Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.046%

Price spread now: OKX against Phemex−0.030%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now −0.030%, 7d avg −0.043%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.072% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.390	0	get 0.0000% / 4h	1h 24m	$1.5M	$251K	100x
Short	OKX XAG-USDT-SWAP	66.370	0.0217	get 0.0217% / 8h	5h 24m	$27.8M	$65.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $45.61
Price spread: −0.030% → −0.043%: $1.28
Slippage, 4 orders: −$11.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $13.03
Costs to cover: 0.339%
Break-even: 5.0 days

Slippage from Phemex: live order book, 3 min ago; OKX: live order book, 4 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, 3 min ago	2.26 bp	12.6 bp −$13	19.1 bp −$191	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.75 bp	5.8 bp −$6	6.6 bp −$66	12.3 bp −$1,233	69.3 bp −$34.6K

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	66.272	−0.178%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.380	−0.015%	$150.4M	$164.3M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.350	−0.060%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.390	0.000%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.390	long leg	$1.5M	$251K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.296	−0.142%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.358	−0.049%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.299	−0.137%	$5.3M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.015%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.270	−0.181%	$797K	$2.9M	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	66.793	+0.607%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.331	−0.089%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.296	−0.142%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.270	−0.181%	$5.7M	$9.8M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.340	−0.075%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0065%	24h	66.311	−0.119%	$536K	$24.6M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.308	−0.124%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0097%	1h	66.327	−0.095%	$166.1M	$74.3M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.294	−0.144%	$472K	$610K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.320	−0.105%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.280	−0.166%	$113K	$30K	50x	as long as short
Hotstuff SILVER-PERP	+0.0120%	1h	66.301	−0.134%	$35K	$21K	20x	as long as short
Paradex XAG-USD-PERP	+0.0134%	8h	66.341	−0.074%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0135%	4h	66.370	−0.030%	$2.7M	$877K	100x	as long as short
Bybit XAGUSDT	+0.0158%	4h	66.380	−0.015%	$26.9M	$36.1M	150x	as long as short
BloFin XAG-USDT	+0.0175%	4h	66.340	−0.075%	$2.6M	$553K	100x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.359	−0.047%	$48K	—	10x	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.370	−0.030%	$1.3M	$4.5M	20x	as long as short
Variational Omni XAG	+0.0184%	4h	66.321	−0.103%	$5.6M	$9.8M	—	as long as short
Lighter XAG	+0.0192%	1h	66.367	−0.035%	$5.3M	$10.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.350	−0.060%	$1.9M	$988K	20x	as long as short
MEXC SILVER_USDT	+0.0194%	4h	66.370	−0.030%	$105.4M	$153.5M	1000x	as long as short
Binance XAGUSDT	+0.0196%	4h	66.372	−0.026%	$192.3M	$705.4M	100x	as long as short
edgeX XAGUSDC	+0.0204%	4h	66.323	−0.101%	$673K	$313K	30x	as long as short
Nado XAG-PERP	+0.0211%	1h	66.300	−0.135%	$1.3M	$6.6M	10x	as long as short
OKX XAG-USDT-SWAPshort	+0.0217%	8h	66.370	−0.030%	$27.8M	$65.9M	50x
Aftermath Perps XAGUSD	+0.0234%	1h	66.277	−0.171%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0246%	4h	66.360	−0.045%	$23.8M	$45.8M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0268%	4h	66.347	−0.065%	$402K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0272%	1h	66.270	−0.181%	$20K	$19K	10x	as long as short
Bullet SILVER-USD	+0.0280%	1h	66.363	−0.041%	$46K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0351% / S −0.0372%	1h	66.365	−0.038%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0353%	1h	66.350	−0.060%	$50K	$322K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0549%	1h	66.333	−0.086%	$915K	$671K	25x	as long as short