Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.043%

Price spread now: Lighter against Phemex−0.020%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.020%, 7d avg −0.053%

Together, before fees+0.102%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.600	0	get 0.0000% / 4h	55m 31s	$1.5M	$257K	100x
Short	Lighter XAG	65.587	0.0128	get 0.0016% / 1h	55m 31s	$5.3M	$11.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.020%Rate

Funding earned: $26.88
Price spread: −0.020% → −0.053%: $3.28
Slippage, 4 orders: −$11.38
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $6.78
Costs to cover: 0.234%
Break-even: 5.2 days

Slippage from Phemex: live order book, just now; Lighter: live order book, 6 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 Phemex live order book, just now	0.76 bp	12.6 bp −$13	16.1 bp −$161	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.39 bp	0.4 bp $0	0.5 bp −$5	5.7 bp −$570	18.8 bp −$9,382

XAG on 44 exchanges

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	−0.0104%	1h	65.591	−0.014%	$39K	$26K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.521	−0.120%	$13K	$8K	5x	as long as short
RISEx XAG/USDC	0.0000%	1h	65.589	−0.017%	$1.3M	$5.4M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	65.590	−0.015%	$136.5M	$198.4M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	65.610	+0.015%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.620	+0.030%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.600	long leg	$1.5M	$257K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.528	−0.110%	$118K	—	250x	as long as short
Ondo Perps XAG-USD.P	+0.0004%	1h	65.490	−0.168%	$5.7M	$11.1M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	65.588	−0.018%	$4.6M	$9.5M	25x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAG-USD	+0.0032%	1h	65.529	−0.109%	$5.1M	$12.0M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.521%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.610	+0.015%	$789K	$3.0M	40x	as long as short
Bybit XAGUSDT	+0.0041%	4h	65.610	+0.015%	$30.5M	$48.1M	150x	as long as short
QFEX SILVER-USD	+0.0042%	1h	65.570	−0.046%	$446K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	66.052	+0.689%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.579	−0.032%	$3.8M	$905K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.528	−0.110%	$3K	$6K	20x	as long as short
Variational Omni XAG	+0.0052%	4h	65.578	−0.034%	$5.6M	$9.0M	—	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.571	−0.045%	$29K	—	5x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0055%	1h	65.560	−0.061%	$77K	$409K	20x	as long as short
Aster XAGUSDT	+0.0074%	4h	65.590	−0.015%	$2.7M	$1.2M	100x	as long as short
Binance XAGUSDT	+0.0076%	4h	65.589	−0.016%	$190.3M	$863.2M	100x	as long as short
MEXC SILVER_USDT	+0.0076%	4h	65.580	−0.030%	$114.3M	$162.7M	1000x	as long as short
edgeX XAGUSDC	+0.0087%	4h	65.624	+0.037%	$669K	$313K	30x	as long as short
Aevo XAG-PERP	+0.0088%	1h	65.576	−0.036%	$47K	—	10x	as long as short
tradeXYZ xyz:SILVER	+0.0095%	1h	65.562	−0.058%	$175.6M	$93.1M	25x	as long as short
GRVT XAG_USDT_Perp	+0.0096%	4h	65.674	+0.113%	$389K	$1.6M	25x	as long as short
Pacifica XAG	+0.0100%	1h	65.532	−0.103%	$462K	$520K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.550	−0.076%	$25.3M	$4.3M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.610	+0.015%	$112K	$19K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.710	+0.168%	$1.6M	$1.9M	20x	as long as short
Kalshi KXSILVERPERP	+0.0107%	24h	65.588	−0.018%	$792K	$38.8M	8.1x	as long as short
Phoenix SILVER	+0.0122%	1h	65.734	+0.204%	$55K	$14K	25x	as long as short
Lighter XAGshort	+0.0128%	1h	65.587	−0.020%	$5.3M	$11.8M	25x
Nado XAG-PERP	+0.0144%	1h	65.611	+0.017%	$1.2M	$3.4M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0178%	8h	65.600	0.000%	$27.9M	$85.7M	50x	as long as short
Bullet SILVER-USD	+0.0213%	1h	65.612	+0.018%	$45K	$73K	10x	as long as short
Bitget XAGUSDT	+0.0214%	4h	65.600	0.000%	$23.1M	$52.8M	100x	as long as short
Hibachi XAG/USDT-P	+0.0224%	1h	65.595	−0.008%	$21K	$12K	10x	as long as short
Aftermath Perps XAGUSD	+0.0225%	1h	65.645	+0.068%	$79K	$37K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0281% / S −0.0253%	1h	65.595	−0.008%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0316%	4h	65.670	+0.107%	$2.7M	$785K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0540%	1h	65.574	−0.039%	$1.0M	$943K	25x	as long as short