Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.187%7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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. SoDEX is 0.187% cheaper against Phemex than usual: you would sell low and buy high (spread −0.187% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 12 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	66.410	0	get 0.0000% / 4h	2h 16m	$1.5M	$250K	100x
Short	SoDEX SILVER-USD	66.286	0.0050	get 0.0006% / 1h	16m 09s	$3K	$6K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.187%Rate

Funding earned: $10.5
Price spread: −0.187% → 0.000%: −$18.67
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$28.17
Costs to cover: 0.200%
Break-even: 25.8 days

Slippage unknown: Phemex: live order book, 2 min ago; SoDEX: 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, 2 min ago	1.50 bp	9.0 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 43 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	66.363	−0.071%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.390	−0.030%	$153.3M	$164.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.390	−0.030%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.420	+0.015%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.410	long leg	$1.5M	$250K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.319	−0.138%	$120K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0024%	1h	66.375	−0.053%	$35K	$21K	20x	as long as short
Lighter RH XAG	+0.0032%	1h	66.339	−0.107%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.317	−0.139%	$5.4M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.015%	$11K	$94K	52x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.390	−0.030%	$799K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.846	+0.657%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.402	−0.012%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.378	−0.048%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USDshort	+0.0050%	1h	66.286	−0.187%	$3K	$6K	20x
Ondo Perps XAG-USD.P	+0.0050%	1h	66.300	−0.166%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.380	−0.045%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0062%	24h	66.371	−0.059%	$541K	$23.7M	8.1x	as long as short
RISEx XAG/USDC	+0.0079%	1h	66.412	+0.003%	$1.2M	$4.4M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0099%	1h	66.341	−0.104%	$165.9M	$76.1M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.354	−0.084%	$472K	$606K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.330	−0.120%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.380	−0.045%	$126K	$23K	50x	as long as short
Bybit XAGUSDT	+0.0128%	4h	66.420	+0.015%	$26.6M	$36.4M	150x	as long as short
Aster XAGUSDT	+0.0132%	4h	66.360	−0.075%	$2.7M	$939K	100x	as long as short
Paradex XAG-USD-PERP	+0.0136%	8h	66.403	−0.010%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0166%	4h	66.373	−0.056%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.350	−0.090%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0176%	4h	66.360	−0.075%	$102.7M	$158.5M	1000x	as long as short
Binance XAGUSDT	+0.0179%	4h	66.376	−0.051%	$192.3M	$706.7M	100x	as long as short
edgeX XAGUSDC	+0.0184%	4h	66.421	+0.017%	$674K	$315K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.410	0.000%	$1.9M	$971K	20x	as long as short
Lighter XAG	+0.0192%	1h	66.349	−0.092%	$5.3M	$10.6M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0210%	8h	66.430	+0.030%	$28.0M	$65.8M	50x	as long as short
Nado XAG-PERP	+0.0223%	1h	66.355	−0.083%	$1.3M	$6.5M	10x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	66.365	−0.068%	$20K	$22K	10x	as long as short
Aftermath Perps XAGUSD	+0.0233%	1h	66.381	−0.043%	$80K	$38K	10x	as long as short
Bitget XAGUSDT	+0.0248%	4h	66.360	−0.075%	$23.9M	$46.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0266%	4h	66.450	+0.060%	$395K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0287%	1h	66.408	−0.003%	$46K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.405	−0.008%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.340	−0.105%	$50K	$325K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0462%	1h	66.351	−0.089%	$765K	$478K	25x	as long as short