Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.015%

Price spread now: QFEX against SunX−0.076%7-day average −0.028% · 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−$88as in the Price arb table

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

Long on SunX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.076%, 7d avg −0.028%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.049% cheaper against SunX than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of −0.028%). If the spread goes back, that is −$5 on $10k: about 3.2 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.023% in total) that is about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XAG-USDT	65.670	0	get 0.0000% / 4h	1h 56m	$2K	$2.5M	20x
Short	QFEX SILVER-USD	65.620	0.0051	get 0.0006% / 1h	56m 53s	$447K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against SunX. 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 SunXbpFee QFEXbpOrdersPrice spread, now −0.076%Rate

Funding earned: $10.77
Price spread: −0.076% → −0.028%: −$4.86
Slippage, 4 orders: −$65.39
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$77.48
Costs to cover: 0.834%
Break-even: 57.4 days

Slippage from SunX: 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 SunX live order book, 4 min ago	29.65 bp	33.7 bp −$34	62.5 bp −$625	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	3.04 bp	8.0 bp −$8	8.0 bp −$80	8.9 bp −$891	13.2 bp −$6,587

XAG on 44 exchanges

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
Hotstuff SILVER-PERP	−1.5176%	1h	65.532	−0.210%	$36K	$23K	20x	as long as short
dYdX XAG-USD	0.0000%	1h	65.593	−0.118%	$13K	$8K	5x	as long as short
Gate XAG_USDT	0.0000%	4h	65.700	+0.046%	$139.4M	$202.9M	100x	as long as short
SunX XAG-USDTlong	0.0000%	4h	65.670	long leg	$2K	$2.5M	20x
HTX XAG-USDT	0.0000%	4h	65.690	+0.030%	$1.1M	$1.3M	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	65.690	+0.030%	$1.5M	$251K	100x	as long as short
Ondo Perps XAG-USD.P	+0.0001%	1h	65.530	−0.213%	$5.7M	$10.9M	25x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.594	−0.116%	$119K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	65.688	+0.027%	$4.5M	$9.4M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.619	−0.077%	$5.1M	$11.8M	10x	as long as short

Show all 44 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	64.602	−1.626%	$11K	$240	52x	as long as short
StandX XAG-USD	+0.0040%	1h	65.690	+0.030%	$790K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.089	+0.638%	—	—	25x	as long as short
tradeXYZ xyz:SILVER	+0.0050%	1h	65.640	−0.046%	$174.6M	$94.0M	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	65.601	−0.105%	$3.8M	$894K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.605	−0.099%	$3K	$6K	20x	as long as short
QFEX SILVER-USDshort	+0.0051%	1h	65.620	−0.076%	$447K	$1.4M	20x
Paradex XAG-USD-PERP	+0.0057%	8h	65.632	−0.058%	$29K	$166	5x	as long as short
Kalshi KXSILVERPERP	+0.0098%	24h	65.648	−0.034%	$699K	$38.6M	8.1x	as long as short
Pacifica XAG	+0.0100%	1h	65.590	−0.122%	$467K	$570K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	65.640	−0.046%	$25.4M	$4.7M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.700	+0.046%	$112K	$19K	50x	as long as short
Variational Omni XAG	+0.0101%	4h	65.650	−0.031%	$5.7M	$9.1M	—	as long as short
Coinbase International SILVER-PERP-INTX	+0.0104%	1h	65.690	+0.030%	$1.6M	$1.9M	20x	as long as short
Phoenix SILVER	+0.0110%	1h	65.621	−0.075%	$55K	$14K	25x	as long as short
RISEx XAG/USDC	+0.0116%	1h	65.732	+0.095%	$1.2M	$4.9M	20x	as long as short
Aevo XAG-PERP	+0.0120%	1h	65.659	−0.017%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0122%	4h	65.680	+0.015%	$121.7M	$162.6M	1000x	as long as short
Aster XAGUSDT	+0.0122%	4h	65.655	−0.023%	$2.7M	$1.1M	100x	as long as short
Binance XAGUSDT	+0.0123%	4h	65.693	+0.036%	$191.8M	$862.7M	100x	as long as short
edgeX XAGUSDC	+0.0129%	4h	65.604	−0.101%	$668K	$315K	30x	as long as short
GRVT XAG_USDT_Perp	+0.0160%	4h	65.726	+0.086%	$396K	$1.5M	25x	as long as short
Bybit XAGUSDT	+0.0164%	4h	65.710	+0.061%	$30.5M	$47.9M	150x	as long as short
Nado XAG-PERP	+0.0171%	1h	65.587	−0.127%	$1.2M	$3.7M	10x	as long as short
Lighter XAG	+0.0192%	1h	65.684	+0.022%	$5.1M	$11.6M	25x	as long as short
Bullet SILVER-USD	+0.0195%	1h	65.660	−0.015%	$45K	$74K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0207%	1h	65.650	−0.030%	$77K	$411K	20x	as long as short
OKX XAG-USDT-SWAP	+0.0216%	8h	65.700	+0.046%	$28.1M	$85.8M	50x	as long as short
Aftermath Perps XAGUSD	+0.0222%	1h	65.626	−0.068%	$79K	$37K	10x	as long as short
Bitget XAGUSDT	+0.0250%	4h	65.710	+0.061%	$23.2M	$52.7M	100x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0267% / S −0.0235%	1h	65.665	−0.008%	$93K	—	111x	as long as short
Hibachi XAG/USDT-P	+0.0280%	1h	65.696	+0.040%	$21K	$12K	10x	as long as short
BloFin XAG-USDT	+0.0363%	4h	65.650	−0.030%	$2.7M	$771K	100x	as long as short
Kraken Futures PF_XAGUSD	+0.0547%	1h	65.622	−0.073%	$1.0M	$943K	25x	as long as short