#Strategy加仓BTC Recently, many people have been trading silver contracts, and feedback indicates that the funding fees are being deducted aggressively. Let's analyze why this happens and what arbitrage opportunities are behind it.

Silver contracts themselves are not backed by physical silver; they mainly track the spot silver prices on several mainstream exchanges. The liquidity of new products is inherently limited, and with 24/7 trading, the crypto space attracts high-risk traders, causing the funding rates to fluctuate wildly. Historical data shows that during certain periods, the rates hover around 1,000 to 1,200 all day long, which is indeed costly for traders holding long positions.

But there are also opportunities hidden here. Precious metals have historically shown a strong positive basis (longer-dated contracts are usually priced above spot), and gold ETFs have maintained positive fee rates for a long time. This creates an arbitrage space where we can short contracts while holding the physical ETF. Simply put, this is establishing a hedge position during times of high funding fees.

Based on current market data, maintaining a delta-neutral position, the annualized return for gold is around 9%-10%, while silver can reach 10%-20%. If the precious metals continue their bull market this year, the profit potential could be even greater.

Looking ahead, as on-chain products for precious metals expand and liquidity continues to grow, arbitrage opportunities will become increasingly abundant. For institutions or large-scale investors, early positioning can help optimize investment portfolios, lock in relatively stable returns, and better diversify risks.