Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.014%

Price spread now: Bybit against Backpack+0.779%46s7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1121.124% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.541%−$54 on $10k

Price spread, last 4 days (all we have)−0.808%−$81 · spread now +0.779%, 7d avg −0.017%

Together, before fees−1.349%−$135 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.796% dearer against Backpack than usual: you sell high and buy low (spread +0.779% now, against its 7-day average of −0.017%): +$80 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6.0 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02105	0.0544	pay 0.0068% / 1h	43m 23s	$52K	$200K	5x
Short	Bybit SKRUSDT	0.02121	0.0100	get 0.0050% / 4h	3h 43m	$4.5M	$5.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.779%Rate

Funding earned: −$93.24
Price spread: +0.779% → −0.017%: $79.63
Slippage, 4 orders: −$91.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$126.05
Costs to cover: 1.124%
Break-even: never at this rate

Slippage from Backpack: live order book, 30 min ago; Bybit: 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, 30 min ago	2.13 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.14 bp	44.0 bp −$44	125.8 bp −$1,258	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-USDT	−0.0140%	4h	0.02103	−0.076%	$238K	$155K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02121	+0.774%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02106	+0.067%	$9K	$22K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02119	+0.675%	$1.3M	$726K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02109	+0.203%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02122	+0.793%	$3.6M	$12.4M	20x	as long as short
Bybit SKRUSDTshort	+0.0100%	4h	0.02121	+0.779%	$4.5M	$5.0M	20x
Gate SKR_USDT	+0.0100%	4h	0.02115	+0.461%	$1.0M	$527K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02117	+0.565%	$4.4M	$463K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02114	+0.442%	$684K	$686K	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	0.02118	+0.632%	$1.5M	$1.2M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02098	−0.333%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02107	+0.095%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERPlong	+0.0544%	1h	0.02105	long leg	$52K	$200K	5x
Phoenix SKR	+0.1502%	1h	0.02106	+0.071%	$4K	$10K	3x	as long as short