Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0655%/8h= +71.7% APRpaid last 24h +0.196%

Price spread now: Phoenix against BingX−0.137%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.137% cheaper against BingX than usual: you would sell low and buy high (spread −0.137% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 17 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SKR-USDT	0.02123	0.0100	pay 0.0050% / 4h	2m 49s	—	$2.4M	—
Short	Phoenix SKR	0.02120	0.0755	get 0.0094% / 1h	2m 49s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now −0.137%Rate

Funding earned: $137.5
Price spread: −0.137% → 0.000%: −$13.66
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $106.84
Costs to cover: 0.170%
Break-even: 1.6 days

Slippage unknown: BingX: live order book, 6 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 6 min ago	5.45 bp	31.8 bp −$32	140.8 bp −$1,408	537.3 bp −$53.7K	958.0 bp −$479.0K
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.02119	−0.184%	$235K	$156K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02121	−0.089%	$14K	$16K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02124	+0.047%	$1.3M	$743K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02121	−0.074%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02127	+0.201%	$3.6M	$12.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02129	+0.278%	$4.5M	$5.0M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02123	+0.009%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02128	+0.217%	$4.4M	$465K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02122	−0.033%	$683K	$686K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02123	−0.014%	$1.5M	$1.2M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDTlong	+0.0100%	4h	0.02123	long leg	—	$2.4M	—
SunX SKR-USDT	+0.0100%	4h	0.02116	−0.316%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02125	+0.085%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0348%	1h	0.02123	−0.019%	$51K	$213K	5x	as long as short
Phoenix SKRshort	+0.0755%	1h	0.02120	−0.137%	$4K	$10K	3x