Funding arb · Price arb /

XAG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex−0.050%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.050% cheaper against Phemex than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	65.680	0	get 0.0000% / 4h	2h 08m	$1.5M	$280K	100x
Short	SoDEX SILVER-USD	65.647	0.0050	get 0.0006% / 1h	8m 30s	$3K	$6K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $10.5
Price spread: −0.050% → 0.000%: −$5.02
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14.52
Costs to cover: 0.200%
Break-even: 16.7 days

Slippage unknown: Phemex: live order book, 4 min ago; SoDEX: 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	0.76 bp	15.7 bp −$16	21.3 bp −$213	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
dYdX XAG-USD	0.0000%	1h	65.642	−0.058%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.710	+0.046%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.720	+0.061%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.680	long leg	$1.5M	$280K	100x
Ondo Perps XAG-USD.P	+0.0001%	1h	65.610	−0.107%	$5.6M	$9.7M	25x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.649	−0.047%	$119K	—	250x	as long as short
Hibachi XAG/USDT-P	+0.0016%	1h	65.584	−0.145%	$20K	$19K	10x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.716	+0.055%	$1.2M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.701	+0.032%	$4.7M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.658	−0.034%	$5.2M	$11.7M	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 PERP	+0.0033%	1h	66.400	+1.096%	$11K	$94K	52x	as long as short
Phoenix SILVER	+0.0036%	1h	65.648	−0.049%	$56K	$26K	25x	as long as short
Gate XAG_USDT	+0.0040%	4h	65.730	+0.076%	$144.9M	$180.3M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.620	−0.091%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.128	+0.682%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.670	−0.015%	$3.9M	$711K	20x	as long as short
SoDEX SILVER-USDshort	+0.0050%	1h	65.647	−0.050%	$3K	$6K	20x
QFEX SILVER-USD	+0.0051%	1h	65.690	+0.015%	$157K	$2.8M	20x	as long as short
Paradex XAG-USD-PERP	+0.0063%	8h	65.691	+0.017%	$29K	$1K	5x	as long as short
Kalshi KXSILVERPERP	+0.0076%	24h	65.695	+0.023%	$449K	$28.9M	8.1x	as long as short
tradeXYZ xyz:SILVER	+0.0079%	1h	65.670	−0.015%	$171.2M	$82.2M	25x	as long as short
Aster XAGUSDT	+0.0083%	4h	65.700	+0.030%	$2.7M	$944K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.660	−0.031%	$469K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.670	−0.015%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.580	−0.152%	$112K	$23K	50x	as long as short
Bybit XAGUSDT	+0.0118%	4h	65.730	+0.076%	$28.8M	$39.2M	150x	as long as short
Variational Omni XAG	+0.0127%	4h	65.584	−0.147%	$5.5M	$9.5M	—	as long as short
Lighter XAG	+0.0128%	1h	65.704	+0.037%	$5.4M	$11.4M	25x	as long as short
Binance XAGUSDT	+0.0135%	4h	65.708	+0.043%	$189.5M	$745.3M	100x	as long as short
MEXC SILVER_USDT	+0.0136%	4h	65.700	+0.030%	$124.1M	$161.8M	1000x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.709	+0.044%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0147%	4h	65.560	−0.182%	$667K	$312K	30x	as long as short
Nado XAG-PERP	+0.0152%	1h	65.691	+0.017%	$1.3M	$5.5M	10x	as long as short
Hotstuff SILVER-PERP	+0.0160%	1h	65.698	+0.027%	$35K	$21K	20x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.530	−0.228%	$1.6M	$1.3M	20x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.710	+0.046%	$66K	$368K	20x	as long as short
Aftermath Perps XAGUSD	+0.0208%	1h	65.547	−0.203%	$79K	$37K	10x	as long as short
GRVT XAG_USDT_Perp	+0.0208%	4h	65.644	−0.054%	$398K	$1.5M	25x	as long as short
Bitget XAGUSDT	+0.0214%	4h	65.720	+0.061%	$24.0M	$46.3M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0214%	8h	65.710	+0.046%	$27.9M	$70.2M	50x	as long as short
Bullet SILVER-USD	+0.0241%	1h	65.712	+0.049%	$44K	$76K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0361%	1h	65.725	+0.069%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0377%	4h	65.680	0.000%	$2.6M	$622K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0469%	1h	65.690	+0.015%	$916K	$735K	25x	as long as short