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 −0.015%

Price spread now: Phemex against Polymarket Perps+0.045%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now +0.045%, 7d avg +0.095%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.050% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps SILVER-USD	65.081	0.0050	pay 0.0006% / 1h	7m 46s	$3.8M	$892K	20x
Short	Phemex XAGUSDT	65.110	0	get 0.0000% / 4h	7m 46s	$1.5M	$278K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$10.5
Price spread: +0.045% → +0.095%: −$5.04
Slippage, 4 orders: −$13.65
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.18
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; Phemex: live order book, 5 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 Polymarket Perps live order book, 1 min ago	1.54 bp	5.5 bp −$6	5.7 bp −$57	7.5 bp −$748	doesn't fit
Sell Phemex live order book, 5 min ago	1.53 bp	10.5 bp −$11	16.1 bp −$161	doesn't fit	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	−0.0026%	1h	64.970	−0.171%	$5.7M	$9.9M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	64.997	−0.129%	$12K	$5K	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	65.090	+0.014%	$27.7M	$39.1M	150x	as long as short
Variational Omni XAG	0.0000%	4h	65.227	+0.224%	$5.5M	$9.1M	—	as long as short
SunX XAG-USDT	0.0000%	4h	65.110	+0.045%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.160	+0.121%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	65.110	+0.045%	$1.5M	$278K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.035	−0.070%	$118K	—	250x	as long as short
Hotstuff SILVER-PERP	+0.0016%	1h	65.121	+0.061%	$35K	$21K	20x	as long as short
Gate XAG_USDT	+0.0030%	4h	65.080	−0.002%	$140.3M	$181.7M	100x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XAG	+0.0032%	1h	65.071	−0.016%	$4.6M	$10.0M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.008	−0.112%	$5.0M	$11.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+2.027%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0034%	4h	65.060	−0.032%	$124.4M	$162.6M	1000x	as long as short
Binance XAGUSDT	+0.0034%	4h	65.068	−0.021%	$191.5M	$755.7M	100x	as long as short
StandX XAG-USD	+0.0040%	1h	65.240	+0.244%	$785K	$3.0M	40x	as long as short
Aster XAGUSDT	+0.0040%	4h	65.069	−0.018%	$2.6M	$981K	100x	as long as short
QFEX SILVER-USD	+0.0044%	1h	65.110	+0.045%	$170K	$1.4M	20x	as long as short
Vest SI-PERP	+0.0046%	1h	65.535	+0.698%	—	—	25x	as long as short
Aevo XAG-PERP	+0.0048%	1h	65.083	+0.003%	$47K	—	10x	as long as short
Polymarket Perps SILVER-USDlong	+0.0050%	1h	65.081	long leg	$3.8M	$892K	20x
SoDEX SILVER-USD	+0.0050%	1h	65.023	−0.089%	$3K	$6K	20x	as long as short
edgeX XAGUSDC	+0.0050%	4h	65.251	+0.261%	$664K	$312K	30x	as long as short
Paradex XAG-USD-PERP	+0.0053%	8h	65.054	−0.041%	$29K	$1K	5x	as long as short
Phoenix SILVER	+0.0061%	1h	65.211	+0.200%	$56K	$31K	25x	as long as short
tradeXYZ xyz:SILVER	+0.0070%	1h	65.029	−0.080%	$172.8M	$84.5M	25x	as long as short
Kalshi KXSILVERPERP	+0.0080%	24h	65.092	+0.017%	$489K	$32.2M	8.1x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0096%	1h	64.970	−0.171%	$1.6M	$1.4M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.011	−0.108%	$463K	$598K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.020	−0.094%	$25.2M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.200	+0.183%	$111K	$19K	50x	as long as short
RISEx XAG/USDC	+0.0118%	1h	65.077	−0.006%	$1.3M	$4.9M	20x	as long as short
BloFin XAG-USDT	+0.0138%	4h	65.150	+0.106%	$2.7M	$625K	100x	as long as short
GRVT XAG_USDT_Perp	+0.0144%	4h	65.219	+0.212%	$394K	$1.6M	25x	as long as short
Nado XAG-PERP	+0.0155%	1h	65.065	−0.025%	$1.2M	$4.7M	10x	as long as short
Bitget XAGUSDT	+0.0162%	4h	65.080	−0.002%	$23.2M	$44.8M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0173%	8h	65.070	−0.017%	$28.4M	$70.4M	50x	as long as short
Lighter XAG	+0.0184%	1h	65.071	−0.016%	$5.3M	$11.3M	25x	as long as short
Aftermath Perps XAGUSD	+0.0192%	1h	65.121	+0.061%	$78K	$37K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0211%	1h	65.060	−0.032%	$65K	$397K	20x	as long as short
Hibachi XAG/USDT-P	+0.0232%	1h	65.097	+0.025%	$20K	$16K	10x	as long as short
Bullet SILVER-USD	+0.0234%	1h	65.121	+0.061%	$45K	$75K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0238% / S −0.0196%	1h	65.105	+0.037%	$92K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0364%	1h	65.068	−0.020%	$1.0M	$869K	25x	as long as short