Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.011%

Price spread now: QFEX against Bybit+0.015%7-day average −0.060% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.015%, 7d avg −0.060%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.075% dearer against Bybit than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.060%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.3 days. At the pace of the last 4 days (−0.009% in total) that is about 31 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAGUSDT	65.670	0.0091	pay 0.0045% / 4h	2h 29m	$28.4M	$38.7M	150x
Short	QFEX SILVER-USD	65.680	0.0051	get 0.0006% / 1h	29m 38s	$156K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$8.32
Price spread: +0.015% → −0.060%: $7.54
Slippage, 4 orders: −$7.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$28.9
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 8 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 Bybit live order book, 4 min ago	0.76 bp	6.5 bp −$7	7.7 bp −$77	19.2 bp −$1,917	doesn't fit
Sell QFEX live order book, 8 min ago	1.52 bp	7.9 bp −$8	8.0 bp −$80	10.1 bp −$1,015	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	−0.0036%	1h	65.640	−0.046%	$5.6M	$9.5M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.655	−0.023%	$12K	$5K	5x	as long as short
SunX XAG-USDT	0.0000%	4h	65.720	+0.076%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	65.740	+0.107%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.750	+0.122%	$1.5M	$264K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.659	−0.018%	$120K	—	250x	as long as short
RISEx XAG/USDC	+0.0030%	1h	65.708	+0.057%	$1.3M	$4.9M	20x	as long as short
Lighter RH XAG	+0.0032%	1h	65.637	−0.051%	$4.7M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.621	−0.074%	$5.1M	$11.5M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.112%	$11K	$94K	52x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XAG_USDT	+0.0034%	4h	65.740	+0.107%	$146.8M	$167.7M	100x	as long as short
Phoenix SILVER	+0.0036%	1h	65.634	−0.055%	$56K	$26K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	65.710	+0.061%	$790K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.058	+0.591%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.694	+0.037%	$3.9M	$704K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.662	−0.012%	$3K	$6K	20x	as long as short
QFEX SILVER-USDshort	+0.0051%	1h	65.680	+0.015%	$156K	$2.8M	20x
Deribit SILVER_USDC-PERPETUAL	+0.0055%	1h	65.700	+0.046%	$72K	$366K	20x	as long as short
Paradex XAG-USD-PERP	+0.0059%	8h	65.692	+0.033%	$29K	$1K	5x	as long as short
tradeXYZ xyz:SILVER	+0.0063%	1h	65.642	−0.043%	$166.2M	$76.4M	25x	as long as short
Kalshi KXSILVERPERP	+0.0075%	24h	65.697	+0.041%	$562K	$27.3M	8.1x	as long as short
Bybit XAGUSDTlong	+0.0091%	4h	65.670	long leg	$28.4M	$38.7M	150x
Aster XAGUSDT	+0.0099%	4h	65.650	−0.030%	$2.7M	$929K	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.641	−0.044%	$467K	$619K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.640	−0.046%	$24.7M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.600	−0.107%	$112K	$30K	50x	as long as short
Lighter XAG	+0.0112%	1h	65.629	−0.062%	$5.4M	$11.0M	25x	as long as short
Aevo XAG-PERP	+0.0136%	1h	65.712	+0.064%	$47K	—	10x	as long as short
Variational Omni XAG	+0.0137%	4h	65.665	−0.008%	$5.6M	$9.5M	—	as long as short
Hotstuff SILVER-PERP	+0.0144%	1h	65.686	+0.024%	$35K	$21K	20x	as long as short
MEXC SILVER_USDT	+0.0148%	4h	65.640	−0.046%	$127.2M	$156.5M	1000x	as long as short
Binance XAGUSDT	+0.0148%	4h	65.640	−0.046%	$190.8M	$722.3M	100x	as long as short
Nado XAG-PERP	+0.0154%	1h	65.615	−0.084%	$1.3M	$5.5M	10x	as long as short
edgeX XAGUSDC	+0.0157%	4h	65.780	+0.168%	$669K	$313K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0176%	1h	65.680	+0.015%	$1.7M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0202%	4h	65.740	+0.106%	$388K	$1.5M	25x	as long as short
BloFin XAG-USDT	+0.0206%	4h	65.670	0.000%	$2.6M	$605K	100x	as long as short
Bitget XAGUSDT	+0.0212%	4h	65.680	+0.015%	$24.5M	$46.7M	100x	as long as short
Aftermath Perps XAGUSD	+0.0214%	1h	65.773	+0.157%	$79K	$36K	10x	as long as short
OKX XAG-USDT-SWAP	+0.0219%	8h	65.630	−0.061%	$27.4M	$68.6M	50x	as long as short
Bullet SILVER-USD	+0.0230%	1h	65.730	+0.091%	$43K	$76K	10x	as long as short
Hibachi XAG/USDT-P	+0.0352%	1h	65.608	−0.094%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0366% / S −0.0360%	1h	65.725	+0.084%	$93K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0469%	1h	65.706	+0.054%	$919K	$749K	25x	as long as short