Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.054%

Price spread now: Coinbase International against Phemex−0.277%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now −0.277%, 7d avg −0.067%

Together, before fees+0.501%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.210% cheaper against Phemex than usual: you would sell low and buy high (spread −0.277% now, against its 7-day average of −0.067%). If the spread goes back, that is −$21 on $10k: about 8.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.020	0	get 0.0000% / 4h	3h 20m	$1.5M	$346K	100x
Short	Coinbase International SILVER-PERP-INTX	64.840	0.0080	get 0.0010% / 1h	20m 30s	$1.6M	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.277%Rate

Funding earned: $16.8
Price spread: −0.277% → −0.067%: −$20.99
Slippage, 4 orders: −$14.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$41.15
Costs to cover: 0.370%
Break-even: 24.1 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: 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 Phemex live order book, 2 min ago	3.08 bp	12.0 bp −$12	15.4 bp −$154	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	1.54 bp	6.5 bp −$7	8.3 bp −$83	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	64.926	−0.145%	$12K	$6K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.010	−0.015%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.010	−0.015%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.020	long leg	$1.5M	$346K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	64.861	−0.244%	$117K	—	250x	as long as short
Gate XAG_USDT	+0.0016%	4h	65.040	+0.031%	$138.8M	$187.8M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.002	−0.027%	$4.6M	$9.9M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	64.938	−0.126%	$5.0M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−0.643%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	64.970	−0.077%	$781K	$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	65.431	+0.632%	—	—	25x	as long as short
QFEX SILVER-USD	+0.0047%	1h	65.000	−0.031%	$446K	$1.5M	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	64.990	−0.046%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	64.948	−0.111%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	64.900	−0.185%	$5.6M	$10.1M	25x	as long as short
Variational Omni XAG	+0.0065%	4h	65.026	+0.009%	$5.4M	$9.2M	—	as long as short
edgeX XAGUSDC	+0.0071%	4h	64.801	−0.337%	$660K	$314K	30x	as long as short
Paradex XAG-USD-PERP	+0.0076%	8h	65.002	−0.027%	$29K	$166	5x	as long as short
Aevo XAG-PERP	+0.0080%	1h	65.007	−0.020%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTXshort	+0.0080%	1h	64.840	−0.277%	$1.6M	$1.5M	20x
Kalshi KXSILVERPERP	+0.0087%	24h	64.950	−0.108%	$489K	$35.1M	8.1x	as long as short
MEXC SILVER_USDT	+0.0094%	4h	65.010	−0.015%	$123.8M	$160.2M	1000x	as long as short
Pacifica XAG	+0.0100%	1h	64.949	−0.109%	$463K	$591K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	64.970	−0.077%	$25.1M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	64.750	−0.415%	$111K	$19K	50x	as long as short
Binance XAGUSDT	+0.0102%	4h	65.030	+0.015%	$198.3M	$787.9M	100x	as long as short
Phoenix SILVER	+0.0111%	1h	64.615	−0.623%	$55K	$31K	25x	as long as short
Aster XAGUSDT	+0.0117%	4h	65.020	0.000%	$2.6M	$1.0M	100x	as long as short
Hotstuff SILVER-PERP	+0.0128%	1h	64.968	−0.080%	$35K	$21K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0136%	1h	64.996	−0.037%	$173.3M	$88.9M	25x	as long as short
RISEx XAG/USDC	+0.0158%	1h	65.030	+0.016%	$1.2M	$4.9M	20x	as long as short
Nado XAG-PERP	+0.0165%	1h	64.885	−0.208%	$1.2M	$4.2M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0209%	8h	65.040	+0.031%	$29.0M	$75.9M	50x	as long as short
Aftermath Perps XAGUSD	+0.0218%	1h	64.798	−0.342%	$78K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0220%	4h	65.030	+0.015%	$22.8M	$48.0M	100x	as long as short
Lighter XAG	+0.0232%	1h	64.985	−0.054%	$5.2M	$11.3M	25x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0237% / S −0.0196%	1h	65.035	+0.023%	$92K	—	111x	as long as short
GRVT XAG_USDT_Perp	+0.0298%	4h	64.847	−0.267%	$386K	$1.6M	25x	as long as short
Bullet SILVER-USD	+0.0310%	1h	65.025	+0.008%	$45K	$75K	10x	as long as short
BloFin XAG-USDT	+0.0336%	4h	64.980	−0.062%	$2.7M	$697K	100x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0366%	1h	64.990	−0.046%	$76K	$435K	20x	as long as short
Hibachi XAG/USDT-P	+0.0368%	1h	64.890	−0.200%	$20K	$15K	10x	as long as short
Bybit XAGUSDT	+0.0374%	4h	65.040	+0.031%	$30.2M	$43.7M	150x	as long as short
Kraken Futures PF_XAGUSD	+0.0419%	1h	64.975	−0.070%	$1.0M	$894K	25x	as long as short