Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.014%

Price spread now: QFEX against Phemex−0.030%7-day average −0.053% · 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−$35as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Phemex Short on QFEX

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)−0.070%−$7 · spread now −0.030%, 7d avg −0.053%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.023% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAGUSDT	66.070	0	get 0.0000% / 4h	3h 05m	$1.5M	$317K	100x
Short	QFEX SILVER-USD	66.050	0.0060	get 0.0007% / 1h	5m 01s	$114K	$2.7M	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 −0.030%Rate

Funding earned: $12.58
Price spread: −0.030% → −0.053%: $2.26
Slippage, 4 orders: −$14.89
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$22.05
Costs to cover: 0.369%
Break-even: 19.3 days

Slippage from Phemex: live order book, 3 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, 3 min ago	1.51 bp	10.4 bp −$10	13.7 bp −$137	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.27 bp	7.3 bp −$7	7.3 bp −$73	9.4 bp −$941	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
Ondo Perps XAG-USD.P	−0.0051%	1h	65.950	−0.182%	$5.7M	$9.2M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	−0.123%	$14K	$66	5x	as long as short
SunX XAG-USDT	0.0000%	4h	66.080	+0.015%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.080	+0.015%	$1.1M	$1.0M	75x	as long as short
Phemex XAGUSDTlong	0.0000%	4h	66.070	long leg	$1.5M	$317K	100x
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.999	−0.107%	$120K	—	250x	as long as short
Lighter RH XAG	+0.0032%	1h	66.054	−0.025%	$4.8M	$9.6M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	66.003	−0.102%	$5.2M	$11.5M	10x	as long as short
Hotstuff SILVER-PERP	+0.0032%	1h	66.027	−0.065%	$35K	$21K	20x	as long as short
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.499%	$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
StandX XAG-USD	+0.0040%	1h	66.060	−0.015%	$795K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.477	+0.616%	—	—	25x	as long as short
Gate XAG_USDT	+0.0046%	4h	66.080	+0.015%	$149.9M	$164.4M	100x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.027	−0.065%	$3.9M	$676K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.997	−0.110%	$3K	$6K	20x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	66.044	−0.039%	$30K	$1K	5x	as long as short
QFEX SILVER-USDshort	+0.0060%	1h	66.050	−0.030%	$114K	$2.7M	20x
tradeXYZ xyz:SILVER	+0.0060%	1h	66.024	−0.070%	$166.3M	$73.9M	25x	as long as short
Phoenix SILVER	+0.0073%	1h	65.995	−0.114%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0074%	24h	66.028	−0.064%	$530K	$26.7M	8.1x	as long as short
RISEx XAG/USDC	+0.0080%	1h	66.062	−0.012%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	65.997	−0.110%	$469K	$604K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.030	−0.061%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	65.990	−0.121%	$113K	$30K	50x	as long as short
Bybit XAGUSDT	+0.0108%	4h	66.090	+0.030%	$27.8M	$36.5M	150x	as long as short
Lighter XAG	+0.0120%	1h	66.054	−0.024%	$5.2M	$10.9M	25x	as long as short
Aster XAGUSDT	+0.0121%	4h	66.050	−0.030%	$2.7M	$866K	100x	as long as short
Variational Omni XAG	+0.0164%	4h	66.053	−0.025%	$5.7M	$9.5M	—	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.053	−0.026%	$47K	—	10x	as long as short
MEXC SILVER_USDT	+0.0174%	4h	66.060	−0.015%	$115.1M	$152.9M	1000x	as long as short
Binance XAGUSDT	+0.0175%	4h	66.070	0.000%	$191.0M	$703.0M	100x	as long as short
edgeX XAGUSDC	+0.0182%	4h	66.013	−0.086%	$670K	$311K	30x	as long as short
Nado XAG-PERP	+0.0186%	1h	66.012	−0.087%	$1.4M	$5.8M	10x	as long as short
BloFin XAG-USDT	+0.0196%	4h	66.060	−0.015%	$2.6M	$570K	100x	as long as short
Aftermath Perps XAGUSD	+0.0198%	1h	66.022	−0.072%	$79K	$36K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0204%	1h	66.040	−0.045%	$75K	$363K	20x	as long as short
GRVT XAG_USDT_Perp	+0.0208%	4h	66.053	−0.026%	$394K	$1.5M	25x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	65.980	−0.136%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0223%	8h	66.070	0.000%	$27.8M	$64.6M	50x	as long as short
Bitget XAGUSDT	+0.0228%	4h	66.070	0.000%	$24.0M	$44.9M	100x	as long as short
Bullet SILVER-USD	+0.0237%	1h	66.064	−0.009%	$44K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0304%	1h	66.010	−0.091%	$20K	$19K	10x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0440%	1h	66.065	−0.008%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	66.039	−0.046%	$911K	$685K	25x	as long as short