Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.019%

Price spread now: Extended against Phemex−0.186%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.186%, 7d avg −0.083%

Together, before fees+0.070%+ Points / potential airdropExtended: Active · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.103% cheaper against Phemex than usual: you would sell low and buy high (spread −0.186% now, against its 7-day average of −0.083%). If the spread goes back, that is −$10 on $10k: about 11 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	Phemex XAGUSDT	65.680	0	get 0.0000% / 4h	2h 03m	$1.5M	$253K	100x
Short	Extended XAG-USD	65.558	0.0032	get 0.0004% / 1h	3m 52s	$5.1M	$11.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.186%Rate

Funding earned: $6.72
Price spread: −0.186% → −0.083%: −$10.29
Slippage, 4 orders: −$14.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.54
Costs to cover: 0.320%
Break-even: 44.0 days

Slippage from Phemex: live order book, 2 min ago; Extended: 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	2.28 bp	15.8 bp −$16	24.6 bp −$246	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	0.08 bp	2.6 bp −$3	4.6 bp −$46	10.7 bp −$1,070	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	−0.4840%	1h	65.582	−0.149%	$36K	$23K	20x	as long as short
Injective XAG/USDC PERP	−0.0220%	1h	64.602	−1.641%	$11K	$240	52x	as long as short
Ondo Perps XAG-USD.P	−0.0005%	1h	65.600	−0.122%	$5.7M	$10.6M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.672	−0.012%	$12K	$7K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.620	−0.091%	$138.8M	$202.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.700	+0.030%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.720	+0.061%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.680	long leg	$1.5M	$253K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.630	−0.075%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.660	−0.031%	$4.6M	$9.8M	25x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USDshort	+0.0032%	1h	65.558	−0.186%	$5.1M	$11.8M	10x
StandX XAG-USD	+0.0040%	1h	65.680	0.000%	$790K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.105	+0.647%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.650	−0.046%	$3.8M	$894K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.627	−0.081%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0058%	8h	65.694	+0.022%	$29K	$166	5x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.670	−0.015%	$446K	$1.4M	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0088%	1h	65.630	−0.076%	$1.6M	$1.8M	20x	as long as short
Kalshi KXSILVERPERP	+0.0098%	24h	65.732	+0.079%	$711K	$38.2M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.687	+0.011%	$468K	$572K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.600	−0.122%	$25.3M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.500	−0.274%	$112K	$19K	50x	as long as short
Variational Omni XAG	+0.0104%	4h	65.650	−0.046%	$5.7M	$9.2M	—	as long as short
Phoenix SILVER	+0.0110%	1h	65.406	−0.417%	$55K	$13K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0118%	1h	65.557	−0.187%	$174.4M	$93.6M	25x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.683	+0.005%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0130%	4h	65.600	−0.122%	$121.2M	$169.0M	1000x	as long as short
Binance XAGUSDT	+0.0133%	4h	65.610	−0.107%	$193.3M	$851.6M	100x	as long as short
Aster XAGUSDT	+0.0133%	4h	65.620	−0.091%	$2.7M	$1.1M	100x	as long as short
edgeX XAGUSDC	+0.0143%	4h	65.456	−0.341%	$667K	$314K	30x	as long as short
Nado XAG-PERP	+0.0171%	1h	65.680	0.000%	$1.2M	$3.7M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0182%	4h	65.613	−0.102%	$396K	$1.5M	25x	as long as short
Bybit XAGUSDT	+0.0192%	4h	65.610	−0.107%	$30.4M	$47.3M	150x	as long as short
Lighter XAG	+0.0192%	1h	65.658	−0.033%	$5.1M	$11.9M	25x	as long as short
RISEx XAG/USDC	+0.0206%	1h	65.703	+0.035%	$1.2M	$4.9M	20x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.670	−0.015%	$77K	$411K	20x	as long as short
Aftermath Perps XAGUSD	+0.0216%	1h	65.518	−0.246%	$79K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0218%	8h	65.610	−0.107%	$28.0M	$84.2M	50x	as long as short
Hibachi XAG/USDT-P	+0.0248%	1h	65.660	−0.031%	$21K	$12K	10x	as long as short
Bitget XAGUSDT	+0.0252%	4h	65.600	−0.122%	$23.2M	$51.8M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0266% / S −0.0233%	1h	65.665	−0.023%	$93K	—	111x	as long as short
Bullet SILVER-USD	+0.0276%	1h	65.692	+0.018%	$44K	$74K	10x	as long as short
BloFin XAG-USDT	+0.0372%	4h	65.700	+0.030%	$2.7M	$762K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0771%	1h	65.670	−0.015%	$1.0M	$939K	25x	as long as short