Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.040%

Price spread now: Phemex against Lighter+0.077%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.077%, 7d avg +0.057%

Together, before fees−0.175%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.020% dearer against Lighter than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of +0.057%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAG	66.479	0.0176	pay 0.0022% / 1h	33m 55s	$5.3M	$10.5M	25x
Short	Phemex XAGUSDT	66.530	0	get 0.0000% / 4h	2h 33m	$1.5M	$250K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$36.96
Price spread: +0.077% → +0.057%: $2.01
Slippage, 4 orders: −$18.64
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.59
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 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 Lighter live order book, 4 min ago	0.35 bp	0.4 bp $0	1.0 bp −$10	5.2 bp −$518	15.9 bp −$7,953
Sell Phemex live order book, 4 min ago	0.75 bp	21.5 bp −$22	26.1 bp −$261	doesn't fit	doesn't fit

XAG on 43 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
Hotstuff SILVER-PERP	−0.0008%	1h	66.425	−0.081%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	66.421	−0.086%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.510	+0.047%	$153.5M	$162.6M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.480	+0.002%	$2K	$2.8M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.500	+0.032%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.530	+0.077%	$1.5M	$250K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.416	−0.095%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.479	0.000%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.432	−0.070%	$5.4M	$12.2M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	−0.118%	$11K	$94K	52x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAG-USD	+0.0040%	1h	66.480	+0.002%	$800K	$2.9M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.892	+0.622%	—	—	25x	as long as short
Ondo Perps XAG-USD.P	+0.0046%	1h	66.320	−0.239%	$5.7M	$9.6M	25x	as long as short
Phoenix SILVER	+0.0048%	1h	66.346	−0.200%	$56K	$26K	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.440	−0.058%	$3.9M	$669K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.415	−0.096%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.440	−0.058%	$115K	$2.7M	20x	as long as short
Kalshi KXSILVERPERP	+0.0061%	24h	66.411	−0.102%	$563K	$23.4M	8.1x	as long as short
RISEx XAG/USDC	+0.0079%	1h	66.440	−0.058%	$1.2M	$4.3M	20x	as long as short
Bybit XAGUSDT	+0.0082%	4h	66.530	+0.077%	$26.4M	$35.9M	150x	as long as short
tradeXYZ xyz:SILVER	+0.0096%	1h	66.479	0.000%	$166.0M	$76.0M	25x	as long as short
Pacifica XAG	+0.0100%	1h	66.366	−0.170%	$472K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.460	−0.028%	$24.6M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.310	−0.254%	$126K	$23K	50x	as long as short
Aster XAGUSDT	+0.0119%	4h	66.481	+0.003%	$2.8M	$960K	100x	as long as short
Paradex XAG-USD-PERP	+0.0125%	8h	66.416	−0.095%	$30K	$1K	5x	as long as short
Variational Omni XAG	+0.0140%	4h	66.405	−0.111%	$5.5M	$9.8M	—	as long as short
Aevo XAG-PERP	+0.0144%	1h	66.484	+0.008%	$48K	—	10x	as long as short
MEXC SILVER_USDT	+0.0154%	4h	66.500	+0.032%	$102.5M	$158.1M	1000x	as long as short
Binance XAGUSDT	+0.0158%	4h	66.510	+0.047%	$193.0M	$708.4M	100x	as long as short
edgeX XAGUSDC	+0.0166%	4h	66.514	+0.052%	$675K	$314K	30x	as long as short
Lighter XAGlong	+0.0176%	1h	66.479	long leg	$5.3M	$10.5M	25x
Coinbase International SILVER-PERP-INTX	+0.0184%	1h	66.520	+0.062%	$1.9M	$967K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0199%	8h	66.500	+0.032%	$28.0M	$66.0M	50x	as long as short
Aftermath Perps XAGUSD	+0.0221%	1h	66.442	−0.056%	$80K	$38K	10x	as long as short
Nado XAG-PERP	+0.0228%	1h	66.409	−0.105%	$1.3M	$6.5M	10x	as long as short
Bitget XAGUSDT	+0.0230%	4h	66.500	+0.032%	$24.0M	$46.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0242%	4h	66.526	+0.070%	$391K	$1.5M	25x	as long as short
Hibachi XAG/USDT-P	+0.0264%	1h	66.405	−0.111%	$20K	$22K	10x	as long as short
Bullet SILVER-USD	+0.0282%	1h	66.472	−0.010%	$45K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0292% / S −0.0281%	1h	66.495	+0.025%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0462%	1h	66.442	−0.055%	$766K	$482K	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0503%	1h	66.480	+0.002%	$50K	$325K	20x	as long as short