Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.232%7-day average −0.094% · you buy dearer than you sell

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

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.005%+$1 · spread now −0.232%, 7d avg −0.094%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.137% cheaper against Phemex than usual: you would sell low and buy high (spread −0.232% now, against its 7-day average of −0.094%). If the spread goes back, that is −$14 on $10k: about 9.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	64.780	0	get 0.0000% / 4h	3h 28m	$1.5M	$337K	100x
Short	Polymarket Perps SILVER-USD	64.630	0.0050	get 0.0006% / 1h	28m 11s	$3.8M	$890K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.232%Rate

Funding earned: $10.5
Price spread: −0.232% → −0.094%: −$13.71
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$23.21
Costs to cover: 0.200%
Break-even: 22.5 days

Slippage unknown: Phemex: live order book, 4 min ago; Polymarket Perps: live order book, 1 min ago. 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, 4 min ago	1.54 bp	13.5 bp −$13	17.0 bp −$170	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	491.04 bp	doesn't fit	doesn't fit	doesn't fit	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	64.734	−0.070%	$12K	$6K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	64.740	−0.062%	$139.1M	$185.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	64.740	−0.062%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	64.780	0.000%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	64.780	long leg	$1.5M	$337K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	64.663	−0.180%	$117K	—	250x	as long as short
Variational Omni XAG	+0.0017%	4h	64.834	+0.084%	$5.3M	$9.1M	—	as long as short
Lighter RH XAG	+0.0032%	1h	64.755	−0.039%	$4.5M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	64.661	−0.184%	$5.0M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+2.501%	$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
StandX XAG-USD	+0.0040%	1h	64.760	−0.031%	$779K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	65.162	+0.590%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0047%	1h	64.700	−0.123%	$447K	$1.5M	20x	as long as short
Polymarket Perps SILVER-USDshort	+0.0050%	1h	64.630	−0.232%	$3.8M	$890K	20x
SoDEX SILVER-USD	+0.0050%	1h	64.666	−0.176%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	64.640	−0.216%	$5.6M	$9.9M	25x	as long as short
MEXC SILVER_USDT	+0.0056%	4h	64.730	−0.077%	$121.2M	$158.9M	1000x	as long as short
edgeX XAGUSDC	+0.0058%	4h	64.839	+0.091%	$660K	$315K	30x	as long as short
Binance XAGUSDT	+0.0058%	4h	64.744	−0.056%	$196.5M	$780.7M	100x	as long as short
Paradex XAG-USD-PERP	+0.0062%	8h	64.728	−0.080%	$29K	$166	5x	as long as short
Aevo XAG-PERP	+0.0072%	1h	64.719	−0.094%	$46K	—	10x	as long as short
Aster XAGUSDT	+0.0077%	4h	64.749	−0.048%	$2.6M	$1.0M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	64.680	−0.154%	$1.6M	$1.5M	20x	as long as short
Kalshi KXSILVERPERP	+0.0085%	24h	64.711	−0.107%	$484K	$34.6M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	64.680	−0.154%	$461K	$591K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	64.690	−0.139%	$25.0M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	64.810	+0.046%	$111K	$19K	50x	as long as short
Phoenix SILVER	+0.0111%	1h	64.908	+0.198%	$55K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0129%	1h	64.694	−0.133%	$172.6M	$88.5M	25x	as long as short
RISEx XAG/USDC	+0.0158%	1h	64.730	−0.077%	$1.2M	$4.9M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0160%	4h	64.830	+0.077%	$386K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0161%	1h	64.684	−0.149%	$1.2M	$4.2M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0194%	8h	64.750	−0.046%	$28.7M	$74.4M	50x	as long as short
Bitget XAGUSDT	+0.0196%	4h	64.730	−0.077%	$23.4M	$47.0M	100x	as long as short
Bybit XAGUSDT	+0.0204%	4h	64.770	−0.015%	$29.6M	$43.1M	150x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	64.788	+0.012%	$78K	$37K	10x	as long as short
Lighter XAG	+0.0224%	1h	64.734	−0.071%	$5.2M	$11.1M	25x	as long as short
BloFin XAG-USDT	+0.0231%	4h	64.840	+0.093%	$2.7M	$667K	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	64.735	−0.069%	$92K	—	111x	as long as short
Bullet SILVER-USD	+0.0296%	1h	64.745	−0.054%	$45K	$75K	10x	as long as short
Hotstuff SILVER-PERP	+0.0304%	1h	64.747	−0.051%	$34K	$21K	20x	as long as short
Hibachi XAG/USDT-P	+0.0360%	1h	64.725	−0.084%	$20K	$15K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0368%	1h	64.720	−0.093%	$76K	$432K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0421%	1h	64.701	−0.122%	$1.0M	$892K	25x	as long as short