Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.019%

Price spread now: tradeXYZ against Phemex−0.204%48s7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.414% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.204%, 7d avg −0.095%

Together, before fees+0.183%+ Points / potential airdroptradeXYZ: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.109% cheaper against Phemex than usual: you would sell low and buy high (spread −0.204% now, against its 7-day average of −0.095%). If the spread goes back, that is −$11 on $10k: about 7.2 days of funding at the current rate (+$2 a day). The two prices were read 48 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	65.320	0	get 0.0000% / 4h	30m 30s	$1.5M	$281K	100x
Short	tradeXYZ xyz:SILVER	65.187	0.0050	get 0.0006% / 1h	30m 30s	$169.4M	$81.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.204%Rate

Funding earned: $10.5
Price spread: −0.204% → −0.095%: −$10.87
Slippage, 4 orders: −$11.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$41.77
Costs to cover: 0.414%
Break-even: 34.8 days

Slippage from Phemex: live order book, 2 min ago; tradeXYZ: live order book, 9 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	1.53 bp	9.0 bp −$9	13.4 bp −$134	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	0.08 bp	9.8 bp −$10	9.9 bp −$99	11.8 bp −$1,178	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
Ondo Perps XAG-USD.P	−0.0035%	1h	65.150	−0.260%	$5.6M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.182	−0.211%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.200	−0.184%	$27.7M	$39.4M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.293	−0.041%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.290	−0.046%	$2K	$2.5M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.350	+0.046%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	65.320	long leg	$1.5M	$281K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.241	−0.121%	$118K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0016%	1h	65.268	−0.080%	$35K	$21K	20x	as long as short
MEXC SILVER_USDT	+0.0024%	4h	65.220	−0.153%	$120.8M	$157.8M	1000x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAGUSDT	+0.0024%	4h	65.210	−0.168%	$2.6M	$928K	100x	as long as short
Binance XAGUSDT	+0.0026%	4h	65.200	−0.184%	$191.2M	$753.9M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.262	−0.089%	$4.6M	$9.8M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.205	−0.175%	$5.0M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.653%	$11K	$94K	52x	as long as short
Gate XAG_USDT	+0.0034%	4h	65.240	−0.122%	$140.6M	$178.4M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.310	−0.015%	$786K	$2.9M	40x	as long as short
Aevo XAG-PERP	+0.0040%	1h	65.292	−0.042%	$47K	—	10x	as long as short
edgeX XAGUSDC	+0.0044%	4h	65.324	+0.005%	$665K	$314K	30x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.230	−0.138%	$160K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.663	+0.525%	—	—	25x	as long as short
tradeXYZ xyz:SILVERshort	+0.0050%	1h	65.187	−0.204%	$169.4M	$81.7M	25x
Polymarket Perps SILVER-USD	+0.0050%	1h	65.198	−0.187%	$3.8M	$856K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.244	−0.116%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0052%	8h	65.250	−0.108%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.316	−0.006%	$56K	$31K	25x	as long as short
Kalshi KXSILVERPERP	+0.0079%	24h	65.277	−0.066%	$466K	$31.8M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	65.300	−0.031%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.209	−0.169%	$464K	$611K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.200	−0.184%	$25.3M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.240	−0.122%	$111K	$19K	50x	as long as short
BloFin XAG-USDT	+0.0103%	4h	65.320	0.000%	$2.7M	$574K	100x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.251	−0.105%	$1.2M	$4.8M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0130%	4h	65.372	+0.079%	$384K	$1.6M	25x	as long as short
Bitget XAGUSDT	+0.0150%	4h	65.230	−0.138%	$23.2M	$44.7M	100x	as long as short
Lighter XAG	+0.0152%	1h	65.260	−0.092%	$5.3M	$11.1M	25x	as long as short
Nado XAG-PERP	+0.0160%	1h	65.229	−0.140%	$1.2M	$4.7M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0165%	8h	65.200	−0.184%	$28.2M	$70.3M	50x	as long as short
Hibachi XAG/USDT-P	+0.0184%	1h	65.255	−0.099%	$20K	$17K	10x	as long as short
Aftermath Perps XAGUSD	+0.0185%	1h	65.276	−0.067%	$78K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0210%	1h	65.290	−0.046%	$65K	$391K	20x	as long as short
Bullet SILVER-USD	+0.0220%	1h	65.305	−0.023%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.305	−0.023%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0363%	1h	65.270	−0.077%	$1.0M	$868K	25x	as long as short