Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.010%

Price spread now: Injective against Phemex+0.515%65s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.515% dearer against Phemex than usual: you sell high and buy low: +$51 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	Phemex XAGUSDT	66.060	0	get 0.0000% / 4h	3h 13m	$1.5M	$320K	100x
Short	Injective XAG/USDC PERP	66.400	0.0033	get 0.0004% / 1h	13m 41s	$11K	$94K	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.515%Rate

Funding earned: $7
Price spread: +0.515% → 0.000%: $51.47
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $46.45
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; Injective: 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, 4 min ago	1.51 bp	9.0 bp −$9	14.4 bp −$144	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0057%	1h	65.960	−0.151%	$5.7M	$9.2M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	−0.108%	$14K	$66	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.070	+0.015%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.080	+0.030%	$1.0M	$949K	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.060	long leg	$1.5M	$320K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.993	−0.101%	$120K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0024%	1h	66.024	−0.054%	$35K	$21K	20x	as long as short
Gate XAG_USDT	+0.0030%	4h	66.070	+0.015%	$149.8M	$164.2M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	66.050	−0.014%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.995	−0.098%	$5.2M	$11.5M	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 PERPshort	+0.0033%	1h	66.400	+0.515%	$11K	$94K	52x
StandX XAG-USD	+0.0040%	1h	66.060	0.000%	$795K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.478	+0.633%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.024	−0.054%	$3.9M	$676K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.994	−0.100%	$3K	$6K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0054%	1h	66.030	−0.045%	$166.3M	$74.0M	25x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	66.044	−0.024%	$30K	$1K	5x	as long as short
QFEX SILVER-USD	+0.0060%	1h	66.050	−0.015%	$114K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0073%	1h	66.008	−0.079%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0073%	24h	66.020	−0.061%	$557K	$26.4M	8.1x	as long as short
RISEx XAG/USDC	+0.0080%	1h	66.061	+0.002%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	66.000	−0.091%	$470K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.030	−0.045%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.010	−0.076%	$113K	$30K	50x	as long as short
Bybit XAGUSDT	+0.0104%	4h	66.080	+0.030%	$27.8M	$36.5M	150x	as long as short
Lighter XAG	+0.0112%	1h	66.049	−0.017%	$5.2M	$10.9M	25x	as long as short
Aster XAGUSDT	+0.0121%	4h	66.066	+0.009%	$2.7M	$866K	100x	as long as short
Variational Omni XAG	+0.0165%	4h	66.053	−0.010%	$5.6M	$9.5M	—	as long as short
BloFin XAG-USDT	+0.0165%	4h	66.060	0.000%	$2.6M	$563K	100x	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.053	−0.011%	$47K	—	10x	as long as short
Nado XAG-PERP	+0.0176%	1h	66.012	−0.073%	$1.4M	$5.8M	10x	as long as short
MEXC SILVER_USDT	+0.0176%	4h	66.050	−0.015%	$115.0M	$152.7M	1000x	as long as short
Binance XAGUSDT	+0.0177%	4h	66.060	0.000%	$191.6M	$702.0M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0178%	4h	66.079	+0.030%	$395K	$1.5M	25x	as long as short
edgeX XAGUSDC	+0.0186%	4h	66.058	−0.003%	$670K	$312K	30x	as long as short
Aftermath Perps XAGUSD	+0.0191%	1h	66.046	−0.021%	$80K	$36K	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	66.030	−0.045%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0225%	8h	66.060	0.000%	$27.7M	$64.6M	50x	as long as short
Bitget XAGUSDT	+0.0226%	4h	66.060	0.000%	$23.9M	$45.2M	100x	as long as short
Bullet SILVER-USD	+0.0231%	1h	66.064	+0.006%	$44K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	66.020	−0.061%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.040	−0.030%	$75K	$363K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0440%	1h	66.065	+0.008%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	66.029	−0.047%	$911K	$683K	25x	as long as short