Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1046%/8h= −114.5% APRpaid last 24h −0.019%

Price spread now: SunX against Backpack−0.142%7-day average −0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1291.287% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.515%−$52 on $10k

Price spread, last 4 days (all we have)−0.547%−$55 · spread now −0.142%, 7d avg −0.174%

Together, before fees−1.063%−$106 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.031% dearer against Backpack than usual: you sell high and buy low (spread −0.142% now, against its 7-day average of −0.174%): +$3 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.515% in total) that is about 10 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.515% in total (about -26.9% 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	0.02107	0.1146	pay 0.0143% / 1h	27m 25s	$53K	$185K	5x
Short	SunX SKR-USDT	0.02104	0.0100	get 0.0050% / 4h	27m 25s	$2K	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$219.61
Price spread: −0.142% → −0.174%: $3.15
Slippage, 4 orders: −$110.65
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$345.12
Costs to cover: 1.287%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; SunX: live order book, 9 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 SunX live order book, 9 min ago	28.87 bp	47.3 bp −$47	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-USDT	−0.0140%	4h	0.02104	−0.109%	$232K	$167K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02112	+0.266%	—	$2.3M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02105	−0.100%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02110	+0.142%	$1.3M	$813K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02104	−0.146%	$29K	$36K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02110	+0.151%	$3.6M	$13.4M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02110	+0.166%	$4.5M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02111	+0.190%	$1.0M	$564K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02110	+0.176%	$4.4M	$478K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02107	0.000%	$649K	$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	0.02112	+0.247%	$1.5M	$1.3M	20x	as long as short
SunX SKR-USDTshort	+0.0100%	4h	0.02104	−0.142%	$2K	$2.3M	20x
HTX SKR-USDT	+0.0100%	4h	0.02107	+0.005%	$14K	$35K	20x	as long as short
Backpack SKR_USDC_PERPlong	+0.1146%	1h	0.02107	long leg	$53K	$185K	5x
Phoenix SKR	+0.1165%	1h	0.02107	+0.019%	$4K	$10K	3x	as long as short