Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h +0.014%

Price spread now: QFEX against Kalshi−0.008%7-day average +0.066% · 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−$36as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Kalshi Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.008%, 7d avg +0.066%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and QFEX is 0.073% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSILVERPERP	66.065	0.0071	pay 0.0212% / 24h	10h 12m	$546K	$25.4M	8.1x
Short	QFEX SILVER-USD	66.060	0.0054	get 0.0007% / 1h	12m 35s	$115K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Kalshi. 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 KalshibpFee QFEXbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$3.42
Price spread: −0.008% → +0.066%: −$7.31
Slippage, 4 orders: −$8.7
Fee Kalshi: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$39.44
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; QFEX: 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 Kalshi live order book, 1 min ago	0.98 bp	6.7 bp −$7	7.0 bp −$70	10.4 bp −$1,035	doesn't fit
Sell QFEX live order book, 5 min ago	2.27 bp	7.3 bp −$7	7.3 bp −$73	9.5 bp −$949	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
dYdX XAG-USD	0.0000%	1h	66.018	−0.071%	$15K	—	5x	as long as short
Gate XAG_USDT	0.0000%	4h	66.080	+0.023%	$150.1M	$163.7M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.100	+0.053%	$2K	$2.7M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.130	+0.098%	$1.0M	$971K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.120	+0.083%	$1.5M	$317K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.037	−0.042%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.053	−0.017%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.000	−0.099%	$5.2M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.507%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.100	+0.053%	$795K	$3.1M	40x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAG-USD.P	+0.0043%	1h	65.960	−0.159%	$5.7M	$9.6M	25x	as long as short
Vest SI-PERP	+0.0046%	1h	66.489	+0.642%	—	—	25x	as long as short
Hotstuff SILVER-PERP	+0.0048%	1h	66.052	−0.020%	$35K	$21K	20x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.070	+0.008%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.016	−0.074%	$3K	$6K	20x	as long as short
QFEX SILVER-USDshort	+0.0054%	1h	66.060	−0.008%	$115K	$2.7M	20x
Phoenix SILVER	+0.0060%	1h	66.025	−0.061%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERPlong	+0.0071%	24h	66.065	long leg	$546K	$25.4M	8.1x
Pacifica XAG	+0.0100%	1h	66.023	−0.064%	$470K	$615K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.050	−0.023%	$24.5M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	−0.008%	$113K	$30K	50x	as long as short
tradeXYZ xyz:SILVER	+0.0125%	1h	66.036	−0.044%	$165.8M	$74.3M	25x	as long as short
RISEx XAG/USDC	+0.0137%	1h	66.075	+0.016%	$1.3M	$4.5M	20x	as long as short
Paradex XAG-USD-PERP	+0.0140%	8h	66.066	+0.001%	$30K	$1K	5x	as long as short
Aster XAGUSDT	+0.0143%	4h	66.077	+0.018%	$2.7M	$868K	100x	as long as short
Bybit XAGUSDT	+0.0167%	4h	66.080	+0.023%	$27.1M	$36.1M	150x	as long as short
Lighter XAG	+0.0176%	1h	66.064	−0.001%	$5.2M	$10.7M	25x	as long as short
Aevo XAG-PERP	+0.0192%	1h	66.094	+0.043%	$47K	—	10x	as long as short
BloFin XAG-USDT	+0.0193%	4h	66.120	+0.083%	$2.6M	$554K	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0200%	1h	66.170	+0.159%	$1.8M	$1.0M	20x	as long as short
Variational Omni XAG	+0.0203%	4h	66.163	+0.149%	$5.6M	$9.5M	—	as long as short
MEXC SILVER_USDT	+0.0210%	4h	66.080	+0.023%	$110.5M	$152.9M	1000x	as long as short
Nado XAG-PERP	+0.0211%	1h	66.008	−0.086%	$1.4M	$6.4M	10x	as long as short
Binance XAGUSDT	+0.0211%	4h	66.070	+0.008%	$192.3M	$700.5M	100x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	66.079	+0.021%	$80K	$36K	10x	as long as short
edgeX XAGUSDC	+0.0222%	4h	66.092	+0.042%	$671K	$313K	30x	as long as short
OKX XAG-USDT-SWAP	+0.0233%	8h	66.070	+0.008%	$27.7M	$65.0M	50x	as long as short
Bitget XAGUSDT	+0.0256%	4h	66.060	−0.008%	$23.8M	$45.4M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0274%	4h	66.094	+0.044%	$389K	$1.5M	25x	as long as short
Bullet SILVER-USD	+0.0286%	1h	66.116	+0.078%	$44K	$76K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.070	+0.008%	$62K	$349K	20x	as long as short
Hibachi XAG/USDT-P	+0.0376%	1h	66.050	−0.023%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0383% / S −0.0424%	1h	66.115	+0.076%	$103K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0485%	1h	66.069	+0.005%	$912K	$683K	25x	as long as short