Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0503%/8h= −55.0% APRpaid last 24h −0.087%

Price spread now: Phemex against Deribit+0.075%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.133%−$13 on $10k

Price spread, last 3 days (all we have)−0.005%$0 · spread now +0.075%, 7d avg +0.045%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.031% dearer against Deribit than usual: you sell high and buy low (spread +0.075% now, against its 7-day average of +0.045%): +$3 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 4 days (−0.133% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.133% in total (about -13.0% 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	Deribit SILVER_USDC-PERPETUAL	66.480	0.0503	pay 0.0063% / 1h	33m 43s	$50K	$325K	20x
Short	Phemex XAGUSDT	66.530	0	get 0.0000% / 4h	2h 33m	$1.5M	$250K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.075%Rate

Funding earned: −$105.56
Price spread: +0.075% → +0.045%: $3.06
Slippage, 4 orders: −$25.21
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$146.71
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Deribit: live order book, 35 min ago; Phemex: live order book, 4 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 Deribit live order book, 35 min ago	0.75 bp	4.3 bp −$4	5.5 bp −$55	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.75 bp	21.5 bp −$22	26.1 bp −$261	doesn't fit	doesn't fit

XAG on 43 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	66.419	−0.092%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.448	−0.048%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.410	−0.105%	$153.3M	$162.7M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.480	0.000%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.500	+0.030%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.530	+0.075%	$1.5M	$250K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.416	−0.097%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.421	−0.088%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.375	−0.159%	$5.4M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.120%	$11K	$94K	52x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.480	0.000%	$800K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.892	+0.620%	—	—	25x	as long as short
Ondo Perps XAG-USD.P	+0.0048%	1h	66.300	−0.271%	$5.7M	$9.5M	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.346	−0.202%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.440	−0.060%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.415	−0.098%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.410	−0.105%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0061%	24h	66.411	−0.104%	$563K	$23.4M	8.1x	as long as short
RISEx XAG/USDC	+0.0079%	1h	66.423	−0.086%	$1.2M	$4.3M	20x	as long as short
Bybit XAGUSDT	+0.0089%	4h	66.460	−0.030%	$26.4M	$35.9M	150x	as long as short
tradeXYZ xyz:SILVER	+0.0095%	1h	66.416	−0.096%	$165.8M	$76.0M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.385	−0.143%	$472K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.430	−0.075%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.310	−0.256%	$126K	$23K	50x	as long as short
Aster XAGUSDT	+0.0121%	4h	66.502	+0.033%	$2.8M	$960K	100x	as long as short
Paradex XAG-USD-PERP	+0.0125%	8h	66.440	−0.061%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0140%	4h	66.405	−0.113%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0144%	1h	66.484	+0.006%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0156%	4h	66.440	−0.060%	$102.4M	$158.1M	1000x	as long as short
Binance XAGUSDT	+0.0159%	4h	66.414	−0.099%	$192.7M	$708.3M	100x	as long as short
edgeX XAGUSDC	+0.0164%	4h	66.454	−0.039%	$674K	$315K	30x	as long as short
Lighter XAG	+0.0176%	1h	66.436	−0.067%	$5.3M	$10.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.520	+0.060%	$1.9M	$967K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0199%	8h	66.420	−0.090%	$28.0M	$65.9M	50x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	66.442	−0.058%	$80K	$38K	10x	as long as short
Nado XAG-PERP	+0.0228%	1h	66.409	−0.107%	$1.3M	$6.5M	10x	as long as short
Bitget XAGUSDT	+0.0230%	4h	66.420	−0.090%	$24.0M	$46.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0242%	4h	66.526	+0.068%	$391K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0264%	1h	66.405	−0.113%	$20K	$22K	10x	as long as short
Bullet SILVER-USD	+0.0282%	1h	66.472	−0.012%	$45K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0292% / S −0.0281%	1h	66.495	+0.023%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0462%	1h	66.442	−0.057%	$766K	$482K	25x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0503%	1h	66.480	long leg	$50K	$325K	20x