Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0278%/8h= −30.5% APRpaid last 24h −0.063%

Price spread now: Phemex against Bullet+0.025%7-day average — · you sell dearer than you buy

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

Long on Bullet Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.025% dearer against Bullet than usual: you sell high and buy low (spread +0.025% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SILVER-USD	66.353	0.0278	pay 0.0035% / 1h	36m 48s	$45K	$76K	10x
Short	Phemex XAGUSDT	66.370	0	get 0.0000% / 4h	2h 36m	$1.5M	$250K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bullet. 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 BulletbpFee PhemexbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$58.43
Price spread: +0.025% → 0.000%: $2.55
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$75.88
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Phemex: 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 Bullet no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	0.75 bp	21.5 bp −$22	26.1 bp −$261	doesn't fit	doesn't fit

Bullet: 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 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	66.294	−0.088%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.370	+0.025%	$153.3M	$162.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.360	+0.010%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.410	+0.086%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.370	+0.025%	$1.5M	$250K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.278	−0.113%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.337	−0.025%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.304	−0.074%	$5.4M	$12.4M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.071%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.420	+0.101%	$799K	$2.9M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SI-PERP	+0.0046%	1h	66.810	+0.689%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.413	+0.090%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.314	−0.059%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.275	−0.118%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.280	−0.110%	$5.7M	$9.5M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.360	+0.010%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0061%	24h	66.336	−0.026%	$562K	$23.2M	8.1x	as long as short
RISEx XAG/USDC	+0.0079%	1h	66.375	+0.033%	$1.2M	$4.3M	20x	as long as short
Bybit XAGUSDT	+0.0080%	4h	66.400	+0.071%	$26.4M	$35.9M	150x	as long as short
tradeXYZ xyz:SILVER	+0.0094%	1h	66.338	−0.023%	$165.6M	$76.0M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.328	−0.038%	$472K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.330	−0.035%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.470	+0.176%	$126K	$23K	50x	as long as short
BloFin XAG-USDT	+0.0103%	4h	66.570	+0.327%	$2.6M	$624K	100x	as long as short
Aster XAGUSDT	+0.0118%	4h	66.360	+0.010%	$2.7M	$967K	100x	as long as short
Paradex XAG-USD-PERP	+0.0123%	8h	66.372	+0.029%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0129%	4h	66.505	+0.228%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0144%	1h	66.333	−0.030%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0152%	4h	66.360	+0.010%	$102.1M	$158.1M	1000x	as long as short
Binance XAGUSDT	+0.0153%	4h	66.380	+0.041%	$192.6M	$708.3M	100x	as long as short
Lighter XAG	+0.0160%	1h	66.350	−0.005%	$5.3M	$10.5M	25x	as long as short
edgeX XAGUSDC	+0.0166%	4h	66.514	+0.242%	$675K	$314K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.520	+0.252%	$1.9M	$967K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0197%	8h	66.380	+0.041%	$28.0M	$66.0M	50x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	66.427	+0.112%	$80K	$38K	10x	as long as short
Hotstuff SILVER-PERP	+0.0224%	1h	66.368	+0.022%	$35K	$21K	20x	as long as short
Bitget XAGUSDT	+0.0226%	4h	66.370	+0.025%	$24.0M	$46.1M	100x	as long as short
Nado XAG-PERP	+0.0229%	1h	66.324	−0.044%	$1.3M	$6.5M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0242%	4h	66.526	+0.260%	$391K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.473	+0.180%	$20K	$22K	10x	as long as short
Bullet SILVER-USDlong	+0.0278%	1h	66.353	long leg	$45K	$76K	10x
GMX SILVER/USD [ETH-USDC]	L +0.0292% / S −0.0281%	1h	66.345	−0.012%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0463%	1h	66.308	−0.068%	$765K	$471K	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0504%	1h	66.340	−0.020%	$50K	$325K	20x	as long as short