Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0366%/8h= −40.1% APRpaid last 24h −0.077%

Price spread now: SunX against GMX−0.023%7-day average −0.002% · you buy dearer than you sell

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.242%−$24 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.023%, 7d avg −0.002%

Together, before fees−0.222%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and SunX is 0.021% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SILVER/USD [ETH-USDC]	65.725	L +0.0366% / S −0.0361%	pay 0.0046% / 1h	9m 15s	$93K	—	111x
Short	SunX XAG-USDT	65.710	0	get 0.0000% / 4h	2h 09m	$2K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. 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 GMXbpFee SunXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$76.92
Price spread: −0.023% → −0.002%: −$2.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$99.03
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 8 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 GMX no order-book sample	—	—	—	—	—
Sell SunX live order book, 8 min ago	29.80 bp	33.8 bp −$34	63.0 bp −$630	doesn't fit	doesn't fit

GMX: 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	65.642	−0.126%	$12K	$5K	5x	as long as short
SunX XAG-USDTshort	0.0000%	4h	65.710	−0.023%	$2K	$2.6M	20x
HTX XAG-USDT	0.0000%	4h	65.720	−0.008%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.680	−0.068%	$1.5M	$280K	100x	as long as short
Ondo Perps XAG-USD.P	+0.0001%	1h	65.610	−0.175%	$5.6M	$9.7M	25x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.675	−0.077%	$119K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.723	−0.003%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.674	−0.077%	$4.7M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.670	−0.084%	$5.1M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.027%	$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	−0.117%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	65.620	−0.160%	$789K	$3.0M	40x	as long as short
Gate XAG_USDT	+0.0042%	4h	65.700	−0.038%	$144.9M	$180.1M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.136	+0.625%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.693	−0.049%	$3.9M	$710K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.647	−0.119%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.690	−0.053%	$157K	$2.8M	20x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	65.667	−0.088%	$35K	$21K	20x	as long as short
Hibachi XAG/USDT-P	+0.0056%	1h	65.545	−0.274%	$20K	$19K	10x	as long as short
Paradex XAG-USD-PERP	+0.0064%	8h	65.692	−0.049%	$29K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.695	−0.046%	$449K	$28.9M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0080%	1h	65.653	−0.110%	$171.1M	$82.2M	25x	as long as short
Aster XAGUSDT	+0.0086%	4h	65.704	−0.032%	$2.7M	$944K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.635	−0.138%	$469K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.690	−0.053%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.580	−0.221%	$112K	$23K	50x	as long as short
Bybit XAGUSDT	+0.0121%	4h	65.700	−0.038%	$28.9M	$39.0M	150x	as long as short
Variational Omni XAG	+0.0127%	4h	65.584	−0.215%	$5.5M	$9.5M	—	as long as short
Lighter XAG	+0.0128%	1h	65.684	−0.062%	$5.4M	$11.3M	25x	as long as short
MEXC SILVER_USDT	+0.0136%	4h	65.680	−0.068%	$124.0M	$161.8M	1000x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.709	−0.025%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0137%	4h	65.680	−0.068%	$189.4M	$745.4M	100x	as long as short
edgeX XAGUSDC	+0.0147%	4h	65.560	−0.250%	$667K	$312K	30x	as long as short
Nado XAG-PERP	+0.0154%	1h	65.655	−0.107%	$1.3M	$5.5M	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.530	−0.297%	$1.6M	$1.3M	20x	as long as short
Aftermath Perps XAGUSD	+0.0207%	1h	65.502	−0.340%	$79K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.710	−0.023%	$66K	$368K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0208%	4h	65.644	−0.123%	$398K	$1.5M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0215%	8h	65.700	−0.038%	$28.0M	$70.2M	50x	as long as short
Bitget XAGUSDT	+0.0216%	4h	65.700	−0.038%	$23.9M	$46.3M	100x	as long as short
Bullet SILVER-USD	+0.0243%	1h	65.726	+0.001%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]long	L +0.0366% / S −0.0361%	1h	65.725	long leg	$93K	—	111x
BloFin XAG-USDT	+0.0377%	4h	65.680	−0.068%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0469%	1h	65.690	−0.053%	$916K	$735K	25x	as long as short