Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.068%

Price spread now: Kraken Futures against Bybit−0.126%55s7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$320.323% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.126%, 7d avg −0.080%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.046% cheaper against Bybit than usual: you would sell low and buy high (spread −0.126% now, against its 7-day average of −0.080%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.167% in total) that is about 46 hours. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.167% in total (about 8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAGUSDT	65.740	0.0121	pay 0.0061% / 4h	2h 09m	$28.9M	$39.0M	150x
Short	Kraken Futures PF_XAGUSD	65.657	0.0469	get 0.0059% / 1h	9m 17s	$916K	$735K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now −0.126%Rate

Funding earned: $73.02
Price spread: −0.126% → −0.080%: −$4.61
Slippage, 4 orders: −$11.25
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $36.16
Costs to cover: 0.323%
Break-even: 3.5 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: live order book, 39 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 Bybit live order book, 4 min ago	0.76 bp	6.3 bp −$6	8.3 bp −$83	13.9 bp −$1,393	49.2 bp −$24.6K
Sell Kraken Futures live order book, 39 min ago	3.47 bp	9.3 bp −$9	16.5 bp −$165	61.3 bp −$6,135	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	65.642	−0.149%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.710	−0.046%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.710	−0.046%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.690	−0.076%	$1.5M	$280K	100x	as long as short
Ondo Perps XAG-USD.P	+0.0001%	1h	65.610	−0.198%	$5.6M	$9.7M	25x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.675	−0.099%	$119K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.723	−0.026%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.694	−0.070%	$4.7M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.670	−0.107%	$5.1M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.004%	$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
Phoenix SILVER	+0.0036%	1h	65.648	−0.140%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	65.620	−0.183%	$789K	$3.0M	40x	as long as short
Gate XAG_USDT	+0.0042%	4h	65.740	0.000%	$145.0M	$180.1M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.136	+0.602%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.693	−0.071%	$3.9M	$710K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.636	−0.158%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.690	−0.076%	$157K	$2.8M	20x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	65.667	−0.111%	$35K	$21K	20x	as long as short
Hibachi XAG/USDT-P	+0.0056%	1h	65.545	−0.296%	$20K	$19K	10x	as long as short
Paradex XAG-USD-PERP	+0.0064%	8h	65.692	−0.072%	$29K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.640	−0.152%	$450K	$28.9M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0080%	1h	65.692	−0.073%	$171.2M	$82.1M	25x	as long as short
Aster XAGUSDT	+0.0086%	4h	65.720	−0.030%	$2.7M	$944K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.635	−0.160%	$469K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.690	−0.076%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.580	−0.243%	$112K	$23K	50x	as long as short
Bybit XAGUSDTlong	+0.0121%	4h	65.740	long leg	$28.9M	$39.0M	150x
Variational Omni XAG	+0.0127%	4h	65.584	−0.238%	$5.5M	$9.5M	—	as long as short
Lighter XAG	+0.0128%	1h	65.687	−0.080%	$5.3M	$11.3M	25x	as long as short
MEXC SILVER_USDT	+0.0136%	4h	65.720	−0.030%	$124.2M	$161.7M	1000x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.709	−0.048%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0137%	4h	65.720	−0.030%	$189.5M	$745.0M	100x	as long as short
edgeX XAGUSDC	+0.0147%	4h	65.560	−0.273%	$667K	$312K	30x	as long as short
Nado XAG-PERP	+0.0154%	1h	65.655	−0.129%	$1.3M	$5.5M	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.530	−0.319%	$1.6M	$1.3M	20x	as long as short
Aftermath Perps XAGUSD	+0.0207%	1h	65.502	−0.363%	$79K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.710	−0.046%	$66K	$368K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0208%	4h	65.644	−0.145%	$398K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0215%	8h	65.710	−0.046%	$27.9M	$70.2M	50x	as long as short
Bitget XAGUSDT	+0.0216%	4h	65.720	−0.030%	$23.9M	$46.3M	100x	as long as short
Bullet SILVER-USD	+0.0243%	1h	65.726	−0.021%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0361%	1h	65.725	−0.023%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0379%	4h	65.610	−0.198%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSDshort	+0.0469%	1h	65.657	−0.126%	$916K	$735K	25x