Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0196%/8h= +21.4% APRpaid last 24h +0.075%

Price spread now: GMX against Phemex−0.038%7-day average −0.022% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.179%+$18 on $10k

Price spread, last 4 days (all we have)+0.005%$0 · spread now −0.038%, 7d avg −0.022%

Together, before fees+0.183%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.100	0	get 0.0000% / 4h	6m 45s	$1.5M	$278K	100x
Short	GMX SILVER/USD [ETH-USDC]	65.075	L +0.0238% / S −0.0196%	get 0.0024% / 1h	6m 45s	$92K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $41.11
Price spread: −0.038% → −0.022%: −$1.63
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $15.48
Costs to cover: 0.240%
Break-even: 4.4 days

Slippage unknown: Phemex: live order book, 1 min ago; GMX: no order-book sample. Net counts fees only.

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 Phemex live order book, 1 min ago	2.31 bp	11.3 bp −$11	19.0 bp −$190	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Ondo Perps XAG-USD.P	−0.0025%	1h	64.970	−0.200%	$5.6M	$9.9M	25x	as long as short
Hotstuff SILVER-PERP	−0.0024%	1h	65.035	−0.100%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	64.997	−0.158%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.100	0.000%	$27.7M	$39.1M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.227	+0.195%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.090	−0.015%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.150	+0.077%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.100	long leg	$1.5M	$278K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.023	−0.118%	$118K	—	250x	as long as short
Gate XAG_USDT	+0.0030%	4h	65.100	0.000%	$140.2M	$181.7M	100x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	65.091	−0.014%	$4.6M	$10.0M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.026	−0.114%	$5.0M	$11.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.997%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.080	−0.031%	$124.9M	$162.7M	1000x	as long as short
Binance XAGUSDT	+0.0035%	4h	65.099	−0.001%	$191.6M	$755.6M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.110	+0.015%	$783K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0042%	4h	65.095	−0.007%	$2.7M	$982K	100x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.070	−0.046%	$170K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.493	+0.604%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.077	−0.036%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.041	−0.091%	$3.8M	$892K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.025	−0.115%	$3K	$6K	20x	as long as short
edgeX XAGUSDC	+0.0050%	4h	65.251	+0.232%	$664K	$312K	30x	as long as short
Paradex XAG-USD-PERP	+0.0054%	8h	65.071	−0.045%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.076	−0.037%	$56K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0071%	1h	65.059	−0.063%	$172.9M	$84.5M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.055	−0.069%	$489K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.030	−0.108%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.028	−0.110%	$463K	$598K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.050	−0.077%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.200	+0.154%	$111K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.077	−0.036%	$1.3M	$4.9M	20x	as long as short
BloFin XAG-USDT	+0.0136%	4h	65.100	0.000%	$2.7M	$624K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.219	+0.182%	$394K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0155%	1h	65.031	−0.106%	$1.2M	$4.7M	10x	as long as short
Bitget XAGUSDT	+0.0162%	4h	65.100	0.000%	$23.2M	$44.9M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0173%	8h	65.090	−0.015%	$28.4M	$70.4M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.087	−0.020%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0194%	1h	65.101	+0.002%	$78K	$37K	10x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	65.052	−0.073%	$20K	$16K	10x	as long as short
Bullet SILVER-USD	+0.0234%	1h	65.077	−0.035%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]short	L +0.0238% / S −0.0196%	1h	65.075	−0.038%	$92K	—	111x
Kraken Futures PF_XAGUSD	+0.0365%	1h	65.053	−0.072%	$1.0M	$869K	25x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0365%	1h	65.080	−0.031%	$65K	$398K	20x	as long as short