Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0434%/8h= −47.5% APRpaid last 24h −0.039%

Price spread now: Injective against OKX−1.311%118s7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 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 −$13 a day on $10k at the current rate, and Injective is 1.311% cheaper against OKX than usual: you would sell low and buy high (−$131 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 118 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -3.9% 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	OKX XAG-USDT-SWAP	65.460	0.0214	pay 0.0214% / 8h	6h 11m	$28.0M	$82.6M	50x
Short	Injective XAG/USDC PERP	64.602	−0.0220	pay 0.0028% / 1h	11m 20s	$11K	$240	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −1.311%Rate

Funding earned: −$91.11
Price spread: −1.311% → 0.000%: −$131.07
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$232.2
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 6 min ago; Injective: no order-book sample. 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 OKX live order book, 6 min ago	0.76 bp	5.8 bp −$6	6.9 bp −$69	12.1 bp −$1,205	85.4 bp −$42.7K
Sell Injective no order-book sample	—	—	—	—	—

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 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
Injective XAG/USDC PERPshort	−0.0220%	1h	64.602	−1.311%	$11K	$240	52x
Ondo Perps XAG-USD.P	−0.0006%	1h	65.350	−0.168%	$5.7M	$10.5M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.390	−0.106%	$12K	$6K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.460	0.000%	$139.3M	$200.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.440	−0.031%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.510	+0.076%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.510	+0.076%	$1.5M	$252K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.390	−0.107%	$118K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.469	+0.014%	$4.5M	$9.7M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.411	−0.074%	$5.1M	$11.6M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff SILVER-PERP	+0.0040%	1h	65.440	−0.031%	$36K	$23K	20x	as long as short
StandX XAG-USD	+0.0040%	1h	65.350	−0.168%	$786K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	65.890	+0.657%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.443	−0.026%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.430	−0.046%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0058%	8h	65.457	−0.004%	$29K	$166	5x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.450	−0.015%	$444K	$1.4M	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0088%	1h	65.330	−0.199%	$1.6M	$1.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0097%	24h	65.459	−0.002%	$623K	$37.5M	8.1x	as long as short
Variational Omni XAG	+0.0100%	4h	65.381	−0.121%	$5.7M	$9.2M	—	as long as short
Pacifica XAG	+0.0100%	1h	65.411	−0.075%	$466K	$574K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.440	−0.031%	$25.2M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.370	−0.137%	$112K	$19K	50x	as long as short
Phoenix SILVER	+0.0110%	1h	65.386	−0.113%	$55K	$13K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0121%	1h	65.421	−0.060%	$174.3M	$93.1M	25x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.495	+0.054%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0130%	4h	65.470	+0.015%	$120.3M	$167.1M	1000x	as long as short
Binance XAGUSDT	+0.0131%	4h	65.460	0.000%	$193.0M	$836.3M	100x	as long as short
Aster XAGUSDT	+0.0136%	4h	65.471	+0.016%	$2.7M	$1.1M	100x	as long as short
edgeX XAGUSDC	+0.0140%	4h	65.373	−0.133%	$666K	$315K	30x	as long as short
Nado XAG-PERP	+0.0177%	1h	65.429	−0.047%	$1.2M	$3.8M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0186%	4h	65.434	−0.039%	$395K	$1.6M	25x	as long as short
Lighter XAG	+0.0192%	1h	65.465	+0.007%	$5.1M	$11.7M	25x	as long as short
Bybit XAGUSDT	+0.0205%	4h	65.470	+0.015%	$30.5M	$46.8M	150x	as long as short
RISEx XAG/USDC	+0.0206%	1h	65.488	+0.043%	$1.2M	$4.9M	20x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0208%	1h	65.490	+0.046%	$77K	$411K	20x	as long as short
Aftermath Perps XAGUSD	+0.0212%	1h	65.377	−0.127%	$79K	$37K	10x	as long as short
OKX XAG-USDT-SWAPlong	+0.0214%	8h	65.460	long leg	$28.0M	$82.6M	50x
Bitget XAGUSDT	+0.0248%	4h	65.480	+0.031%	$23.1M	$50.4M	100x	as long as short
Hibachi XAG/USDT-P	+0.0256%	1h	65.360	−0.153%	$21K	$12K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0264% / S −0.0231%	1h	65.455	−0.008%	$93K	—	111x	as long as short
Bullet SILVER-USD	+0.0276%	1h	65.469	+0.014%	$44K	$74K	10x	as long as short
BloFin XAG-USDT	+0.0370%	4h	65.430	−0.046%	$2.7M	$757K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0774%	1h	65.462	+0.003%	$1.0M	$937K	25x	as long as short