Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni−0.199%77s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.639% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.265%+$26 · spread now −0.199%, 7d avg +0.054%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.253% cheaper against ApeX Omni than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.054%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni XAGUSDT	65.200	0.0100	pay 0.0013% / 1h	5m 44s	$111K	$19K	50x
Short	Phemex XAGUSDT	65.070	0	get 0.0000% / 4h	5m 44s	$1.5M	$278K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$21
Price spread: −0.199% → +0.054%: −$25.3
Slippage, 4 orders: −$41.89
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$110.19
Costs to cover: 0.639%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 30 min ago; Phemex: live order book, 2 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 ApeX Omni live order book, 30 min ago	3.06 bp	23.4 bp −$23	57.2 bp −$572	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.31 bp	14.2 bp −$14	14.4 bp −$144	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
Ondo Perps XAG-USD.P	−0.0025%	1h	64.970	−0.353%	$5.6M	$9.9M	25x	as long as short
Hotstuff SILVER-PERP	−0.0024%	1h	65.061	−0.213%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	64.997	−0.312%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.070	−0.199%	$27.7M	$39.0M	150x	as long as short
SunX XAG-USDT	0.0000%	4h	65.080	−0.184%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.140	−0.092%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.070	−0.199%	$1.5M	$278K	100x
Variational Omni XAG	+0.0003%	4h	65.056	−0.221%	$5.5M	$9.1M	—	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.004	−0.301%	$118K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.066	−0.206%	$4.6M	$10.0M	25x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USD	+0.0032%	1h	65.008	−0.294%	$5.0M	$11.8M	10x	as long as short
Gate XAG_USDT	+0.0032%	4h	65.080	−0.184%	$140.2M	$181.8M	100x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.840%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.070	−0.199%	$124.8M	$162.7M	1000x	as long as short
Binance XAGUSDT	+0.0035%	4h	65.060	−0.215%	$191.5M	$756.2M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.080	−0.184%	$783K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0042%	4h	65.070	−0.199%	$2.6M	$982K	100x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.070	−0.199%	$170K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.483	+0.434%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.060	−0.215%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.035	−0.253%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.003	−0.302%	$3K	$6K	20x	as long as short
edgeX XAGUSDC	+0.0050%	4h	65.251	+0.078%	$664K	$312K	30x	as long as short
Paradex XAG-USD-PERP	+0.0054%	8h	65.071	−0.199%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.076	−0.190%	$56K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0072%	1h	65.018	−0.279%	$172.8M	$84.6M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.031	−0.259%	$489K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.030	−0.261%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.028	−0.264%	$463K	$598K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.030	−0.261%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDTlong	+0.0100%	1h	65.200	long leg	$111K	$19K	50x
RISEx XAG/USDC	+0.0118%	1h	65.082	−0.180%	$1.3M	$4.9M	20x	as long as short
BloFin XAG-USDT	+0.0136%	4h	65.100	−0.153%	$2.7M	$624K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.219	+0.029%	$394K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0155%	1h	65.026	−0.267%	$1.2M	$4.7M	10x	as long as short
Bitget XAGUSDT	+0.0162%	4h	65.070	−0.199%	$23.2M	$44.9M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0173%	8h	65.070	−0.199%	$28.3M	$70.6M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.067	−0.205%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0196%	1h	65.088	−0.172%	$78K	$37K	10x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	65.052	−0.226%	$20K	$16K	10x	as long as short
Bullet SILVER-USD	+0.0234%	1h	65.071	−0.198%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.075	−0.192%	$92K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0365%	1h	65.044	−0.239%	$1.0M	$869K	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0365%	1h	65.060	−0.215%	$65K	$398K	20x	as long as short