Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.041%

Price spread now: Phemex against Lighter+0.078%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.078%, 7d avg +0.057%

Together, before fees−0.134%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.022% dearer against Lighter than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of +0.057%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAG	66.088	0.0184	pay 0.0023% / 1h	10m 00s	$5.2M	$10.7M	25x
Short	Phemex XAGUSDT	66.140	0	get 0.0000% / 4h	10m 00s	$1.5M	$317K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$38.64
Price spread: +0.078% → +0.057%: $2.17
Slippage, 4 orders: −$17.92
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.4
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 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 Lighter live order book, 3 min ago	0.16 bp	0.2 bp $0	0.3 bp −$3	6.3 bp −$632	16.5 bp −$8,258
Sell Phemex live order book, 3 min ago	0.76 bp	22.9 bp −$23	26.5 bp −$265	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
dYdX XAG-USD	0.0000%	1h	66.018	−0.106%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.120	+0.048%	$150.2M	$163.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.100	+0.018%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.130	+0.063%	$1.0M	$968K	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.140	+0.078%	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.028	−0.092%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.093	+0.007%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.025	−0.096%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.472%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.070	−0.028%	$795K	$3.1M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0044%	1h	65.960	−0.194%	$5.7M	$9.6M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.514	+0.644%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.027	−0.093%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.061	−0.041%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.021	−0.102%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.090	+0.003%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.025	−0.096%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0071%	24h	66.057	−0.047%	$547K	$25.4M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	66.029	−0.090%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.050	−0.058%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	−0.043%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0126%	1h	66.078	−0.015%	$166.0M	$74.4M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.077	−0.018%	$1.3M	$4.6M	20x	as long as short
Paradex XAG-USD-PERP	+0.0141%	8h	66.078	−0.015%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0144%	4h	66.080	−0.012%	$2.7M	$868K	100x	as long as short
Bybit XAGUSDT	+0.0168%	4h	66.130	+0.063%	$27.1M	$36.1M	150x	as long as short
Lighter XAGlong	+0.0184%	1h	66.088	long leg	$5.2M	$10.7M	25x
Aevo XAG-PERP	+0.0192%	1h	66.097	+0.014%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.020	−0.103%	$1.8M	$1.0M	20x	as long as short
Variational Omni XAG	+0.0204%	4h	66.063	−0.038%	$5.6M	$9.5M	—	as long as short
MEXC SILVER_USDT	+0.0210%	4h	66.100	+0.018%	$110.5M	$153.0M	1000x	as long as short
BloFin XAG-USDT	+0.0212%	4h	66.120	+0.048%	$2.6M	$554K	100x	as long as short
Binance XAGUSDT	+0.0212%	4h	66.120	+0.048%	$192.8M	$700.3M	100x	as long as short
Nado XAG-PERP	+0.0213%	1h	66.029	−0.090%	$1.4M	$6.4M	10x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	66.069	−0.029%	$80K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0222%	4h	66.092	+0.006%	$671K	$313K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0234%	8h	66.110	+0.033%	$27.7M	$65.0M	50x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.110	+0.033%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.094	+0.009%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0289%	1h	66.104	+0.024%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.080	−0.012%	$75K	$362K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.020	−0.103%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.115	+0.041%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.070	−0.028%	$912K	$683K	25x	as long as short