Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.051%

Price spread now: Phemex against Coinbase International+0.092%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.253%−$25 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.092%, 7d avg +0.065%

Together, before fees−0.296%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.027% dearer against Coinbase International than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of +0.065%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SILVER-PERP-INTX	65.570	0.0104	pay 0.0013% / 1h	44m 02s	$1.6M	$2.0M	20x
Short	Phemex XAGUSDT	65.630	0	get 0.0000% / 4h	44m 02s	$1.5M	$257K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$21.84
Price spread: +0.092% → +0.065%: $2.65
Slippage, 4 orders: −$16.64
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.83
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 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 Coinbase International live order book, 3 min ago	3.05 bp	8.1 bp −$8	8.8 bp −$88	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.53 bp	12.0 bp −$12	15.4 bp −$154	doesn't fit	doesn't fit

XAG on 44 exchanges

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	65.498	−0.110%	$13K	$8K	5x	as long as short
RISEx XAG/USDC	0.0000%	1h	65.602	+0.048%	$1.3M	$5.5M	20x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	65.599	+0.044%	$39K	$26K	20x	as long as short
Gate XAG_USDT	0.0000%	4h	65.610	+0.061%	$136.1M	$201.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.600	+0.046%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.630	+0.092%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.630	+0.092%	$1.5M	$257K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.559	−0.016%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.598	+0.042%	$4.6M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.536	−0.051%	$5.1M	$12.2M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.476%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.520	−0.076%	$788K	$3.0M	40x	as long as short
QFEX SILVER-USD	+0.0042%	1h	65.590	+0.031%	$446K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	66.020	+0.686%	—	—	25x	as long as short
Variational Omni XAG	+0.0047%	4h	65.488	−0.125%	$5.5M	$9.0M	—	as long as short
Bybit XAGUSDT	+0.0049%	4h	65.600	+0.046%	$30.3M	$48.7M	150x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.569	−0.002%	$3.8M	$1.5M	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.543	−0.041%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	65.480	−0.137%	$5.7M	$11.0M	25x	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.563	−0.010%	$29K	—	5x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0055%	1h	65.570	0.000%	$77K	$396K	20x	as long as short
Aster XAGUSDT	+0.0068%	4h	65.600	+0.046%	$2.7M	$1.2M	100x	as long as short
MEXC SILVER_USDT	+0.0070%	4h	65.590	+0.031%	$119.1M	$164.1M	1000x	as long as short
Binance XAGUSDT	+0.0070%	4h	65.599	+0.044%	$189.5M	$867.8M	100x	as long as short
Lighter XAG	+0.0072%	1h	65.604	+0.052%	$5.3M	$11.9M	25x	as long as short
Aevo XAG-PERP	+0.0080%	1h	65.609	+0.059%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0080%	4h	65.541	−0.044%	$668K	$315K	30x	as long as short
GRVT XAG_USDT_Perp	+0.0088%	4h	65.497	−0.111%	$388K	$1.6M	25x	as long as short
tradeXYZ xyz:SILVER	+0.0096%	1h	65.564	−0.009%	$175.5M	$87.7M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.528	−0.065%	$462K	$518K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.560	−0.015%	$25.3M	$4.4M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.500	−0.107%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTXlong	+0.0104%	1h	65.570	long leg	$1.6M	$2.0M	20x
Kalshi KXSILVERPERP	+0.0108%	24h	65.592	+0.034%	$744K	$39.6M	8.1x	as long as short
Nado XAG-PERP	+0.0119%	1h	65.564	−0.010%	$1.2M	$3.4M	10x	as long as short
Phoenix SILVER	+0.0134%	1h	65.480	−0.137%	$55K	$15K	25x	as long as short
OKX XAG-USDT-SWAP	+0.0168%	8h	65.600	+0.046%	$27.6M	$87.7M	50x	as long as short
Bitget XAGUSDT	+0.0206%	4h	65.590	+0.031%	$23.2M	$54.1M	100x	as long as short
Aftermath Perps XAGUSD	+0.0218%	1h	65.536	−0.052%	$79K	$37K	10x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	65.500	−0.107%	$21K	$12K	10x	as long as short
Bullet SILVER-USD	+0.0224%	1h	65.617	+0.072%	$44K	$72K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0284% / S −0.0256%	1h	65.615	+0.069%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0284%	4h	65.510	−0.092%	$2.7M	$783K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0540%	1h	65.580	+0.015%	$1.0M	$948K	25x	as long as short