Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.028%

Price spread now: QFEX against BloFin−0.046%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$310.308% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.092%+$9 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now −0.046%, 7d avg −0.026%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and QFEX is 0.020% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.026%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.092%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.092% in total (about 8.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XAG-USDT	65.070	0.0345	pay 0.0172% / 4h	3h 19m	$2.8M	$698K	100x
Short	QFEX SILVER-USD	65.040	0.0047	get 0.0006% / 1h	19m 06s	$446K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$62.58
Price spread: −0.046% → −0.026%: −$2.04
Slippage, 4 orders: −$8.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$95.44
Costs to cover: 0.308%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; QFEX: live order book, 2 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 BloFin live order book, 4 min ago	0.77 bp	6.8 bp −$7	6.8 bp −$68	7.5 bp −$750	15.1 bp −$7,574
Sell QFEX live order book, 2 min ago	1.54 bp	7.9 bp −$8	8.1 bp −$81	8.1 bp −$808	12.2 bp −$6,111

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	65.013	−0.088%	$12K	$6K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.100	+0.046%	$2K	$2.4M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.130	+0.092%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.100	+0.046%	$1.5M	$346K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.020	−0.077%	$118K	—	250x	as long as short
Gate XAG_USDT	+0.0014%	4h	65.100	+0.046%	$138.1M	$188.4M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	65.087	+0.026%	$4.6M	$9.9M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.018	−0.080%	$5.0M	$12.1M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−0.719%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	64.970	−0.154%	$781K	$3.0M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest SI-PERP	+0.0046%	1h	65.494	+0.652%	—	—	25x	as long as short
QFEX SILVER-USDshort	+0.0047%	1h	65.040	−0.046%	$446K	$1.5M	20x
Polymarket Perps SILVER-USD	+0.0050%	1h	65.033	−0.057%	$3.8M	$890K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.028	−0.065%	$3K	$6K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	64.970	−0.154%	$5.6M	$10.1M	25x	as long as short
Variational Omni XAG	+0.0065%	4h	65.026	−0.068%	$5.4M	$9.2M	—	as long as short
Paradex XAG-USD-PERP	+0.0076%	8h	65.045	−0.038%	$29K	$166	5x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0080%	1h	64.990	−0.123%	$1.6M	$1.5M	20x	as long as short
Kalshi KXSILVERPERP	+0.0087%	24h	65.075	+0.008%	$499K	$35.1M	8.1x	as long as short
edgeX XAGUSDC	+0.0090%	4h	64.947	−0.190%	$662K	$314K	30x	as long as short
Pacifica XAG	+0.0100%	1h	65.034	−0.055%	$463K	$587K	10x	as long as short
MEXC SILVER_USDT	+0.0100%	4h	65.080	+0.015%	$124.1M	$160.4M	1000x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.080	+0.015%	$25.1M	$4.6M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	64.920	−0.231%	$111K	$19K	50x	as long as short
Aevo XAG-PERP	+0.0104%	1h	65.095	+0.038%	$47K	—	10x	as long as short
Binance XAGUSDT	+0.0105%	4h	65.100	+0.046%	$198.5M	$791.0M	100x	as long as short
Phoenix SILVER	+0.0111%	1h	64.979	−0.140%	$55K	$31K	25x	as long as short
Aster XAGUSDT	+0.0122%	4h	65.070	0.000%	$2.7M	$1.0M	100x	as long as short
Hotstuff SILVER-PERP	+0.0128%	1h	65.006	−0.098%	$35K	$21K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0136%	1h	65.042	−0.043%	$173.5M	$89.1M	25x	as long as short
RISEx XAG/USDC	+0.0158%	1h	65.065	−0.007%	$1.2M	$4.9M	20x	as long as short
Nado XAG-PERP	+0.0166%	1h	65.045	−0.038%	$1.2M	$4.2M	10x	as long as short
OKX XAG-USDT-SWAP	+0.0211%	8h	65.100	+0.046%	$29.1M	$76.4M	50x	as long as short
Aftermath Perps XAGUSD	+0.0217%	1h	64.867	−0.312%	$78K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0222%	4h	65.100	+0.046%	$22.9M	$47.9M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0237% / S −0.0196%	1h	65.025	−0.069%	$92K	—	111x	as long as short
Lighter XAG	+0.0240%	1h	65.082	+0.018%	$5.2M	$11.3M	25x	as long as short
Bullet SILVER-USD	+0.0311%	1h	65.103	+0.051%	$45K	$75K	10x	as long as short
BloFin XAG-USDTlong	+0.0345%	4h	65.070	long leg	$2.8M	$698K	100x
Deribit SILVER_USDC-PERPETUAL	+0.0365%	1h	65.090	+0.031%	$77K	$435K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	64.982	−0.135%	$20K	$15K	10x	as long as short
Bybit XAGUSDT	+0.0382%	4h	65.110	+0.061%	$30.2M	$43.6M	150x	as long as short
GRVT XAG_USDT_Perp	+0.0410%	4h	65.030	−0.061%	$387K	$1.6M	25x	as long as short
Kraken Futures PF_XAGUSD	+0.0418%	1h	65.077	+0.011%	$1.0M	$895K	25x	as long as short