Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Phemex against Gate−0.030%49s7-day average +0.036% · 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—prices read too far apart to compare

costs, in and out, $10k−$430.430% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.030%, 7d avg +0.036%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.066% cheaper against Gate than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.036%. The two prices were read 49 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	Gate XAG_USDT	66.170	0	get 0.0000% / 4h	1h 03m	$149.5M	$165.2M	100x
Short	Phemex XAGUSDT	66.150	0	get 0.0000% / 4h	1h 03m	$1.5M	$255K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → +0.036%: −$6.65
Slippage, 4 orders: −$16.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.67
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Phemex: 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 Gate live order book, 6 min ago	0.75 bp	8.3 bp −$8	8.6 bp −$86	10.4 bp −$1,040	13.8 bp −$6,918
Sell Phemex live order book, 4 min ago	0.75 bp	16.6 bp −$17	17.3 bp −$173	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
dYdX XAG-USD	0.0000%	1h	66.087	−0.125%	$15K	—	5x	as long as short
Gate XAG_USDTlong	0.0000%	4h	66.170	long leg	$149.5M	$165.2M	100x
SunX XAG-USDT	0.0000%	4h	66.120	−0.076%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.160	−0.015%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.150	−0.030%	$1.5M	$255K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.090	−0.121%	$121K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.127	−0.066%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.068	−0.154%	$5.2M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.348%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.100	−0.106%	$795K	$3.0M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0042%	1h	66.020	−0.227%	$5.7M	$9.7M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.580	+0.620%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.110	−0.091%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.037	−0.201%	$3K	$6K	20x	as long as short
Hotstuff SILVER-PERP	+0.0056%	1h	66.100	−0.106%	$35K	$21K	20x	as long as short
QFEX SILVER-USD	+0.0062%	1h	66.140	−0.045%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0066%	24h	66.074	−0.145%	$544K	$24.8M	8.1x	as long as short
Phoenix SILVER	+0.0084%	1h	66.097	−0.110%	$56K	$26K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0093%	1h	66.122	−0.073%	$165.4M	$73.8M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.074	−0.145%	$470K	$612K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.090	−0.121%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.120	−0.076%	$113K	$30K	50x	as long as short
Aster XAGUSDT	+0.0122%	4h	66.120	−0.076%	$2.7M	$878K	100x	as long as short
Paradex XAG-USD-PERP	+0.0127%	8h	66.129	−0.063%	$30K	$1K	5x	as long as short
Bybit XAGUSDT	+0.0134%	4h	66.180	+0.015%	$26.9M	$36.0M	150x	as long as short
Aevo XAG-PERP	+0.0176%	1h	66.098	−0.109%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0178%	4h	66.142	−0.042%	$5.6M	$9.8M	—	as long as short
RISEx XAG/USDC	+0.0181%	1h	66.149	−0.031%	$1.3M	$4.4M	20x	as long as short
Lighter XAG	+0.0184%	1h	66.129	−0.062%	$5.2M	$10.6M	25x	as long as short
MEXC SILVER_USDT	+0.0188%	4h	66.160	−0.015%	$106.8M	$154.2M	1000x	as long as short
Binance XAGUSDT	+0.0190%	4h	66.164	−0.009%	$191.8M	$705.6M	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0192%	1h	66.180	+0.015%	$1.8M	$1.0M	20x	as long as short
edgeX XAGUSDC	+0.0198%	4h	66.162	−0.012%	$671K	$315K	30x	as long as short
BloFin XAG-USDT	+0.0207%	4h	66.170	0.000%	$2.6M	$551K	100x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	66.150	−0.030%	$27.7M	$65.8M	50x	as long as short
Nado XAG-PERP	+0.0224%	1h	66.085	−0.128%	$1.3M	$6.5M	10x	as long as short
Aftermath Perps XAGUSD	+0.0230%	1h	66.129	−0.063%	$80K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0238%	4h	66.150	−0.030%	$23.8M	$45.6M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0254%	4h	66.140	−0.045%	$396K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0272%	1h	66.161	−0.014%	$45K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	66.066	−0.157%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.090	−0.121%	$63K	$337K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0361% / S −0.0389%	1h	66.165	−0.008%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0551%	1h	66.070	−0.151%	$911K	$674K	25x	as long as short