Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0496%/8h= −54.3% APRpaid last 24h −0.095%

Price spread now: Bybit against Kraken Futures+0.040%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now +0.040%, 7d avg +0.079%

Together, before fees−0.183%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.039% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.192% in total (about -10.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAGUSD	65.594	0.0540	pay 0.0067% / 1h	53m 51s	$1.0M	$943K	25x
Short	Bybit XAGUSDT	65.620	0.0043	get 0.0022% / 4h	53m 51s	$30.5M	$47.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$104.2
Price spread: +0.040% → +0.079%: −$3.93
Slippage, 4 orders: −$11.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$140.9
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: 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 Kraken Futures live order book, 3 min ago	3.26 bp	8.8 bp −$9	16.8 bp −$168	121.0 bp −$12.1K	doesn't fit
Sell Bybit live order book, 3 min ago	0.76 bp	7.6 bp −$8	9.6 bp −$96	17.4 bp −$1,741	69.0 bp −$34.5K

XAG on 44 exchanges

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
Hotstuff SILVER-PERP	−0.0088%	1h	65.565	−0.044%	$39K	$26K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.521	−0.110%	$13K	$8K	5x	as long as short
RISEx XAG/USDC	0.0000%	1h	65.619	+0.038%	$1.3M	$5.4M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	65.610	+0.025%	$136.5M	$198.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.620	+0.040%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.640	+0.071%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.640	+0.071%	$1.5M	$257K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.554	−0.060%	$119K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0025%	1h	65.520	−0.112%	$5.7M	$11.1M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	65.615	+0.033%	$4.6M	$9.5M	25x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USD	+0.0032%	1h	65.555	−0.059%	$5.1M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.512%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.590	−0.006%	$789K	$3.0M	40x	as long as short
QFEX SILVER-USD	+0.0042%	1h	65.600	+0.010%	$446K	$1.4M	20x	as long as short
Bybit XAGUSDTshort	+0.0043%	4h	65.620	+0.040%	$30.5M	$47.8M	150x
Vest SI-PERP	+0.0046%	1h	66.037	+0.676%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.576	−0.027%	$3.8M	$905K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.561	−0.050%	$3K	$6K	20x	as long as short
Variational Omni XAG	+0.0052%	4h	65.578	−0.024%	$5.6M	$9.0M	—	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.597	+0.005%	$29K	—	5x	as long as short
Aster XAGUSDT	+0.0073%	4h	65.590	−0.006%	$2.7M	$1.2M	100x	as long as short
MEXC SILVER_USDT	+0.0074%	4h	65.610	+0.025%	$114.9M	$162.8M	1000x	as long as short
Binance XAGUSDT	+0.0076%	4h	65.610	+0.025%	$190.4M	$863.2M	100x	as long as short
edgeX XAGUSDC	+0.0087%	4h	65.624	+0.047%	$669K	$313K	30x	as long as short
Aevo XAG-PERP	+0.0088%	1h	65.608	+0.021%	$47K	—	10x	as long as short
GRVT XAG_USDT_Perp	+0.0096%	4h	65.674	+0.122%	$389K	$1.6M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.546	−0.073%	$462K	$520K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.580	−0.021%	$25.4M	$4.3M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.610	+0.025%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.710	+0.177%	$1.6M	$1.9M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0105%	1h	65.569	−0.038%	$175.6M	$86.7M	25x	as long as short
Kalshi KXSILVERPERP	+0.0107%	24h	65.620	+0.040%	$792K	$38.8M	8.1x	as long as short
Phoenix SILVER	+0.0122%	1h	65.584	−0.015%	$55K	$15K	25x	as long as short
Lighter XAG	+0.0136%	1h	65.590	−0.006%	$5.3M	$11.8M	25x	as long as short
Nado XAG-PERP	+0.0139%	1h	65.564	−0.045%	$1.2M	$3.4M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0178%	8h	65.620	+0.040%	$27.9M	$85.7M	50x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0208%	1h	65.600	+0.010%	$77K	$409K	20x	as long as short
Bitget XAGUSDT	+0.0214%	4h	65.610	+0.025%	$23.1M	$52.8M	100x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	65.538	−0.085%	$21K	$12K	10x	as long as short
Aftermath Perps XAGUSD	+0.0226%	1h	65.609	+0.023%	$79K	$37K	10x	as long as short
Bullet SILVER-USD	+0.0227%	1h	65.625	+0.048%	$45K	$73K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0282% / S −0.0253%	1h	65.625	+0.048%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0309%	4h	65.610	+0.025%	$2.7M	$784K	100x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0540%	1h	65.594	long leg	$1.0M	$943K	25x