Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Phemex against Injective−1.596%65s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 1.596% cheaper against Injective than usual: you would sell low and buy high (−$160 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XAG/USDC PERP	66.400	0.0033	pay 0.0004% / 1h	33m 46s	$11K	$94K	52x
Short	Phemex XAGUSDT	65.340	0	get 0.0000% / 4h	33m 46s	$1.5M	$281K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −1.596%Rate

Funding earned: −$7
Price spread: −1.596% → 0.000%: −$159.64
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$178.66
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.30 bp	11.3 bp −$11	14.6 bp −$146	doesn't fit	doesn't fit

Injective: 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
Ondo Perps XAG-USD.P	−0.0041%	1h	65.240	−1.747%	$5.6M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.297	−1.661%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.340	−1.596%	$27.8M	$39.4M	150x	as long as short
SunX XAG-USDT	0.0000%	4h	65.340	−1.596%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.390	−1.521%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.340	−1.596%	$1.5M	$281K	100x
Variational Omni XAG	0.0000%	4h	65.332	−1.608%	$5.5M	$9.1M	—	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.298	−1.660%	$118K	—	250x	as long as short
Aster XAGUSDT	+0.0024%	4h	65.340	−1.597%	$2.7M	$928K	100x	as long as short
Hotstuff SILVER-PERP	+0.0024%	1h	65.316	−1.633%	$35K	$21K	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SILVER_USDT	+0.0026%	4h	65.320	−1.627%	$118.6M	$157.3M	1000x	as long as short
Binance XAGUSDT	+0.0027%	4h	65.330	−1.611%	$191.7M	$753.6M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.330	−1.611%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.273	−1.697%	$5.1M	$11.6M	10x	as long as short
Gate XAG_USDT	+0.0032%	4h	65.340	−1.596%	$140.8M	$178.2M	100x	as long as short
edgeX XAGUSDC	+0.0032%	4h	65.342	−1.594%	$665K	$313K	30x	as long as short
Injective XAG/USDC PERPlong	+0.0033%	1h	66.400	long leg	$11K	$94K	52x
StandX XAG-USD	+0.0040%	1h	65.350	−1.581%	$786K	$2.9M	40x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.330	−1.611%	$157K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.766	−0.955%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.341	−1.595%	$47K	—	10x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.289	−1.673%	$169.7M	$81.6M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.316	−1.633%	$3.8M	$856K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.290	−1.672%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.310	−1.641%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.297	−1.661%	$56K	$31K	25x	as long as short
Kalshi KXSILVERPERP	+0.0079%	24h	65.329	−1.613%	$530K	$31.8M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.300	−1.657%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.271	−1.701%	$464K	$611K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.290	−1.672%	$25.3M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.310	−1.642%	$112K	$19K	50x	as long as short
BloFin XAG-USDT	+0.0111%	4h	65.360	−1.566%	$2.7M	$575K	100x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.353	−1.576%	$1.2M	$4.8M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0128%	4h	65.357	−1.571%	$384K	$1.6M	25x	as long as short
Bitget XAGUSDT	+0.0152%	4h	65.330	−1.611%	$23.2M	$44.7M	100x	as long as short
Nado XAG-PERP	+0.0160%	1h	65.304	−1.651%	$1.2M	$4.7M	10x	as long as short
Lighter XAG	+0.0160%	1h	65.332	−1.609%	$5.3M	$11.1M	25x	as long as short
OKX XAG-USDT-SWAP	+0.0167%	8h	65.330	−1.611%	$28.2M	$69.8M	50x	as long as short
Aftermath Perps XAGUSD	+0.0182%	1h	65.330	−1.611%	$79K	$37K	10x	as long as short
Hibachi XAG/USDT-P	+0.0184%	1h	65.330	−1.612%	$20K	$17K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0209%	1h	65.340	−1.596%	$65K	$390K	20x	as long as short
Bullet SILVER-USD	+0.0220%	1h	65.359	−1.567%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.345	−1.589%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0363%	1h	65.320	−1.627%	$1.0M	$868K	25x	as long as short