Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.012%

Price spread now: QFEX against Phemex−0.015%7-day average −0.055% · 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−$44as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 3 days (all we have)−0.085%−$9 · spread now −0.015%, 7d avg −0.055%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and QFEX is 0.040% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.210	0	get 0.0000% / 4h	1h 49m	$1.5M	$247K	100x
Short	QFEX SILVER-USD	66.200	0.0016	get 0.0002% / 1h	49m 12s	$144K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $3.44
Price spread: −0.015% → −0.055%: $3.96
Slippage, 4 orders: −$26.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$40.65
Costs to cover: 0.480%
Break-even: 89.6 days

Slippage from Phemex: live order book, 4 min ago; QFEX: live order book, 3 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, 4 min ago	2.27 bp	15.4 bp −$15	27.7 bp −$277	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.27 bp	8.6 bp −$9	8.8 bp −$88	8.8 bp −$878	12.0 bp −$5,991

XAG on 43 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
Kraken Futures PF_XAGUSD	−0.0272%	1h	66.184	−0.039%	$777K	$593K	25x	as long as short
Hotstuff SILVER-PERP	−0.0032%	1h	66.159	−0.077%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	66.121	−0.134%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.210	0.000%	$25.5M	$34.1M	150x	as long as short
RISEx XAG/USDC	0.0000%	1h	66.210	0.000%	$1.3M	$4.2M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.190	−0.030%	$146.4M	$171.3M	100x	as long as short
Bitget XAGUSDT	0.0000%	4h	66.220	+0.015%	$23.7M	$48.7M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.220	+0.015%	$2K	$3.3M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.250	+0.060%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.210	long leg	$1.5M	$247K	100x

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	66.152	−0.088%	$120K	—	10x	as long as short
Aster XAGUSDT	+0.0005%	4h	66.207	−0.004%	$2.8M	$1.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0008%	4h	66.209	−0.001%	$395K	$1.6M	25x	as long as short
QFEX SILVER-USDshort	+0.0016%	1h	66.200	−0.015%	$144K	$2.8M	20x
Variational Omni XAG	+0.0031%	4h	66.189	−0.031%	$5.4M	$10.7M	—	as long as short
Lighter XAG	+0.0032%	1h	66.181	−0.044%	$5.2M	$10.7M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.171	−0.059%	$4.5M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.157	−0.080%	$5.5M	$14.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.287%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0040%	4h	66.210	0.000%	$116.5M	$181.1M	1000x	as long as short
StandX XAG-USD	+0.0040%	1h	66.170	−0.060%	$792K	$2.8M	40x	as long as short
Binance XAGUSDT	+0.0041%	4h	66.210	0.000%	$189.3M	$760.9M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.644	+0.655%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.158	−0.079%	$164.1M	$91.5M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.175	−0.053%	$3.9M	$715K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.147	−0.095%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.130	−0.121%	$5.6M	$9.9M	25x	as long as short
Kalshi KXSILVERPERP	+0.0054%	24h	66.165	−0.068%	$589K	$21.6M	8.1x	as long as short
Aevo XAG-PERP	+0.0056%	1h	66.205	−0.008%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0056%	4h	66.191	−0.029%	$671K	$315K	30x	as long as short
BloFin XAG-USDT	+0.0068%	4h	66.180	−0.045%	$2.5M	$1.2M	100x	as long as short
Phoenix SILVER	+0.0073%	1h	66.124	−0.130%	$56K	$26K	25x	as long as short
Aftermath Perps XAGUSD	+0.0074%	1h	66.139	−0.107%	$80K	$40K	10x	as long as short
Paradex XAG-USD-PERP	+0.0091%	8h	66.196	−0.021%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.157	−0.080%	$474K	$641K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.170	−0.060%	$24.3M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.110	−0.151%	$113K	$77K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	66.200	−0.015%	$1.9M	$889K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0139%	8h	66.230	+0.030%	$27.3M	$67.6M	50x	as long as short
Nado XAG-PERP	+0.0141%	1h	66.155	−0.083%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0162%	1h	66.223	+0.020%	$45K	$74K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0360% / S −0.0369%	1h	66.225	+0.023%	$103K	—	29x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0657%	1h	66.230	+0.030%	$60K	$357K	20x	as long as short