Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.083%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now −0.083%, 7d avg −0.069%

Together, before fees−0.017%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: +$1 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	66.120	0	get 0.0000% / 4h	10m 32s	$1.5M	$317K	100x
Short	Lighter RH XAG	66.065	0.0032	get 0.0004% / 1h	10m 32s	$4.8M	$9.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.083%Rate

Funding earned: $6.72
Price spread: −0.083% → −0.069%: −$1.36
Slippage, 4 orders: −$20.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$27.49
Costs to cover: 0.328%
Break-even: 35.6 days

Slippage from Phemex: live order book, 2 min ago; Lighter RH: live order book, 3 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, 2 min ago	0.76 bp	6.8 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.50 bp	1.5 bp −$2	2.3 bp −$23	18.9 bp −$1,894	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	66.018	−0.154%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.090	−0.045%	$150.1M	$163.8M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.090	−0.045%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.120	0.000%	$1.0M	$968K	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.120	long leg	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.001	−0.180%	$120K	—	250x	as long as short
Lighter RH XAGshort	+0.0032%	1h	66.065	−0.083%	$4.8M	$9.6M	25x
Extended XAG-USD	+0.0032%	1h	66.008	−0.169%	$5.2M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.423%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.070	−0.076%	$795K	$3.1M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0044%	1h	65.960	−0.242%	$5.7M	$9.6M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.491	+0.561%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.027	−0.141%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.035	−0.129%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.004	−0.175%	$3K	$6K	20x	as long as short
QFEX SILVER-USD	+0.0054%	1h	66.090	−0.045%	$115K	$2.7M	20x	as long as short
Phoenix SILVER	+0.0060%	1h	66.025	−0.144%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0071%	24h	66.031	−0.135%	$547K	$25.4M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	66.029	−0.138%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.040	−0.121%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	−0.091%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0126%	1h	66.045	−0.113%	$165.9M	$74.4M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.077	−0.066%	$1.3M	$4.6M	20x	as long as short
Paradex XAG-USD-PERP	+0.0141%	8h	66.078	−0.063%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0144%	4h	66.080	−0.060%	$2.7M	$868K	100x	as long as short
Bybit XAGUSDT	+0.0168%	4h	66.110	−0.015%	$27.1M	$36.1M	150x	as long as short
Lighter XAG	+0.0184%	1h	66.069	−0.077%	$5.2M	$10.7M	25x	as long as short
Aevo XAG-PERP	+0.0192%	1h	66.072	−0.073%	$47K	—	10x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.020	−0.151%	$1.8M	$1.0M	20x	as long as short
Variational Omni XAG	+0.0204%	4h	66.063	−0.087%	$5.6M	$9.5M	—	as long as short
MEXC SILVER_USDT	+0.0210%	4h	66.090	−0.045%	$110.6M	$153.0M	1000x	as long as short
BloFin XAG-USDT	+0.0212%	4h	66.120	0.000%	$2.6M	$554K	100x	as long as short
Binance XAGUSDT	+0.0212%	4h	66.100	−0.030%	$192.7M	$700.1M	100x	as long as short
Nado XAG-PERP	+0.0213%	1h	66.029	−0.138%	$1.4M	$6.4M	10x	as long as short
edgeX XAGUSDC	+0.0222%	4h	66.092	−0.042%	$671K	$313K	30x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	66.046	−0.112%	$80K	$36K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0234%	8h	66.090	−0.045%	$27.7M	$65.0M	50x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.080	−0.060%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.094	−0.039%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0288%	1h	66.077	−0.065%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.050	−0.106%	$69K	$355K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.075	−0.068%	$103K	—	111x	as long as short
Hibachi XAG/USDT-P	+0.0384%	1h	66.050	−0.106%	$20K	$19K	10x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.044	−0.115%	$912K	$683K	25x	as long as short