Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.019%

Price spread now: Phemex against tradeXYZ+0.076%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now +0.076%, 7d avg +0.096%

Together, before fees+0.026%+ Points / potential airdroptradeXYZ: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.020% cheaper against tradeXYZ than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:SILVER	66.160	0.0156	pay 0.0019% / 1h	59m 44s	$165.5M	$73.9M	25x
Short	Phemex XAGUSDT	66.210	0	get 0.0000% / 4h	59m 44s	$1.5M	$256K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$32.73
Price spread: +0.076% → +0.096%: −$2.03
Slippage, 4 orders: −$11.26
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$76.02
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 10 min ago; Phemex: 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 tradeXYZ live order book, 10 min ago	0.08 bp	9.5 bp −$9	10.0 bp −$100	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.27 bp	11.2 bp −$11	14.5 bp −$145	doesn't fit	doesn't fit

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	66.087	−0.110%	$15K	—	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.127	−0.050%	$35K	$21K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.220	+0.091%	$150.0M	$162.5M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.190	+0.045%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.190	+0.045%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.210	+0.076%	$1.5M	$256K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.106	−0.081%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.188	+0.043%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.133	−0.041%	$5.2M	$11.9M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.363%	$11K	$94K	52x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.180	+0.030%	$796K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.593	+0.654%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.129	−0.047%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.111	−0.074%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.050	−0.166%	$5.7M	$9.6M	25x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.160	0.000%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0066%	24h	66.153	−0.011%	$546K	$24.8M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.097	−0.095%	$56K	$26K	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.148	−0.018%	$471K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.160	0.000%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.110	−0.076%	$113K	$30K	50x	as long as short
Aster XAGUSDT	+0.0126%	4h	66.200	+0.060%	$2.7M	$876K	100x	as long as short
Paradex XAG-USD-PERP	+0.0131%	8h	66.198	+0.058%	$30K	$1K	5x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.220	+0.090%	$1.3M	$4.4M	20x	as long as short
Bybit XAGUSDT	+0.0138%	4h	66.230	+0.106%	$26.9M	$36.0M	150x	as long as short
tradeXYZ xyz:SILVERlong	+0.0156%	1h	66.160	long leg	$165.5M	$73.9M	25x
Aevo XAG-PERP	+0.0176%	1h	66.167	+0.011%	$48K	—	10x	as long as short
Variational Omni XAG	+0.0181%	4h	66.181	+0.032%	$5.6M	$9.8M	—	as long as short
Lighter XAG	+0.0184%	1h	66.194	+0.052%	$5.2M	$10.4M	25x	as long as short
MEXC SILVER_USDT	+0.0192%	4h	66.200	+0.060%	$107.8M	$151.9M	1000x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.180	+0.030%	$1.8M	$1.0M	20x	as long as short
Binance XAGUSDT	+0.0194%	4h	66.210	+0.076%	$192.3M	$704.1M	100x	as long as short
edgeX XAGUSDC	+0.0198%	4h	66.162	+0.004%	$671K	$315K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0217%	8h	66.200	+0.060%	$27.7M	$65.8M	50x	as long as short
Nado XAG-PERP	+0.0224%	1h	66.104	−0.085%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0229%	1h	66.154	−0.010%	$80K	$37K	10x	as long as short
BloFin XAG-USDT	+0.0233%	4h	66.180	+0.030%	$2.6M	$551K	100x	as long as short
Bitget XAGUSDT	+0.0240%	4h	66.210	+0.076%	$23.8M	$45.6M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0256%	4h	66.163	+0.004%	$397K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0274%	1h	66.179	+0.029%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	66.100	−0.091%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0355%	1h	66.160	0.000%	$63K	$337K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0363% / S −0.0391%	1h	66.185	+0.038%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0550%	1h	66.147	−0.019%	$913K	$674K	25x	as long as short