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: Phemex against QFEX+0.015%7-day average +0.055% · 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−$52as in the Price arb table

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

Long on QFEX Short on Phemex

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 against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.040% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SILVER-USD	66.200	0.0016	pay 0.0002% / 1h	48m 49s	$144K	$2.8M	20x
Short	Phemex XAGUSDT	66.210	0	get 0.0000% / 4h	1h 48m	$1.5M	$247K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$3.44
Price spread: +0.015% → +0.055%: −$3.96
Slippage, 4 orders: −$26.05
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.44
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Phemex: live order book, 4 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 QFEX live order book, 4 min ago	2.27 bp	7.3 bp −$7	7.3 bp −$73	9.7 bp −$975	14.4 bp −$7,196
Sell Phemex live order book, 4 min ago	2.27 bp	16.8 bp −$17	28.2 bp −$282	doesn't fit	doesn't fit

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	−0.024%	$777K	$593K	25x	as long as short
Hotstuff SILVER-PERP	−0.0032%	1h	66.159	−0.062%	$35K	$21K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	66.121	−0.119%	$15K	—	5x	as long as short
Bybit XAGUSDT	0.0000%	4h	66.210	+0.015%	$25.5M	$34.1M	150x	as long as short
RISEx XAG/USDC	0.0000%	1h	66.210	+0.015%	$1.3M	$4.2M	20x	as long as short
Gate XAG_USDT	0.0000%	4h	66.190	−0.015%	$146.4M	$171.3M	100x	as long as short
Bitget XAGUSDT	0.0000%	4h	66.210	+0.015%	$23.7M	$48.7M	100x	as long as short
SunX XAG-USDT	0.0000%	4h	66.220	+0.030%	$2K	$3.3M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.250	+0.076%	$1.0M	$1.1M	75x	as long as short
Phemex XAGUSDTshort	0.0000%	4h	66.210	+0.015%	$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	−0.073%	$120K	—	10x	as long as short
Aster XAGUSDT	+0.0006%	4h	66.204	+0.007%	$2.8M	$1.1M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0008%	4h	66.209	+0.014%	$395K	$1.6M	25x	as long as short
QFEX SILVER-USDlong	+0.0016%	1h	66.200	long leg	$144K	$2.8M	20x
Variational Omni XAG	+0.0031%	4h	66.189	−0.016%	$5.4M	$10.7M	—	as long as short
Lighter XAG	+0.0032%	1h	66.186	−0.022%	$5.2M	$10.7M	25x	as long as short
Lighter RH XAG	+0.0032%	1h	66.177	−0.035%	$4.5M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.151	−0.075%	$5.5M	$14.8M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.302%	$11K	$94K	52x	as long as short
MEXC SILVER_USDT	+0.0040%	4h	66.200	0.000%	$116.5M	$181.1M	1000x	as long as short
StandX XAG-USD	+0.0040%	1h	66.170	−0.045%	$792K	$2.8M	40x	as long as short
Binance XAGUSDT	+0.0042%	4h	66.210	+0.015%	$189.3M	$760.9M	100x	as long as short
Vest SI-PERP	+0.0046%	1h	66.644	+0.671%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	66.163	−0.056%	$164.0M	$91.6M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.175	−0.038%	$3.9M	$715K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	66.147	−0.080%	$4K	$5K	20x	as long as short
Ondo Perps XAG-USD.P	+0.0050%	1h	66.130	−0.106%	$5.6M	$9.9M	25x	as long as short
Kalshi KXSILVERPERP	+0.0054%	24h	66.165	−0.053%	$589K	$21.6M	8.1x	as long as short
Aevo XAG-PERP	+0.0056%	1h	66.205	+0.007%	$48K	—	10x	as long as short
edgeX XAGUSDC	+0.0056%	4h	66.191	−0.014%	$671K	$315K	30x	as long as short
BloFin XAG-USDT	+0.0068%	4h	66.180	−0.030%	$2.5M	$1.2M	100x	as long as short
Phoenix SILVER	+0.0073%	1h	66.124	−0.115%	$56K	$26K	25x	as long as short
Aftermath Perps XAGUSD	+0.0074%	1h	66.139	−0.092%	$80K	$40K	10x	as long as short
Paradex XAG-USD-PERP	+0.0091%	8h	66.196	−0.006%	$30K	$1K	5x	as long as short
Pacifica XAG	+0.0100%	1h	66.154	−0.069%	$474K	$641K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.170	−0.045%	$24.3M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.110	−0.136%	$113K	$77K	50x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	66.200	0.000%	$1.9M	$889K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0139%	8h	66.210	+0.015%	$27.3M	$67.6M	50x	as long as short
Nado XAG-PERP	+0.0141%	1h	66.155	−0.068%	$1.3M	$6.5M	10x	as long as short
Bullet SILVER-USD	+0.0162%	1h	66.223	+0.035%	$45K	$74K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0360% / S −0.0369%	1h	66.225	+0.038%	$103K	—	29x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0657%	1h	66.230	+0.045%	$60K	$357K	20x	as long as short