Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.019%

Price spread now: Phemex against tradeXYZ+0.069%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now +0.069%, 7d avg +0.095%

Together, before fees−0.048%+ Points / potential airdroptradeXYZ: Active · farm board−$5 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 0.026% cheaper against tradeXYZ than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:SILVER	65.275	0.0050	pay 0.0006% / 1h	31m 45s	$169.7M	$81.7M	25x
Short	Phemex XAGUSDT	65.320	0	get 0.0000% / 4h	31m 45s	$1.5M	$281K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$10.5
Price spread: +0.069% → +0.095%: −$2.59
Slippage, 4 orders: −$11.4
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.49
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 8 min ago; Phemex: live order book, 1 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 tradeXYZ live order book, 8 min ago	0.08 bp	9.1 bp −$9	10.3 bp −$103	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.53 bp	13.5 bp −$13	20.1 bp −$201	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
Hotstuff SILVER-PERP	−0.0056%	1h	65.295	+0.031%	$35K	$21K	20x	as long as short
Ondo Perps XAG-USD.P	−0.0036%	1h	65.190	−0.130%	$5.6M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.242	−0.051%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.310	+0.054%	$27.8M	$39.3M	150x	as long as short
SunX XAG-USDT	0.0000%	4h	65.300	+0.038%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.340	+0.100%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.320	+0.069%	$1.5M	$281K	100x
Variational Omni XAG	0.0000%	4h	65.332	+0.088%	$5.5M	$9.1M	—	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.268	−0.010%	$118K	—	250x	as long as short
Aster XAGUSDT	+0.0024%	4h	65.300	+0.038%	$2.7M	$928K	100x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XAGUSDT	+0.0026%	4h	65.310	+0.053%	$191.6M	$753.5M	100x	as long as short
MEXC SILVER_USDT	+0.0026%	4h	65.300	+0.038%	$120.7M	$157.7M	1000x	as long as short
Lighter RH XAG	+0.0032%	1h	65.301	+0.039%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.243	−0.048%	$5.0M	$11.6M	10x	as long as short
edgeX XAGUSDC	+0.0032%	4h	65.342	+0.102%	$665K	$313K	30x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.723%	$11K	$94K	52x	as long as short
Gate XAG_USDT	+0.0034%	4h	65.320	+0.069%	$140.7M	$178.4M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.330	+0.084%	$786K	$2.9M	40x	as long as short
Aevo XAG-PERP	+0.0040%	1h	65.290	+0.024%	$47K	—	10x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.300	+0.038%	$157K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.721	+0.683%	—	—	25x	as long as short
tradeXYZ xyz:SILVERlong	+0.0050%	1h	65.275	long leg	$169.7M	$81.7M	25x
Polymarket Perps SILVER-USD	+0.0050%	1h	65.276	+0.002%	$3.8M	$856K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.238	−0.057%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.286	+0.017%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.316	+0.063%	$56K	$31K	25x	as long as short
Kalshi KXSILVERPERP	+0.0079%	24h	65.256	−0.029%	$466K	$31.8M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.300	+0.038%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.255	−0.031%	$464K	$611K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.270	−0.008%	$25.3M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.310	+0.054%	$112K	$19K	50x	as long as short
BloFin XAG-USDT	+0.0107%	4h	65.350	+0.115%	$2.7M	$574K	100x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.315	+0.061%	$1.2M	$4.8M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0130%	4h	65.372	+0.148%	$384K	$1.6M	25x	as long as short
Bitget XAGUSDT	+0.0152%	4h	65.310	+0.054%	$23.2M	$44.7M	100x	as long as short
Nado XAG-PERP	+0.0159%	1h	65.275	0.000%	$1.2M	$4.7M	10x	as long as short
Lighter XAG	+0.0160%	1h	65.303	+0.043%	$5.3M	$11.1M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0166%	8h	65.300	+0.038%	$28.1M	$69.8M	50x	as long as short
Aftermath Perps XAGUSD	+0.0183%	1h	65.299	+0.037%	$79K	$37K	10x	as long as short
Hibachi XAG/USDT-P	+0.0184%	1h	65.313	+0.058%	$20K	$17K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0210%	1h	65.280	+0.008%	$65K	$391K	20x	as long as short
Bullet SILVER-USD	+0.0220%	1h	65.314	+0.060%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.305	+0.046%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0363%	1h	65.267	−0.012%	$1.0M	$868K	25x	as long as short