Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0469%/8h= −51.4% APRpaid last 24h −0.093%

Price spread now: Phemex against Kraken Futures+0.023%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now +0.023%, 7d avg +0.110%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.088% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.110%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.209% in total (about -10.9% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_XAGUSD	65.675	0.0469	pay 0.0059% / 1h	8m 18s	$916K	$735K	25x
Short	Phemex XAGUSDT	65.690	0	get 0.0000% / 4h	2h 08m	$1.5M	$280K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$98.49
Price spread: +0.023% → +0.110%: −$8.76
Slippage, 4 orders: −$18.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$148.23
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 40 min ago; Phemex: live order book, 5 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 Kraken Futures live order book, 40 min ago	3.47 bp	9.2 bp −$9	15.0 bp −$150	102.5 bp −$10.2K	doesn't fit
Sell Phemex live order book, 5 min ago	0.76 bp	6.8 bp −$7	14.4 bp −$144	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	65.642	−0.050%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.700	+0.038%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.740	+0.099%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.690	+0.023%	$1.5M	$280K	100x
Ondo Perps XAG-USD.P	+0.0001%	1h	65.610	−0.099%	$5.6M	$9.7M	25x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.649	−0.040%	$119K	—	250x	as long as short
Hibachi XAG/USDT-P	+0.0016%	1h	65.584	−0.138%	$20K	$19K	10x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.716	+0.062%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.701	+0.040%	$4.7M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.650	−0.038%	$5.2M	$11.7M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.104%	$11K	$94K	52x	as long as short
Phoenix SILVER	+0.0036%	1h	65.648	−0.041%	$56K	$26K	25x	as long as short
Gate XAG_USDT	+0.0040%	4h	65.720	+0.068%	$144.9M	$180.3M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.620	−0.084%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.128	+0.690%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.670	−0.008%	$3.9M	$711K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.641	−0.052%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0051%	1h	65.690	+0.023%	$157K	$2.8M	20x	as long as short
Paradex XAG-USD-PERP	+0.0063%	8h	65.691	+0.024%	$29K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.678	+0.004%	$448K	$28.9M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0079%	1h	65.670	−0.008%	$171.2M	$82.2M	25x	as long as short
Aster XAGUSDT	+0.0083%	4h	65.700	+0.038%	$2.7M	$944K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.660	−0.024%	$469K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.670	−0.008%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.580	−0.145%	$112K	$23K	50x	as long as short
Bybit XAGUSDT	+0.0118%	4h	65.720	+0.068%	$28.8M	$39.2M	150x	as long as short
Variational Omni XAG	+0.0127%	4h	65.584	−0.139%	$5.5M	$9.5M	—	as long as short
Lighter XAG	+0.0128%	1h	65.685	+0.015%	$5.4M	$11.4M	25x	as long as short
Binance XAGUSDT	+0.0135%	4h	65.703	+0.043%	$189.5M	$745.3M	100x	as long as short
MEXC SILVER_USDT	+0.0136%	4h	65.700	+0.038%	$124.1M	$161.8M	1000x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.698	+0.035%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0147%	4h	65.560	−0.175%	$667K	$312K	30x	as long as short
Nado XAG-PERP	+0.0152%	1h	65.691	+0.024%	$1.3M	$5.5M	10x	as long as short
Hotstuff SILVER-PERP	+0.0160%	1h	65.698	+0.035%	$35K	$21K	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.660	−0.023%	$1.6M	$1.3M	20x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.690	+0.023%	$66K	$368K	20x	as long as short
Aftermath Perps XAGUSD	+0.0208%	1h	65.547	−0.195%	$79K	$37K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0208%	4h	65.644	−0.047%	$398K	$1.5M	25x	as long as short
Bitget XAGUSDT	+0.0214%	4h	65.710	+0.053%	$24.0M	$46.3M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0214%	8h	65.700	+0.038%	$27.9M	$70.2M	50x	as long as short
Bullet SILVER-USD	+0.0241%	1h	65.712	+0.056%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0361%	1h	65.705	+0.045%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0377%	4h	65.680	+0.007%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSDlong	+0.0469%	1h	65.675	long leg	$916K	$735K	25x