Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.018%

Price spread now: Backpack against BingX−0.299%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1001.000% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.514%+$51 on $10k

Price spread, last 4 days (all we have)+0.299%+$30 · spread now −0.299%, 7d avg −0.005%

Together, before fees+0.814%+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.294% cheaper against BingX than usual: you would sell low and buy high (spread −0.299% now, against its 7-day average of −0.005%). If the spread goes back, that is −$29 on $10k: about 5.8 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SKR-USDT	0.02138	0.0100	pay 0.0050% / 4h	2h 55m	—	$2.4M	—
Short	Backpack SKR_USDC_PERP	0.02132	0.0269	get 0.0034% / 1h	55m 19s	$51K	$200K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.299%Rate

Funding earned: $35.42
Price spread: −0.299% → −0.005%: −$29.38
Slippage, 4 orders: −$80.05
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$94.01
Costs to cover: 1.000%
Break-even: 25.6 days

Slippage from BingX: live order book, 8 min ago; Backpack: live order book, 13 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 BingX live order book, 8 min ago	5.09 bp	32.9 bp −$33	148.9 bp −$1,489	613.1 bp −$61.3K	889.4 bp −$444.7K
Sell Backpack live order book, 13 min ago	3.01 bp	13.5 bp −$14	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	0.02145	+0.323%	$243K	$161K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02132	−0.295%	$9K	$21K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02133	−0.225%	$27K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02139	+0.042%	$3.7M	$12.7M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02136	−0.080%	$4.6M	$5.1M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02136	−0.089%	$1.0M	$534K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02136	−0.080%	$4.4M	$461K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02135	−0.159%	$693K	$699K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02134	−0.206%	$1.5M	$1.2M	20x	as long as short
BingX SKR-USDTlong	+0.0100%	4h	0.02138	long leg	—	$2.4M	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKR-USDT	+0.0100%	4h	0.02130	−0.402%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02134	−0.210%	$14K	$36K	20x	as long as short
Hyperliquid SKR	+0.0263%	1h	0.02139	+0.051%	$1.4M	$760K	3x	as long as short
Backpack SKR_USDC_PERPshort	+0.0269%	1h	0.02132	−0.299%	$51K	$200K	5x
Phoenix SKR	+0.1502%	1h	0.02152	+0.631%	$4K	$10K	3x	as long as short