Funding you earn now, next payment 04:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.057%
Price spread now: Phemex against Coinbase International+0.045%7-day average +0.068% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$39as in the Price arb table
costs, in and out, $10k−$370.371% of the position
Funding, last 7 days−0.253%−$25 on $10k
+Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.045%, 7d avg +0.068%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.023% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.068%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International SILVER-PERP-INTX | 65.950 | 0.0208 | pay 0.0026% / 1h | 39m 57s | $1.8M | $1.0M | 20x |
| Short | Phemex XAGUSDT | 65.980 | 0 | get 0.0000% / 4h | 3h 39m | $1.5M | $320K | 100x |
Coinbase International SILVER-PERP-INTX
Phemex XAGUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43.68
- Price spread: +0.045% → +0.068%
- −$2.27
- Slippage, 4 orders
- −$15.11
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$83.06
- Costs to cover
- 0.371%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago | 3.03 bp | 8.0 bp −$8 | 8.5 bp −$85 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 3.03 bp | 12.0 bp −$12 | 15.3 bp −$153 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps XAG-USD.P | −0.0043% | 1h | 65.830 | −0.182% | $5.7M | $9.3M | 25x | as long as short |
| dYdX XAG-USD | 0.0000% | 1h | 65.934 | −0.025% | $14K | — | 5x | as long as short |
| Gate XAG_USDT | 0.0000% | 4h | 65.990 | +0.061% | $149.5M | $163.5M | 100x | as long as short |
| SunX XAG-USDT | 0.0000% | 4h | 65.980 | +0.045% | $2K | $2.6M | 20x | as long as short |
| HTX XAG-USDT | 0.0000% | 4h | 66.010 | +0.091% | $1.0M | $966K | 75x | as long as short |
| Phemex XAGUSDTshort | 0.0000% | 4h | 65.980 | +0.045% | $1.5M | $320K | 100x | |
| gTrade (Gains Network) XAG/USD | L +0.0004% / S −0.0006% | 1h | 65.911 | −0.059% | $120K | — | 250x | as long as short |
| Lighter RH XAG | +0.0032% | 1h | 65.962 | +0.019% | $4.8M | $9.5M | 25x | as long as short |
| Extended XAG-USD | +0.0032% | 1h | 65.914 | −0.054% | $5.2M | $11.5M | 10x | as long as short |
| Injective XAG/USDC PERP | +0.0033% | 1h | 66.400 | +0.682% | $11K | $94K | 52x | as long as short |
Ondo Perps XAG-USD.P
dYdX XAG-USD
Gate XAG_USDT
SunX XAG-USDT
HTX XAG-USDT
gTrade (Gains Network) XAG/USD
Lighter RH XAG
Extended XAG-USD
Injective XAG/USDC PERPShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX XAG-USD | +0.0040% | 1h | 65.970 | +0.030% | $793K | $3.1M | 40x | as long as short |
| Vest SI-PERP | +0.0046% | 1h | 66.397 | +0.678% | — | — | 25x | as long as short |
| Hotstuff SILVER-PERP | +0.0048% | 1h | 65.937 | −0.020% | $35K | $21K | 20x | as long as short |
| Polymarket Perps SILVER-USD | +0.0050% | 1h | 65.946 | −0.006% | $3.9M | $674K | 20x | as long as short |
| SoDEX SILVER-USD | +0.0050% | 1h | 65.916 | −0.052% | $3K | $6K | 20x | as long as short |
| tradeXYZ xyz:SILVER | +0.0051% | 1h | 65.938 | −0.018% | $165.9M | $73.7M | 25x | as long as short |
| QFEX SILVER-USD | +0.0060% | 1h | 65.960 | +0.015% | $114K | $2.7M | 20x | as long as short |
| Kalshi KXSILVERPERP | +0.0072% | 24h | 65.935 | −0.023% | $539K | $25.9M | 8.1x | as long as short |
| Phoenix SILVER | +0.0073% | 1h | 65.889 | −0.092% | $56K | $26K | 25x | as long as short |
| RISEx XAG/USDC | +0.0080% | 1h | 65.975 | +0.039% | $1.3M | $4.9M | 20x | as long as short |
| Pacifica XAG | +0.0100% | 1h | 65.914 | −0.055% | $469K | $614K | 10x | as long as short |
| KuCoin XAGUSDTM | +0.0100% | 4h | 65.940 | −0.015% | $24.5M | $4.5M | 75x | as long as short |
| ApeX Omni XAGUSDT | +0.0100% | 1h | 65.920 | −0.045% | $113K | $30K | 50x | as long as short |
| Lighter XAG | +0.0112% | 1h | 65.970 | +0.031% | $5.2M | $10.6M | 25x | as long as short |
| Paradex XAG-USD-PERP | +0.0117% | 8h | 65.970 | +0.030% | $30K | $1K | 5x | as long as short |
| Bybit XAGUSDT | +0.0130% | 4h | 66.000 | +0.076% | $27.4M | $36.4M | 150x | as long as short |
| Aster XAGUSDT | +0.0138% | 4h | 65.970 | +0.030% | $2.7M | $871K | 100x | as long as short |
| Nado XAG-PERP | +0.0180% | 1h | 65.937 | −0.019% | $1.4M | $6.0M | 10x | as long as short |
| Aevo XAG-PERP | +0.0184% | 1h | 65.973 | +0.035% | $47K | — | 10x | as long as short |
| Variational Omni XAG | +0.0188% | 4h | 65.963 | +0.020% | $5.6M | $9.4M | — | as long as short |
| MEXC SILVER_USDT | +0.0202% | 4h | 65.970 | +0.030% | $112.8M | $152.1M | 1000x | as long as short |
| Binance XAGUSDT | +0.0202% | 4h | 65.980 | +0.045% | $191.0M | $702.6M | 100x | as long as short |
| Deribit SILVER_USDC-PERPETUAL | +0.0205% | 1h | 65.960 | +0.015% | $75K | $363K | 20x | as long as short |
| Coinbase International SILVER-PERP-INTXlong | +0.0208% | 1h | 65.950 | long leg | $1.8M | $1.0M | 20x | |
| Aftermath Perps XAGUSD | +0.0215% | 1h | 65.939 | −0.017% | $79K | $36K | 10x | as long as short |
| GRVT XAG_USDT_Perp | +0.0218% | 4h | 66.022 | +0.109% | $394K | $1.5M | 25x | as long as short |
| edgeX XAGUSDC | +0.0219% | 4h | 65.962 | +0.018% | $669K | $310K | 30x | as long as short |
| OKX XAG-USDT-SWAP | +0.0233% | 8h | 65.980 | +0.045% | $27.7M | $64.8M | 50x | as long as short |
| Bullet SILVER-USD | +0.0236% | 1h | 65.990 | +0.061% | $45K | $76K | 10x | as long as short |
| BloFin XAG-USDT | +0.0238% | 4h | 65.960 | +0.015% | $2.6M | $556K | 100x | as long as short |
| Bitget XAGUSDT | +0.0242% | 4h | 65.970 | +0.030% | $23.9M | $45.3M | 100x | as long as short |
| Hibachi XAG/USDT-P | +0.0336% | 1h | 65.912 | −0.058% | $20K | $19K | 10x | as long as short |
| GMX SILVER/USD [ETH-USDC] | L +0.0387% / S −0.0440% | 1h | 65.985 | +0.053% | $105K | — | 111x | as long as short |
| Kraken Futures PF_XAGUSD | +0.0624% | 1h | 65.940 | −0.015% | $910K | $683K | 25x | as long as short |
StandX XAG-USD
Vest SI-PERP
Hotstuff SILVER-PERP
Polymarket Perps SILVER-USD
SoDEX SILVER-USD
tradeXYZ xyz:SILVER
QFEX SILVER-USD
Kalshi KXSILVERPERP
Phoenix SILVER
RISEx XAG/USDC
Pacifica XAG
KuCoin XAGUSDTM
ApeX Omni XAGUSDT
Lighter XAG
Paradex XAG-USD-PERP
Bybit XAGUSDT
Aster XAGUSDT
Nado XAG-PERP
Aevo XAG-PERP
Variational Omni XAG
MEXC SILVER_USDT
Binance XAGUSDT
Deribit SILVER_USDC-PERPETUAL
Aftermath Perps XAGUSD
GRVT XAG_USDT_Perp
edgeX XAGUSDC
OKX XAG-USDT-SWAP
Bullet SILVER-USD
BloFin XAG-USDT
Bitget XAGUSDT
Hibachi XAG/USDT-P
GMX SILVER/USD [ETH-USDC]
Kraken Futures PF_XAGUSD