Funding arb · Price arb /

XAG

RWAall XAG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.011%

Price spread now: Bybit against QFEX+0.030%7-day average +0.060% · 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−$33as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days+0.017%+$2 · spread now +0.030%, 7d avg +0.060%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.030% cheaper against QFEX than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.060%). If the spread goes back, that is −$3 on $10k: about 41 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.010% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SILVER-USD	66.050	0.0060	pay 0.0007% / 1h	15m 57s	$114K	$2.7M	20x
Short	Bybit XAGUSDT	66.070	0.0118	get 0.0059% / 4h	3h 15m	$27.8M	$36.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.030%Rate

Funding earned: $12.2
Price spread: +0.030% → +0.060%: −$2.96
Slippage, 4 orders: −$8.9
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.67
Costs to cover: 0.299%
Break-even: 18.9 days

Slippage from QFEX: live order book, 7 min ago; Bybit: 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, 7 min ago	2.27 bp	8.7 bp −$9	8.8 bp −$88	10.2 bp −$1,016	doesn't fit
Sell Bybit live order book, 3 min ago	0.76 bp	6.3 bp −$6	8.2 bp −$82	14.6 bp −$1,465	58.8 bp −$29.4K

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	−0.0061%	1h	65.950	−0.151%	$5.7M	$9.3M	25x	as long as short
dYdX XAG-USD	0.0000%	1h	65.989	−0.093%	$14K	$66	5x	as long as short
Hotstuff SILVER-PERP	0.0000%	1h	66.029	−0.032%	$35K	$21K	20x	as long as short
SunX XAG-USDT	0.0000%	4h	66.090	+0.061%	$2K	$2.6M	20x	as long as short
HTX XAG-USDT	0.0000%	4h	66.080	+0.045%	$1.0M	$949K	75x	as long as short
Phemex XAGUSDT	0.0000%	4h	66.070	+0.030%	$1.5M	$320K	100x	as long as short
gTrade (Gains Network) XAG/USD	L +0.0004% / S −0.0006%	1h	65.991	−0.089%	$120K	—	250x	as long as short
Gate XAG_USDT	+0.0020%	4h	66.070	+0.030%	$149.8M	$164.1M	100x	as long as short
Lighter RH XAG	+0.0032%	1h	66.035	−0.023%	$4.8M	$9.5M	25x	as long as short
Extended XAG-USD	+0.0032%	1h	65.991	−0.089%	$5.2M	$11.5M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAG/USDC PERP	+0.0033%	1h	66.400	+0.530%	$11K	$94K	52x	as long as short
StandX XAG-USD	+0.0040%	1h	66.060	+0.015%	$795K	$3.0M	40x	as long as short
Vest SI-PERP	+0.0046%	1h	66.480	+0.651%	—	—	25x	as long as short
Polymarket Perps SILVER-USD	+0.0050%	1h	66.026	−0.036%	$3.9M	$672K	20x	as long as short
SoDEX SILVER-USD	+0.0050%	1h	65.989	−0.092%	$3K	$6K	20x	as long as short
tradeXYZ xyz:SILVER	+0.0052%	1h	66.017	−0.050%	$166.3M	$74.0M	25x	as long as short
Paradex XAG-USD-PERP	+0.0056%	8h	66.053	+0.005%	$30K	$1K	5x	as long as short
QFEX SILVER-USDlong	+0.0060%	1h	66.050	long leg	$114K	$2.7M	20x
Phoenix SILVER	+0.0073%	1h	65.995	−0.083%	$56K	$26K	25x	as long as short
Kalshi KXSILVERPERP	+0.0073%	24h	66.011	−0.059%	$557K	$26.4M	8.1x	as long as short
RISEx XAG/USDC	+0.0080%	1h	66.073	+0.034%	$1.3M	$4.9M	20x	as long as short
Pacifica XAG	+0.0100%	1h	66.008	−0.064%	$470K	$605K	10x	as long as short
KuCoin XAGUSDTM	+0.0100%	4h	66.010	−0.061%	$24.4M	$4.5M	75x	as long as short
ApeX Omni XAGUSDT	+0.0100%	1h	66.060	+0.015%	$113K	$30K	50x	as long as short
Lighter XAG	+0.0104%	1h	66.042	−0.012%	$5.2M	$10.8M	25x	as long as short
Bybit XAGUSDTshort	+0.0118%	4h	66.070	+0.030%	$27.8M	$36.5M	150x
Aster XAGUSDT	+0.0122%	4h	66.053	+0.005%	$2.7M	$866K	100x	as long as short
Variational Omni XAG	+0.0165%	4h	66.053	+0.005%	$5.6M	$9.5M	—	as long as short
Aevo XAG-PERP	+0.0168%	1h	66.047	−0.005%	$47K	—	10x	as long as short
Nado XAG-PERP	+0.0173%	1h	66.021	−0.043%	$1.4M	$5.8M	10x	as long as short
MEXC SILVER_USDT	+0.0176%	4h	66.050	0.000%	$115.0M	$152.7M	1000x	as long as short
Binance XAGUSDT	+0.0177%	4h	66.063	+0.020%	$190.8M	$702.3M	100x	as long as short
GRVT XAG_USDT_Perp	+0.0178%	4h	66.085	+0.052%	$395K	$1.5M	25x	as long as short
edgeX XAGUSDC	+0.0187%	4h	66.071	+0.032%	$670K	$311K	30x	as long as short
Aftermath Perps XAGUSD	+0.0189%	1h	66.047	−0.004%	$79K	$36K	10x	as long as short
BloFin XAG-USDT	+0.0207%	4h	66.080	+0.045%	$2.6M	$563K	100x	as long as short
Coinbase International SILVER-PERP-INTX	+0.0208%	1h	66.030	−0.030%	$1.8M	$1.0M	20x	as long as short
OKX XAG-USDT-SWAP	+0.0224%	8h	66.060	+0.015%	$27.7M	$64.5M	50x	as long as short
Bitget XAGUSDT	+0.0226%	4h	66.060	+0.015%	$23.9M	$45.2M	100x	as long as short
Bullet SILVER-USD	+0.0228%	1h	66.065	+0.022%	$45K	$75K	10x	as long as short
Hibachi XAG/USDT-P	+0.0296%	1h	66.020	−0.045%	$20K	$19K	10x	as long as short
Deribit SILVER_USDC-PERPETUAL	+0.0356%	1h	66.040	−0.015%	$75K	$363K	20x	as long as short
GMX SILVER/USD [ETH-USDC]	L +0.0388% / S −0.0440%	1h	66.065	+0.023%	$105K	—	111x	as long as short
Kraken Futures PF_XAGUSD	+0.0624%	1h	66.028	−0.033%	$911K	$683K	25x	as long as short