Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0278%/8hnext payment −$1.39 per $10,000 · paid last 24h −0.047%

Price spread now: Phemex against Bitget0.000%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 3 days (all we have)+0.088%+$9 · spread now 0.000%, 7d avg +0.040%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.040% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.39 per $10,000. 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	Bitget XAGUSDT	66.140	0.0278	pay 0.0139% / 4h	4m 50s	$23.3M	$50.9M	100x
Short	Phemex XAGUSDT	66.140	0	get 0.0000% / 4h	4m 50s	$1.5M	$259K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$58.38
Price spread: 0.000% → +0.040%: −$4.02
Slippage, 4 orders: −$12.04
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.44
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 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 Bitget live order book, 4 min ago	0.76 bp	6.8 bp −$7	8.5 bp −$85	18.3 bp −$1,829	42.7 bp −$21.3K
Sell Phemex live order book, 2 min ago	0.76 bp	6.8 bp −$7	12.3 bp −$123	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	−0.0090%	1h	66.010	−0.197%	$6.2M	$8.9M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	66.105	−0.054%	$15K	$997	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.140	0.000%	$133.1M	$192.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.120	−0.030%	$2K	$3.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.130	−0.015%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.140	0.000%	$1.5M	$259K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.078	−0.094%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.130	−0.015%	$4.6M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.081	−0.089%	$5.4M	$14.9M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.393%	$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
Phoenix SILVER	+0.0036%	1h	66.078	−0.094%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	66.060	−0.121%	$699K	$2.8M	40x	as long as short
Kalshi KXSILVERPERP	+0.0042%	24h	66.083	−0.086%	$688K	$21.6M	8.1x	as long as short
Vest SI-PERP	+0.0046%	1h	66.582	+0.668%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.112	−0.042%	$161.8M	$95.1M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.095	−0.068%	$3.9M	$740K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.076	−0.097%	$4K	$5K	20x	as long as short
QFEX SILVER-USD	+0.0052%	1h	66.130	−0.015%	$124K	$2.8M	20x	as long as short
Hotstuff SILVER-PERP	+0.0064%	1h	66.081	−0.089%	$35K	$21K	20x	as long as short
Paradex XAG-USD-PERP	+0.0073%	8h	66.117	−0.035%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0091%	4h	66.120	−0.030%	$2.8M	$1.2M	100x	as long as short
Lighter XAG	+0.0096%	1h	66.132	−0.012%	$5.4M	$10.8M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.062	−0.118%	$472K	$697K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.090	−0.076%	$24.1M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.100	−0.060%	$113K	$88K	50x	as long as short
Variational Omni XAG	+0.0115%	4h	66.125	−0.023%	$5.6M	$12.6M	—	as long as short
Aevo XAG-PERP	+0.0120%	1h	66.130	−0.016%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0122%	4h	66.130	−0.015%	$115.3M	$189.5M	1000x	as long as short
Binance XAGUSDT	+0.0122%	4h	66.140	0.000%	$191.4M	$790.7M	100x	as long as short
edgeX XAGUSDC	+0.0124%	4h	66.142	+0.003%	$669K	$313K	30x	as long as short
Bybit XAGUSDT	+0.0126%	4h	66.150	+0.015%	$25.1M	$37.8M	150x	as long as short
BloFin XAG-USDT	+0.0138%	4h	66.150	+0.015%	$2.6M	$1.4M	100x	as long as short
RISEx XAG/USDC	+0.0161%	1h	66.120	−0.030%	$1.4M	$4.4M	20x	as long as short
Bullet SILVER-USD	+0.0165%	1h	66.126	−0.021%	$45K	$77K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0168%	8h	66.130	−0.015%	$27.5M	$68.2M	50x	as long as short
Nado XAG-PERP	+0.0176%	1h	66.076	−0.096%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0182%	1h	66.099	−0.061%	$79K	$40K	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.040	−0.151%	$1.9M	$1.2M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0212%	4h	66.140	0.000%	$401K	$1.8M	25x	as long as short
Hibachi XAG/USDT-P	+0.0240%	1h	66.080	−0.091%	$20K	$21K	10x	as long as short
Bitget XAGUSDTlong	+0.0278%	4h	66.140	long leg	$23.3M	$50.9M	100x
GMX SILVER/USD [ETH-USDC]	L +0.0300% / S −0.0296%	1h	66.125	−0.023%	$103K	—	111x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0355%	1h	66.130	−0.015%	$88K	$501K	20x	as long as short
Kraken Futures PF_XAGUSD	+0.0422%	1h	66.097	−0.064%	$778K	$644K	25x	as long as short