Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1288%/8h= −141.0% APRpaid last 24h −0.049%

Price spread now: BloFin against Backpack−0.331%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1071.070% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.716%−$72 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now −0.331%, 7d avg +0.014%

Together, before fees−0.883%−$88 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and BloFin is 0.344% cheaper against Backpack than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.716% in total (about -37.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02117	0.1148	pay 0.0143% / 1h	27m 10s	$53K	$185K	5x
Short	BloFin SKR-USDT	0.02110	−0.0140	pay 0.0070% / 4h	27m 10s	$232K	$167K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.331%Rate

Funding earned: −$270.48
Price spread: −0.331% → +0.014%: −$34.43
Slippage, 4 orders: −$85.03
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$411.93
Costs to cover: 1.070%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; BloFin: live order book, 4 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 Backpack live order book, 31 min ago	1.69 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	5.94 bp	39.4 bp −$39	doesn't fit	doesn't fit	doesn't fit

SKR on 15 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
BloFin SKR-USDTshort	−0.0140%	4h	0.02110	−0.331%	$232K	$167K	20x
BingX SKR-USDT	+0.0070%	4h	0.02119	+0.104%	—	$2.3M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02111	−0.265%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02119	+0.094%	$1.3M	$813K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02112	−0.233%	$29K	$36K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02119	+0.104%	$3.6M	$13.4M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02118	+0.038%	$4.5M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02117	0.000%	$1.0M	$564K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02115	−0.109%	$4.4M	$478K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02108	−0.425%	$650K	$728K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02121	+0.170%	$1.5M	$1.3M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02105	−0.553%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02107	−0.482%	$14K	$35K	20x	as long as short
Backpack SKR_USDC_PERPlong	+0.1148%	1h	0.02117	long leg	$53K	$185K	5x
Phoenix SKR	+0.1165%	1h	0.02107	−0.468%	$4K	$10K	3x	as long as short