Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against SoDEX+0.131%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.131% dearer against SoDEX than usual: you sell high and buy low (spread +0.131% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX SILVER-USD	64.955	0.0050	pay 0.0006% / 1h	59m 03s	$3K	$6K	20x
Short	Phemex XAGUSDT	65.040	0	get 0.0000% / 4h	3h 59m	$1.4M	$290K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$10.5
Price spread: +0.131% → 0.000%: $13.09
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.41
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 4 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	0.77 bp	14.4 bp −$14	20.3 bp −$203	doesn't fit	doesn't fit

SoDEX: 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 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	64.997	+0.065%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.040	+0.131%	$27.6M	$39.1M	150x	as long as short
Nado XAG-PERP	0.0000%	1h	64.992	+0.057%	$1.2M	$4.6M	10x	as long as short
SunX XAG-USDT	0.0000%	4h	65.040	+0.131%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.110	+0.239%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.040	+0.131%	$1.4M	$290K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	64.946	−0.014%	$117K	—	250x	as long as short
Variational Omni XAG	+0.0010%	4h	65.026	+0.110%	$5.4M	$9.2M	—	as long as short
Lighter RH XAG	+0.0032%	1h	65.022	+0.103%	$4.6M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	64.956	+0.002%	$4.9M	$11.8M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XAG_USDT	+0.0032%	4h	65.040	+0.131%	$140.1M	$176.6M	100x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+2.225%	$11K	$94K	52x	as long as short
edgeX XAGUSDC	+0.0038%	4h	65.081	+0.195%	$663K	$314K	30x	as long as short
StandX XAG-USD	+0.0040%	1h	65.050	+0.146%	$782K	$3.0M	40x	as long as short
MEXC SILVER_USDT	+0.0042%	4h	65.010	+0.085%	$127.7M	$153.8M	1000x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.040	+0.131%	$171K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.446	+0.756%	—	—	25x	as long as short
Binance XAGUSDT	+0.0047%	4h	65.000	+0.069%	$191.8M	$760.0M	100x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.004	+0.075%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USDlong	+0.0050%	1h	64.955	long leg	$3K	$6K	20x
Ondo Perps XAG-USD.P	+0.0050%	1h	64.900	−0.085%	$5.6M	$9.8M	25x	as long as short
Aster XAGUSDT	+0.0053%	4h	64.980	+0.038%	$2.6M	$993K	100x	as long as short
Aevo XAG-PERP	+0.0056%	1h	65.029	+0.113%	$47K	—	10x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	65.015	+0.093%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	64.985	+0.046%	$55K	$30K	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	65.000	+0.069%	$1.6M	$1.4M	20x	as long as short
Kalshi KXSILVERPERP	+0.0081%	24h	65.011	+0.086%	$512K	$33.0M	8.1x	as long as short
Hotstuff SILVER-PERP	+0.0088%	1h	65.002	+0.072%	$35K	$21K	20x	as long as short
Pacifica XAG	+0.0100%	1h	64.975	+0.031%	$462K	$594K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.000	+0.069%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.030	+0.115%	$111K	$19K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0147%	1h	64.988	+0.051%	$173.5M	$85.7M	25x	as long as short
GRVT XAG_USDT_Perp	+0.0152%	4h	65.044	+0.137%	$384K	$1.6M	25x	as long as short
RISEx XAG/USDC	+0.0158%	1h	65.040	+0.131%	$1.3M	$4.9M	20x	as long as short
Bitget XAGUSDT	+0.0174%	4h	65.030	+0.115%	$23.2M	$44.8M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0179%	8h	65.030	+0.115%	$28.3M	$71.2M	50x	as long as short
BloFin XAG-USDT	+0.0188%	4h	65.060	+0.162%	$2.7M	$625K	100x	as long as short
Aftermath Perps XAGUSD	+0.0201%	1h	65.008	+0.082%	$78K	$37K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.025	+0.108%	$92K	—	111x	as long as short
Lighter XAG	+0.0240%	1h	65.018	+0.098%	$5.3M	$10.7M	25x	as long as short
Hibachi XAG/USDT-P	+0.0240%	1h	64.995	+0.061%	$20K	$15K	10x	as long as short
Bullet SILVER-USD	+0.0311%	1h	65.047	+0.142%	$44K	$75K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0366%	1h	65.010	+0.085%	$66K	$401K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0419%	1h	65.010	+0.084%	$1.0M	$869K	25x	as long as short