Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.037%

Price spread now: Variational Omni against Ondo Perps+0.126%7-day average +0.166% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.028%+$3 on $10k

Price spread, last 7 days+0.185%+$19 · spread now +0.126%, 7d avg +0.166%

Together, before fees+0.213%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.039% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.126% now, against its 7-day average of +0.166%). If the spread goes back, that is −$4 on $10k: about 3.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XAG-USD.P	66.430	0.0050	pay 0.0006% / 1h	22m 18s	$5.7M	$9.6M	25x
Short	Variational Omni XAG	66.514	0.0089	get 0.0045% / 4h	3h 22m	$5.6M	$9.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.126%Rate

Funding earned: $8.15
Price spread: +0.126% → +0.166%: −$3.91
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.75
Costs to cover: 0.050%
Break-even: 7.6 days

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 2 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.56 bp	doesn't fit	2.6 bp −$26	doesn't fit	doesn't fit

Ondo Perps: 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	66.422	−0.012%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.490	+0.090%	$25.6M	$35.6M	150x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.485	+0.083%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.490	+0.090%	$154.9M	$168.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.490	+0.090%	$2K	$3.0M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.510	+0.120%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.530	+0.151%	$1.5M	$252K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.419	−0.016%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.464	+0.052%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.419	−0.016%	$5.4M	$12.4M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.045%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.480	+0.075%	$800K	$2.7M	40x	as long as short
BloFin XAG-USDT	+0.0045%	4h	66.540	+0.166%	$2.6M	$709K	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.932	+0.756%	—	—	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.473	+0.065%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.461	+0.047%	$3.9M	$700K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.410	−0.030%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.Plong	+0.0050%	1h	66.430	long leg	$5.7M	$9.6M	25x
QFEX SILVER-USD	+0.0051%	1h	66.490	+0.090%	$115K	$2.8M	20x	as long as short
tradeXYZ xyz:SILVER	+0.0054%	1h	66.448	+0.027%	$165.3M	$84.8M	25x	as long as short
Kalshi KXSILVERPERP	+0.0059%	24h	66.459	+0.044%	$562K	$21.5M	8.1x	as long as short
Aster XAGUSDT	+0.0085%	4h	66.493	+0.094%	$2.8M	$1.1M	100x	as long as short
Variational Omni XAGshort	+0.0089%	4h	66.514	+0.126%	$5.6M	$9.9M	—
Paradex XAG-USD-PERP	+0.0099%	8h	66.510	+0.121%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.465	+0.053%	$474K	$623K	10x	as long as short
MEXC SILVER_USDT	+0.0100%	4h	66.490	+0.090%	$108.4M	$160.4M	1000x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.470	+0.060%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.480	+0.075%	$126K	$24K	50x	as long as short
Binance XAGUSDT	+0.0101%	4h	66.480	+0.076%	$192.4M	$722.4M	100x	as long as short
Aevo XAG-PERP	+0.0104%	1h	66.473	+0.064%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0112%	4h	66.508	+0.118%	$675K	$314K	30x	as long as short
Lighter XAG	+0.0120%	1h	66.471	+0.061%	$5.4M	$10.5M	25x	as long as short
GRVT XAG_USDT_Perp	+0.0138%	4h	66.523	+0.140%	$391K	$1.5M	25x	as long as short
RISEx XAG/USDC	+0.0148%	1h	66.500	+0.105%	$1.3M	$4.2M	20x	as long as short
Nado XAG-PERP	+0.0170%	1h	66.446	+0.024%	$1.3M	$6.5M	10x	as long as short
Bitget XAGUSDT	+0.0174%	4h	66.490	+0.090%	$24.5M	$47.9M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.440	+0.015%	$1.9M	$930K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0190%	8h	66.490	+0.090%	$27.9M	$67.2M	50x	as long as short
Aftermath Perps XAGUSD	+0.0198%	1h	66.489	+0.089%	$80K	$39K	10x	as long as short
Bullet SILVER-USD	+0.0228%	1h	66.505	+0.113%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	66.451	+0.032%	$20K	$22K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0291% / S −0.0281%	1h	66.495	+0.098%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0352%	1h	66.460	+0.045%	$50K	$336K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0489%	1h	66.464	+0.051%	$764K	$565K	25x	as long as short