000x	as long as short
Kalshi KXSILVERPERP	+0.0077%	24h	65.377	−0.096%	$535K	$30.3M	8.1x	as long as short
Aevo XAG-PERP	+0.0088%	1h	65.408	−0.049%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0090%	4h	65.433	−0.010%	$666K	$314K	30x	as long as short
Lighter XAG	+0.0096%	1h	65.422	−0.028%	$5.4M	$11.3M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.363	−0.117%	$467K	$627K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.380	−0.092%	$25.4M	$5.0M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.410	−0.046%	$112K	$19K	50x	as long as short
Nado XAG-PERP	+0.0109%	1h	65.366	−0.114%	$1.2M	$5.5M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0116%	4h	65.427	−0.020%	$397K	$1.6M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0120%	1h	65.380	−0.092%	$1.6M	$1.4M	20x	as long as short
Bullet SILVER-USD	+0.0155%	1h	65.427	−0.020%	$43K	$77K	10x	as long as short
Bitget XAGUSDT	+0.0186%	4h	65.410	−0.046%	$23.8M	$46.6M	100x	as long as short
OKX XAG-USDT-SWAPshort	+0.0189%	8h	65.400	−0.061%	$27.9M	$71.3M	50x
Deribit SILVER_USDC-PERPETUAL	+0.0209%	1h	65.410	−0.046%	$66K	$374K	20x	as long as short
Aftermath Perps XAGUSD	+0.0211%	1h	65.400	−0.060%	$79K	$37K	10x	as long as short
BloFin XAG-USDT	+0.0306%	4h	65.440	0.000%	$2.6M	$610K	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0318% / S −0.0301%	1h	65.425	−0.023%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0492%	1h	65.392	−0.074%	$916K	$746K	25x	as long as short