Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.083%

Price spread now: Phemex against Deribit+0.061%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$370.372% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.154%−$15 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.061%, 7d avg +0.046%

Together, before fees−0.140%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SILVER_USDC-PERPETUAL	65.450	0.0056	pay 0.0007% / 1h	55m 27s	$77K	$436K	20x
Short	Phemex XAGUSDT	65.490	0	get 0.0000% / 4h	2h 55m	$1.5M	$253K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$11.69
Price spread: +0.061% → +0.046%: $1.55
Slippage, 4 orders: −$18.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$47.33
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Deribit: live order book, 38 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 Deribit live order book, 38 min ago	3.86 bp	7.4 bp −$7	8.0 bp −$80	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.29 bp	12.7 bp −$13	17.2 bp −$172	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
Injective XAG/USDC PERP	−0.0220%	1h	64.602	−1.296%	$11K	$240	52x	as long as short
Ondo Perps XAG-USD.P	−0.0066%	1h	65.360	−0.138%	$5.7M	$10.2M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.422	−0.043%	$12K	$6K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.410	−0.061%	$137.3M	$192.2M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.470	+0.031%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.510	+0.092%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.490	+0.061%	$1.5M	$253K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.591	+0.216%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.394	−0.085%	$4.5M	$9.3M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.362	−0.135%	$5.0M	$12.0M	10x	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	65.510	+0.092%	$788K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	65.838	+0.593%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.415	−0.053%	$173.9M	$92.5M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.355	−0.145%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.421	−0.044%	$3K	$6K	20x	as long as short
Deribit SILVER_USDC-PERPETUALlong	+0.0056%	1h	65.450	long leg	$77K	$436K	20x
Hotstuff SILVER-PERP	+0.0056%	1h	65.413	−0.057%	$36K	$22K	20x	as long as short
QFEX SILVER-USD	+0.0062%	1h	65.400	−0.076%	$434K	$1.5M	20x	as long as short
Variational Omni XAG	+0.0075%	4h	65.472	+0.034%	$5.5M	$9.2M	—	as long as short
Paradex XAG-USD-PERP	+0.0076%	8h	65.385	−0.099%	$29K	$166	5x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0088%	1h	65.550	+0.153%	$1.6M	$1.6M	20x	as long as short
Kalshi KXSILVERPERP	+0.0090%	24h	65.598	+0.226%	$659K	$36.2M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.384	−0.101%	$465K	$588K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.420	−0.046%	$25.3M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.520	+0.107%	$112K	$19K	50x	as long as short
Phoenix SILVER	+0.0111%	1h	65.478	+0.043%	$56K	$13K	25x	as long as short
Nado XAG-PERP	+0.0112%	1h	65.374	−0.116%	$1.2M	$4.2M	10x	as long as short
Binance XAGUSDT	+0.0117%	4h	65.394	−0.086%	$193.1M	$826.2M	100x	as long as short
MEXC SILVER_USDT	+0.0118%	4h	65.410	−0.061%	$117.0M	$161.0M	1000x	as long as short
Aevo XAG-PERP	+0.0120%	1h	65.497	+0.071%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0129%	4h	65.542	+0.140%	$668K	$313K	30x	as long as short
Aster XAGUSDT	+0.0131%	4h	65.405	−0.069%	$2.7M	$1.1M	100x	as long as short
Bullet SILVER-USD	+0.0167%	1h	65.492	+0.065%	$45K	$75K	10x	as long as short
Lighter XAG	+0.0176%	1h	65.442	−0.013%	$5.1M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0199%	1h	65.506	+0.085%	$79K	$37K	10x	as long as short
RISEx XAG/USDC	+0.0206%	1h	65.511	+0.094%	$1.2M	$4.9M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0208%	8h	65.390	−0.092%	$28.2M	$81.1M	50x	as long as short
Bybit XAGUSDT	+0.0222%	4h	65.400	−0.076%	$30.6M	$45.2M	150x	as long as short
Bitget XAGUSDT	+0.0228%	4h	65.390	−0.092%	$23.0M	$49.5M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.495	+0.069%	$93K	—	111x	as long as short
GRVT XAG_USDT_Perp	+0.0264%	4h	65.550	+0.153%	$396K	$1.6M	25x	as long as short
Hibachi XAG/USDT-P	+0.0352%	1h	65.435	−0.023%	$21K	$12K	10x	as long as short
BloFin XAG-USDT	+0.0359%	4h	65.560	+0.168%	$2.7M	$710K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0774%	1h	65.455	+0.007%	$1.0M	$893K	25x	as long as short