Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.078%

Price spread now: GMX against Phemex+0.038%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.038% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.750	0	get 0.0000% / 4h	1h 59m	$1.5M	$251K	100x
Short	GMX SILVER/USD [ETH-USDC]	65.775	L +0.0267% / S −0.0234%	get 0.0029% / 1h	59m 37s	$93K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $49.12
Price spread: +0.038% → 0.000%: $3.8
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $28.92
Costs to cover: 0.240%
Break-even: 2.9 days

Slippage unknown: Phemex: live order book, 1 min ago; GMX: no order-book sample. 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 Phemex live order book, 1 min ago	3.80 bp	9.8 bp −$10	16.3 bp −$163	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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	−1.2752%	1h	65.532	−0.332%	$36K	$23K	20x	as long as short
Injective XAG/USDC PERP	−0.0220%	1h	64.602	−1.746%	$11K	$240	52x	as long as short
dYdX XAG-USD	0.0000%	1h	65.654	−0.146%	$13K	$8K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.720	−0.046%	$138.9M	$202.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.770	+0.030%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.800	+0.076%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.750	long leg	$1.5M	$251K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.621	−0.197%	$119K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0013%	1h	65.590	−0.243%	$5.7M	$10.9M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	65.711	−0.060%	$4.5M	$9.4M	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-USD	+0.0032%	1h	65.660	−0.137%	$5.1M	$11.8M	10x	as long as short
StandX XAG-USD	+0.0040%	1h	65.660	−0.137%	$790K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.157	+0.619%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.727	−0.035%	$3.9M	$894K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.689	−0.093%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0058%	8h	65.701	−0.075%	$29K	$166	5x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.740	−0.015%	$447K	$1.4M	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0088%	1h	65.690	−0.091%	$1.6M	$1.9M	20x	as long as short
Kalshi KXSILVERPERP	+0.0098%	24h	65.723	−0.041%	$709K	$38.6M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.685	−0.098%	$467K	$570K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.690	−0.091%	$25.4M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.620	−0.198%	$112K	$19K	50x	as long as short
Variational Omni XAG	+0.0101%	4h	65.650	−0.153%	$5.7M	$9.1M	—	as long as short
Phoenix SILVER	+0.0110%	1h	65.567	−0.278%	$55K	$13K	25x	as long as short
RISEx XAG/USDC	+0.0116%	1h	65.710	−0.061%	$1.2M	$4.9M	20x	as long as short
MEXC SILVER_USDT	+0.0124%	4h	65.710	−0.061%	$121.5M	$162.1M	1000x	as long as short
Binance XAGUSDT	+0.0125%	4h	65.720	−0.046%	$191.9M	$860.9M	100x	as long as short
Aster XAGUSDT	+0.0126%	4h	65.723	−0.040%	$2.7M	$1.2M	100x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.741	−0.013%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0138%	4h	65.677	−0.111%	$669K	$314K	30x	as long as short
tradeXYZ xyz:SILVER	+0.0149%	1h	65.716	−0.052%	$174.8M	$94.0M	25x	as long as short
Bybit XAGUSDT	+0.0169%	4h	65.740	−0.015%	$30.5M	$47.9M	150x	as long as short
Nado XAG-PERP	+0.0170%	1h	65.705	−0.068%	$1.2M	$3.7M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0172%	4h	65.737	−0.020%	$397K	$1.5M	25x	as long as short
Lighter XAG	+0.0192%	1h	65.739	−0.017%	$5.1M	$12.0M	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.730	−0.030%	$77K	$411K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	65.720	−0.046%	$28.0M	$85.6M	50x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	65.572	−0.271%	$79K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0252%	4h	65.720	−0.046%	$23.3M	$52.7M	100x	as long as short
GMX SILVER/USD [ETH-USDC]short	L +0.0267% / S −0.0234%	1h	65.775	+0.038%	$93K	—	111x
Hibachi XAG/USDT-P	+0.0272%	1h	65.621	−0.197%	$21K	$12K	10x	as long as short
Bullet SILVER-USD	+0.0274%	1h	65.780	+0.045%	$45K	$74K	10x	as long as short
BloFin XAG-USDT	+0.0365%	4h	65.700	−0.076%	$2.7M	$771K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0771%	1h	65.753	+0.004%	$1.0M	$943K	25x	as long as short