Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.014%

Price spread now: SunX against QFEX+0.061%7-day average +0.028% · 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−$80as in the Price arb table

costs, in and out, $10k−$830.834% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.061%, 7d avg +0.028%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.033% dearer against QFEX than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.028%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 4 days (−0.020% in total) that is about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SILVER-USD	65.490	0.0050	pay 0.0006% / 1h	54m 10s	$152K	$2.8M	20x
Short	SunX XAG-USDT	65.530	0	get 0.0000% / 4h	1h 54m	$2K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$10.48
Price spread: +0.061% → +0.028%: $3.3
Slippage, 4 orders: −$65.36
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$90.55
Costs to cover: 0.834%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; SunX: 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 QFEX live order book, 4 min ago	1.52 bp	8.0 bp −$8	8.0 bp −$80	9.3 bp −$931	doesn't fit
Sell SunX live order book, 3 min ago	29.72 bp	33.7 bp −$34	doesn't fit	doesn't fit	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
Hibachi XAG/USDT-P	−0.0112%	1h	65.527	+0.056%	$20K	$19K	10x	as long as short
Ondo Perps XAG-USD.P	−0.0024%	1h	65.400	−0.137%	$5.6M	$9.7M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.471	−0.030%	$12K	$5K	5x	as long as short
SunX XAG-USDTshort	0.0000%	4h	65.530	+0.061%	$2K	$2.6M	20x
HTX XAG-USDT	0.0000%	4h	65.540	+0.076%	$1.1M	$1.1M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.520	+0.046%	$1.5M	$280K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.454	−0.056%	$118K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.502	+0.019%	$4.7M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.451	−0.059%	$5.1M	$11.6M	10x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+1.390%	$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	65.520	+0.046%	$143.9M	$176.7M	100x	as long as short
Phoenix SILVER	+0.0036%	1h	65.581	+0.139%	$56K	$31K	25x	as long as short
StandX XAG-USD	+0.0040%	1h	65.580	+0.137%	$789K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	65.937	+0.683%	—	—	25x	as long as short
QFEX SILVER-USDlong	+0.0050%	1h	65.490	long leg	$152K	$2.8M	20x
tradeXYZ xyz:SILVER	+0.0050%	1h	65.463	−0.041%	$170.6M	$82.8M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.452	−0.058%	$3.9M	$712K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.450	−0.061%	$3K	$6K	20x	as long as short
Aster XAGUSDT	+0.0058%	4h	65.510	+0.031%	$2.7M	$955K	100x	as long as short
Paradex XAG-USD-PERP	+0.0060%	8h	65.504	+0.022%	$29K	$1K	5x	as long as short
RISEx XAG/USDC	+0.0061%	1h	65.502	+0.018%	$1.2M	$4.9M	20x	as long as short
Bybit XAGUSDT	+0.0066%	4h	65.520	+0.046%	$28.7M	$39.4M	150x	as long as short
Kalshi KXSILVERPERP	+0.0077%	24h	65.509	+0.029%	$468K	$29.2M	8.1x	as long as short
Hotstuff SILVER-PERP	+0.0088%	1h	65.553	+0.096%	$35K	$21K	20x	as long as short
Lighter XAG	+0.0096%	1h	65.505	+0.023%	$5.4M	$11.2M	25x	as long as short
Variational Omni XAG	+0.0096%	4h	65.634	+0.219%	$5.5M	$9.4M	—	as long as short
Binance XAGUSDT	+0.0099%	4h	65.509	+0.029%	$188.4M	$747.8M	100x	as long as short
Pacifica XAG	+0.0100%	1h	65.471	−0.029%	$468K	$629K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.470	−0.031%	$24.6M	$4.8M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.610	+0.183%	$112K	$19K	50x	as long as short
MEXC SILVER_USDT	+0.0102%	4h	65.500	+0.015%	$113.6M	$156.3M	1000x	as long as short
Aevo XAG-PERP	+0.0104%	1h	65.498	+0.013%	$47K	—	10x	as long as short
Nado XAG-PERP	+0.0112%	1h	65.448	−0.065%	$1.2M	$5.5M	10x	as long as short
edgeX XAGUSDC	+0.0119%	4h	65.591	+0.155%	$668K	$314K	30x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0120%	1h	65.450	−0.061%	$1.6M	$1.3M	20x	as long as short
GRVT XAG_USDT_Perp	+0.0148%	4h	65.631	+0.215%	$395K	$1.6M	25x	as long as short
Bullet SILVER-USD	+0.0164%	1h	65.508	+0.027%	$44K	$76K	10x	as long as short
Bitget XAGUSDT	+0.0196%	4h	65.510	+0.031%	$23.8M	$46.4M	100x	as long as short
OKX XAG-USDT-SWAP	+0.0202%	8h	65.510	+0.031%	$27.8M	$70.5M	50x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0208%	1h	65.500	+0.015%	$66K	$370K	20x	as long as short
Aftermath Perps XAGUSD	+0.0209%	1h	65.548	+0.089%	$79K	$37K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0321% / S −0.0301%	1h	65.515	+0.038%	$93K	—	111x	as long as short
BloFin XAG-USDT	+0.0342%	4h	65.610	+0.183%	$2.6M	$619K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0492%	1h	65.466	−0.037%	$916K	$738K	25x	as long as short