Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.010%

Price spread now: Injective against Phemex−1.311%65s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 1.311% cheaper against Phemex than usual: you would sell low and buy high (−$131 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.000% in total (about 0.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.460	0	get 0.0000% / 4h	2h 07m	$1.5M	$252K	100x
Short	Injective XAG/USDC PERP	64.602	−0.0220	pay 0.0028% / 1h	7m 45s	$11K	$240	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.311%Rate

Funding earned: −$46.2
Price spread: −1.311% → 0.000%: −$131.07
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$189.29
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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, 3 min ago	0.76 bp	36.9 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Injective XAG/USDC PERPshort	−0.0220%	1h	64.602	−1.311%	$11K	$240	52x
Ondo Perps XAG-USD.P	−0.0007%	1h	65.330	−0.199%	$5.7M	$10.5M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.390	−0.106%	$12K	$6K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.470	+0.015%	$139.3M	$200.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.470	+0.015%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.490	+0.046%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.460	long leg	$1.5M	$252K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.377	−0.127%	$118K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.484	+0.036%	$4.5M	$9.7M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.387	−0.112%	$5.1M	$11.6M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff SILVER-PERP	+0.0040%	1h	65.416	−0.067%	$36K	$23K	20x	as long as short
StandX XAG-USD	+0.0040%	1h	65.430	−0.046%	$787K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	65.873	+0.631%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.420	−0.061%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.387	−0.112%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0057%	8h	65.438	−0.034%	$29K	$166	5x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.440	−0.031%	$444K	$1.4M	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0088%	1h	65.390	−0.107%	$1.6M	$1.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0097%	24h	65.445	−0.023%	$625K	$37.3M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.423	−0.056%	$466K	$572K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.420	−0.061%	$25.2M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.400	−0.092%	$112K	$19K	50x	as long as short
Variational Omni XAG	+0.0101%	4h	65.440	−0.030%	$5.7M	$9.2M	—	as long as short
Phoenix SILVER	+0.0110%	1h	65.406	−0.082%	$55K	$13K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0120%	1h	65.449	−0.017%	$174.3M	$92.8M	25x	as long as short
Aevo XAG-PERP	+0.0128%	1h	65.439	−0.033%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0130%	4h	65.450	−0.015%	$120.8M	$167.3M	1000x	as long as short
Binance XAGUSDT	+0.0130%	4h	65.490	+0.046%	$193.1M	$838.2M	100x	as long as short
edgeX XAGUSDC	+0.0132%	4h	65.468	+0.012%	$667K	$313K	30x	as long as short
Aster XAGUSDT	+0.0134%	4h	65.490	+0.046%	$2.7M	$1.1M	100x	as long as short
Nado XAG-PERP	+0.0176%	1h	65.412	−0.073%	$1.2M	$3.7M	10x	as long as short
GRVT XAG_USDT_Perp	+0.0184%	4h	65.455	−0.008%	$395K	$1.6M	25x	as long as short
Lighter XAG	+0.0192%	1h	65.520	+0.092%	$5.1M	$11.7M	25x	as long as short
RISEx XAG/USDC	+0.0206%	1h	65.458	−0.003%	$1.2M	$4.9M	20x	as long as short
Bybit XAGUSDT	+0.0207%	4h	65.510	+0.076%	$30.5M	$47.0M	150x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0209%	1h	65.430	−0.046%	$77K	$411K	20x	as long as short
Aftermath Perps XAGUSD	+0.0213%	1h	65.400	−0.092%	$79K	$37K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0213%	8h	65.500	+0.061%	$28.0M	$82.9M	50x	as long as short
Hibachi XAG/USDT-P	+0.0248%	1h	65.405	−0.084%	$21K	$12K	10x	as long as short
Bitget XAGUSDT	+0.0250%	4h	65.460	0.000%	$23.1M	$50.4M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0265% / S −0.0231%	1h	65.455	−0.008%	$93K	—	111x	as long as short
Bullet SILVER-USD	+0.0275%	1h	65.457	−0.005%	$44K	$74K	10x	as long as short
BloFin XAG-USDT	+0.0370%	4h	65.440	−0.031%	$2.7M	$758K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0774%	1h	65.419	−0.062%	$1.0M	$937K	25x	as long as short