Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0208%/8h= +22.7% APRpaid last 24h +0.081%

Price spread now: Deribit against Phemex−0.046%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.158%+$16 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.046%, 7d avg −0.045%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.630	0	get 0.0000% / 4h	1h 44m	$1.5M	$252K	100x
Short	Deribit SILVER_USDC-PERPETUAL	65.600	0.0208	get 0.0026% / 1h	44m 06s	$77K	$414K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.046%Rate

Funding earned: $43.58
Price spread: −0.046% → −0.045%: −$0.06
Slippage, 4 orders: −$15.03
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $9.49
Costs to cover: 0.340%
Break-even: 5.5 days

Slippage from Phemex: live order book, 2 min ago; Deribit: 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	0.76 bp	11.2 bp −$11	16.7 bp −$167	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.76 bp	8.8 bp −$9	10.1 bp −$101	doesn't fit	doesn't fit

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
Hotstuff SILVER-PERP	−3.2000%	1h	65.532	−0.149%	$36K	$23K	20x	as long as short
Ondo Perps XAG-USD.P	−0.0002%	1h	65.490	−0.213%	$5.7M	$11.0M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.525	−0.159%	$13K	$8K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.630	0.000%	$138.4M	$204.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.610	−0.030%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.630	0.000%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.630	long leg	$1.5M	$252K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.566	−0.097%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.609	−0.032%	$4.6M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.554	−0.116%	$5.1M	$11.8M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.566%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.590	−0.061%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.026	+0.603%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.560	−0.107%	$3.8M	$893K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.551	−0.120%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.590	−0.061%	$446K	$1.4M	20x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	65.580	−0.076%	$29K	—	5x	as long as short
tradeXYZ xyz:SILVER	+0.0058%	1h	65.570	−0.091%	$174.3M	$94.1M	25x	as long as short
Variational Omni XAG	+0.0081%	4h	65.578	−0.079%	$5.7M	$9.1M	—	as long as short
Pacifica XAG	+0.0100%	1h	65.544	−0.131%	$466K	$567K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.580	−0.076%	$25.4M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.620	−0.015%	$112K	$19K	50x	as long as short
Kalshi KXSILVERPERP	+0.0100%	24h	65.594	−0.055%	$718K	$38.7M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.690	+0.091%	$1.6M	$1.9M	20x	as long as short
Aster XAGUSDT	+0.0105%	4h	65.600	−0.046%	$2.7M	$1.1M	100x	as long as short
MEXC SILVER_USDT	+0.0106%	4h	65.590	−0.061%	$121.7M	$163.3M	1000x	as long as short
Binance XAGUSDT	+0.0107%	4h	65.610	−0.031%	$191.3M	$864.3M	100x	as long as short
Aevo XAG-PERP	+0.0112%	1h	65.604	−0.039%	$47K	—	10x	as long as short
RISEx XAG/USDC	+0.0116%	1h	65.600	−0.046%	$1.2M	$4.9M	20x	as long as short
Bybit XAGUSDT	+0.0119%	4h	65.620	−0.015%	$30.6M	$48.2M	150x	as long as short
Phoenix SILVER	+0.0122%	1h	65.545	−0.130%	$55K	$14K	25x	as long as short
GRVT XAG_USDT_Perp	+0.0130%	4h	65.656	+0.040%	$396K	$1.5M	25x	as long as short
edgeX XAGUSDC	+0.0130%	4h	65.649	+0.028%	$669K	$315K	30x	as long as short
Nado XAG-PERP	+0.0139%	1h	65.557	−0.111%	$1.2M	$3.6M	10x	as long as short
Lighter XAG	+0.0144%	1h	65.607	−0.034%	$5.1M	$11.6M	25x	as long as short
Deribit SILVER_USDC-PERPETUALshort	+0.0208%	1h	65.600	−0.046%	$77K	$414K	20x
Bullet SILVER-USD	+0.0208%	1h	65.610	−0.030%	$44K	$73K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0211%	8h	65.620	−0.015%	$27.9M	$85.7M	50x	as long as short
Aftermath Perps XAGUSD	+0.0223%	1h	65.609	−0.032%	$79K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0240%	4h	65.610	−0.030%	$23.2M	$52.8M	100x	as long as short
Hibachi XAG/USDT-P	+0.0256%	1h	65.554	−0.115%	$21K	$12K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0270% / S −0.0238%	1h	65.615	−0.023%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0349%	4h	65.590	−0.061%	$2.7M	$771K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0548%	1h	65.581	−0.074%	$1.0M	$943K	25x	as long as short