Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.036%

Price spread now: Bybit against Coinbase International−0.045%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.045%, 7d avg +0.037%

Together, before fees−0.197%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.082% cheaper against Coinbase International than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SILVER-PERP-INTX	66.170	0.0200	pay 0.0025% / 1h	14m 26s	$1.8M	$1.0M	20x
Short	Bybit XAGUSDT	66.140	0.0164	get 0.0082% / 4h	14m 26s	$27.1M	$36.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$7.55
Price spread: −0.045% → +0.037%: −$8.22
Slippage, 4 orders: −$4.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.39
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bybit: 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 Coinbase International live order book, 4 min ago	0.76 bp	5.8 bp −$6	6.6 bp −$66	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.76 bp	6.3 bp −$6	7.7 bp −$77	13.7 bp −$1,372	56.4 bp −$28.2K

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	66.018	−0.230%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.120	−0.076%	$150.1M	$163.6M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.080	−0.136%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.120	−0.076%	$1.0M	$970K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.100	−0.106%	$1.5M	$317K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.020	−0.227%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.079	−0.137%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.033	−0.207%	$5.2M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.348%	$11K	$94K	52x	as long as short
Ondo Perps XAG-USD.P	+0.0040%	1h	65.980	−0.287%	$5.7M	$9.6M	25x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff SILVER-PERP	+0.0040%	1h	66.047	−0.186%	$35K	$21K	20x	as long as short
StandX XAG-USD	+0.0040%	1h	66.170	0.000%	$796K	$3.1M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.533	+0.549%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.083	−0.131%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.008	−0.245%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.110	−0.091%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.108	−0.094%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0070%	24h	66.045	−0.189%	$546K	$25.4M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	66.045	−0.189%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.070	−0.151%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.120	−0.076%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0124%	1h	66.070	−0.151%	$165.8M	$74.3M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.112	−0.088%	$1.3M	$4.5M	20x	as long as short
Paradex XAG-USD-PERP	+0.0140%	8h	66.107	−0.095%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0142%	4h	66.086	−0.127%	$2.7M	$881K	100x	as long as short
Bybit XAGUSDTshort	+0.0164%	4h	66.140	−0.045%	$27.1M	$36.2M	150x
Lighter XAG	+0.0176%	1h	66.093	−0.116%	$5.2M	$10.7M	25x	as long as short
Aevo XAG-PERP	+0.0192%	1h	66.081	−0.135%	$47K	—	10x	as long as short
BloFin XAG-USDT	+0.0195%	4h	66.120	−0.076%	$2.6M	$554K	100x	as long as short
Coinbase International SILVER-PERP-INTXlong	+0.0200%	1h	66.170	long leg	$1.8M	$1.0M	20x
Variational Omni XAG	+0.0203%	4h	66.163	−0.010%	$5.6M	$9.5M	—	as long as short
Nado XAG-PERP	+0.0209%	1h	66.065	−0.158%	$1.4M	$6.4M	10x	as long as short
MEXC SILVER_USDT	+0.0210%	4h	66.100	−0.106%	$110.3M	$152.9M	1000x	as long as short
Binance XAGUSDT	+0.0211%	4h	66.119	−0.076%	$192.4M	$700.4M	100x	as long as short
Aftermath Perps XAGUSD	+0.0220%	1h	66.093	−0.117%	$80K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0224%	4h	66.144	−0.040%	$671K	$312K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0233%	8h	66.120	−0.076%	$27.7M	$65.1M	50x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.120	−0.076%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0276%	4h	66.174	+0.005%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0286%	1h	66.093	−0.116%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.070	−0.151%	$62K	$349K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.045	−0.189%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.095	−0.113%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.043	−0.191%	$912K	$681K	25x	as long as short