Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.012%

Price spread now: Phoenix against Phemex−0.138%73s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.138% cheaper against Phemex than usual: you would sell low and buy high (spread −0.138% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 6.3 days of funding at the current rate (+$2 a day). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.110	0	get 0.0000% / 4h	1h 59m	$1.5M	$248K	100x
Short	Phoenix SILVER	66.019	0.0073	get 0.0009% / 1h	59m 36s	$56K	$26K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.138%Rate

Funding earned: $15.26
Price spread: −0.138% → 0.000%: −$13.76
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.5
Costs to cover: 0.190%
Break-even: 15.0 days

Slippage unknown: Phemex: live order book, 3 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 3 min ago	1.51 bp	13.4 bp −$13	23.9 bp −$239	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XAG on 42 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
Hotstuff SILVER-PERP	−0.0120%	1h	66.037	−0.110%	$35K	$21K	20x	as long as short
Nado XAG-PERP	−0.0001%	1h	66.081	−0.043%	$1.3M	$6.5M	10x	as long as short
dYdX XAG-USD	0.0000%	1h	66.057	−0.080%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.150	+0.061%	$25.5M	$35.8M	150x	as long as short
RISEx XAG/USDC	0.0000%	1h	66.117	+0.010%	$1.3M	$4.3M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.080	−0.045%	$146.9M	$170.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.100	−0.015%	$2K	$3.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.130	+0.030%	$1.0M	$1.2M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.110	long leg	$1.5M	$248K	100x
Bullet SILVER-USD	0.0000%	1h	66.106	−0.007%	$44K	$74K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps XAGUSD	+0.0010%	1h	66.042	−0.103%	$79K	$40K	10x	as long as short
Bitget XAGUSDT	+0.0012%	4h	66.090	−0.030%	$23.6M	$49.6M	100x	as long as short
Aster XAGUSDT	+0.0014%	4h	66.079	−0.047%	$2.8M	$1.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0016%	4h	66.084	−0.039%	$392K	$1.6M	25x	as long as short
Lighter XAG	+0.0032%	1h	66.036	−0.112%	$5.1M	$10.5M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.034	−0.114%	$4.4M	$9.3M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.038	−0.109%	$5.3M	$14.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.439%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.030	−0.121%	$790K	$2.8M	40x	as long as short
Variational Omni XAG	+0.0045%	4h	66.103	−0.011%	$5.3M	$11.1M	—	as long as short
Vest SI-PERP	+0.0046%	1h	66.535	+0.643%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.043	−0.101%	$3.9M	$742K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.020	−0.136%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.040	−0.106%	$5.4M	$9.7M	25x	as long as short
MEXC SILVER_USDT	+0.0052%	4h	66.080	−0.045%	$122.1M	$179.5M	1000x	as long as short
Kalshi KXSILVERPERP	+0.0055%	24h	66.054	−0.085%	$638K	$21.7M	8.1x	as long as short
Binance XAGUSDT	+0.0056%	4h	66.150	+0.061%	$190.3M	$781.4M	100x	as long as short
edgeX XAGUSDC	+0.0057%	4h	66.096	−0.021%	$670K	$316K	30x	as long as short
BloFin XAG-USDT	+0.0058%	4h	66.050	−0.091%	$2.6M	$1.2M	100x	as long as short
Aevo XAG-PERP	+0.0064%	1h	66.089	−0.032%	$47K	—	10x	as long as short
Phoenix SILVERshort	+0.0073%	1h	66.019	−0.138%	$56K	$26K	25x
QFEX SILVER-USD	+0.0080%	1h	66.090	−0.030%	$143K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0086%	1h	66.046	−0.097%	$163.7M	$95.8M	25x	as long as short
Paradex XAG-USD-PERP	+0.0100%	8h	66.091	−0.029%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.057	−0.080%	$473K	$643K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.050	−0.091%	$24.2M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.080	−0.045%	$112K	$85K	50x	as long as short
OKX XAG-USDT-SWAP	+0.0142%	8h	66.120	+0.015%	$27.4M	$68.4M	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.060	−0.076%	$1.9M	$1.2M	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0359% / S −0.0369%	1h	66.105	−0.008%	$103K	—	29x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0507%	1h	66.110	0.000%	$76K	$347K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0614%	1h	66.083	−0.042%	$776K	$610K	25x	as long as short