Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against Pacifica+0.124%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now +0.124%, 7d avg +0.098%

Together, before fees+0.006%+ Points / potential airdropPacifica: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.027% dearer against Pacifica than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of +0.098%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.074% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica XAG	66.078	0.0100	pay 0.0013% / 1h	36m 50s	$470K	$619K	10x
Short	Phemex XAGUSDT	66.160	0	get 0.0000% / 4h	36m 50s	$1.5M	$317K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$21
Price spread: +0.124% → +0.098%: $2.65
Slippage, 4 orders: −$16.03
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.38
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Pacifica: live order book, 22 min ago; Phemex: live order book, 1 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 Pacifica live order book, 22 min ago	0.08 bp	8.0 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.76 bp	11.2 bp −$11	16.6 bp −$166	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	66.085	+0.011%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.160	+0.124%	$150.2M	$163.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.170	+0.139%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.150	+0.109%	$1.0M	$978K	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.160	+0.124%	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.060	−0.027%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.128	+0.076%	$4.8M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.079	+0.001%	$5.2M	$11.7M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.487%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.150	+0.109%	$796K	$3.0M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SI-PERP	+0.0046%	1h	66.560	+0.729%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.094	+0.024%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.060	−0.027%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.010	−0.103%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.120	+0.064%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.074	−0.006%	$56K	$26K	25x	as long as short
Hotstuff SILVER-PERP	+0.0064%	1h	66.125	+0.071%	$35K	$21K	20x	as long as short
Kalshi KXSILVERPERP	+0.0068%	24h	66.097	+0.029%	$515K	$25.5M	8.1x	as long as short
Pacifica XAGlong	+0.0100%	1h	66.078	long leg	$470K	$619K	10x
KuCoin XAGUSDTM	+0.0100%	4h	66.110	+0.048%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	−0.027%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0133%	1h	66.112	+0.051%	$165.5M	$73.8M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.130	+0.079%	$1.3M	$4.5M	20x	as long as short
Aster XAGUSDT	+0.0147%	4h	66.157	+0.120%	$2.7M	$877K	100x	as long as short
Paradex XAG-USD-PERP	+0.0152%	8h	66.141	+0.096%	$30K	$1K	5x	as long as short
Bybit XAGUSDT	+0.0156%	4h	66.150	+0.109%	$27.0M	$36.1M	150x	as long as short
Nado XAG-PERP	+0.0191%	1h	66.101	+0.035%	$1.3M	$6.5M	10x	as long as short
Lighter XAG	+0.0200%	1h	66.124	+0.069%	$5.2M	$10.5M	25x	as long as short
Aevo XAG-PERP	+0.0200%	1h	66.127	+0.074%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.130	+0.079%	$1.8M	$999K	20x	as long as short
Variational Omni XAG	+0.0202%	4h	66.133	+0.083%	$5.6M	$9.7M	—	as long as short
Binance XAGUSDT	+0.0218%	4h	66.146	+0.103%	$192.9M	$700.9M	100x	as long as short
MEXC SILVER_USDT	+0.0218%	4h	66.140	+0.094%	$109.1M	$152.4M	1000x	as long as short
Aftermath Perps XAGUSD	+0.0230%	1h	66.109	+0.048%	$80K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0231%	8h	66.140	+0.094%	$27.8M	$65.5M	50x	as long as short
edgeX XAGUSDC	+0.0231%	4h	66.127	+0.074%	$671K	$311K	30x	as long as short
BloFin XAG-USDT	+0.0251%	4h	66.160	+0.124%	$2.6M	$554K	100x	as long as short
Bitget XAGUSDT	+0.0258%	4h	66.160	+0.124%	$23.8M	$45.7M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0280%	4h	66.144	+0.100%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0312%	1h	66.133	+0.083%	$45K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0355%	1h	66.110	+0.048%	$62K	$348K	20x	as long as short
Hibachi XAG/USDT-P	+0.0360%	1h	66.117	+0.059%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0374% / S −0.0408%	1h	66.135	+0.086%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.104	+0.039%	$912K	$676K	25x	as long as short