Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.030%46s7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on Polymarket Perps Short on Phemex

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)+0.121%+$12 · spread now +0.030%, 7d avg +0.093%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.062% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.093%). Swap the legs. The two prices were read 46 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	Polymarket Perps SILVER-USD	65.750	0.0050	pay 0.0006% / 1h	7m 29s	$3.8M	$905K	20x
Short	Phemex XAGUSDT	65.770	0	get 0.0000% / 4h	1h 07m	$1.5M	$257K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$10.5
Price spread: +0.030% → +0.093%: −$6.24
Slippage, 4 orders: −$13.61
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$50.35
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phemex: 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 Polymarket Perps live order book, 5 min ago	0.08 bp	6.8 bp −$7	6.9 bp −$69	8.5 bp −$852	doesn't fit
Sell Phemex live order book, 3 min ago	3.04 bp	9.0 bp −$9	14.5 bp −$145	doesn't fit	doesn't fit

XAG on 44 exchanges

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	−3.2000%	1h	65.748	−0.003%	$39K	$26K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.705	−0.068%	$13K	$8K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.800	+0.076%	$138.1M	$206.9M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.760	+0.015%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.800	+0.076%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.770	+0.030%	$1.5M	$257K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.708	−0.064%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.781	+0.047%	$4.6M	$9.9M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.721	−0.044%	$5.1M	$11.9M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.746%	$11K	$240	52x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	65.730	−0.030%	$791K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.199	+0.683%	—	—	25x	as long as short
Polymarket Perps SILVER-USDlong	+0.0050%	1h	65.750	long leg	$3.8M	$905K	20x
SoDEX SILVER-USD	+0.0050%	1h	65.703	−0.071%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	65.690	−0.091%	$5.6M	$11.2M	25x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.760	+0.015%	$448K	$1.4M	20x	as long as short
Paradex XAG-USD-PERP	+0.0053%	8h	65.758	+0.013%	$29K	—	5x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0054%	1h	65.730	−0.030%	$77K	$413K	20x	as long as short
Bybit XAGUSDT	+0.0060%	4h	65.790	+0.061%	$30.4M	$48.2M	150x	as long as short
Variational Omni XAG	+0.0068%	4h	65.678	−0.109%	$5.6M	$9.0M	—	as long as short
Aster XAGUSDT	+0.0085%	4h	65.780	+0.046%	$2.7M	$1.2M	100x	as long as short
tradeXYZ xyz:SILVER	+0.0088%	1h	65.733	−0.026%	$175.7M	$92.5M	25x	as long as short
MEXC SILVER_USDT	+0.0088%	4h	65.760	+0.015%	$116.5M	$166.8M	1000x	as long as short
Binance XAGUSDT	+0.0090%	4h	65.780	+0.046%	$191.2M	$863.5M	100x	as long as short
Aevo XAG-PERP	+0.0096%	1h	65.748	−0.002%	$47K	—	10x	as long as short
Pacifica XAG	+0.0100%	1h	65.726	−0.037%	$465K	$523K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.740	−0.015%	$25.4M	$4.4M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.720	−0.046%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.620	−0.198%	$1.6M	$1.9M	20x	as long as short
Kalshi KXSILVERPERP	+0.0105%	24h	65.763	+0.020%	$777K	$39.2M	8.1x	as long as short
edgeX XAGUSDC	+0.0109%	4h	65.707	−0.065%	$670K	$314K	30x	as long as short
GRVT XAG_USDT_Perp	+0.0110%	4h	65.769	+0.030%	$391K	$1.6M	25x	as long as short
RISEx XAG/USDC	+0.0116%	1h	65.780	+0.046%	$1.3M	$5.4M	20x	as long as short
Nado XAG-PERP	+0.0119%	1h	65.743	−0.011%	$1.2M	$3.4M	10x	as long as short
Phoenix SILVER	+0.0122%	1h	65.666	−0.128%	$55K	$14K	25x	as long as short
Lighter XAG	+0.0144%	1h	65.778	+0.043%	$5.3M	$12.1M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0188%	8h	65.780	+0.046%	$28.1M	$86.1M	50x	as long as short
Aftermath Perps XAGUSD	+0.0223%	1h	65.691	−0.089%	$79K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0226%	4h	65.770	+0.030%	$23.2M	$53.0M	100x	as long as short
Bullet SILVER-USD	+0.0230%	1h	65.772	+0.034%	$45K	$73K	10x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	65.680	−0.106%	$21K	$12K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0278% / S −0.0248%	1h	65.705	−0.068%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0332%	4h	65.730	−0.030%	$2.7M	$782K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0547%	1h	65.740	−0.016%	$1.0M	$947K	25x	as long as short