Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0461%/8h= −50.4% APRpaid last 24h +0.013%

Price spread now: Backpack against Bitget−0.387%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$920.923% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.504%+$50 on $10k

Price spread, last 4 days (all we have)+0.448%+$45 · spread now −0.387%, 7d avg +0.051%

Together, before fees+0.952%+$95 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Backpack is 0.438% cheaper against Bitget than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of +0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.504%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SKRUSDT	0.02121	0.0100	pay 0.0050% / 4h	1h 56m	$1.5M	$1.1M	20x
Short	Backpack SKR_USDC_PERP	0.02113	−0.0361	pay 0.0045% / 1h	56m 32s	$50K	$219K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.387%Rate

Funding earned: −$96.74
Price spread: −0.387% → +0.051%: −$43.75
Slippage, 4 orders: −$70.35
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$232.84
Costs to cover: 0.923%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 27 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 Bitget live order book, 5 min ago	7.83 bp	32.9 bp −$33	203.9 bp −$2,039	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	1.65 bp	12.4 bp −$12	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
Backpack SKR_USDC_PERPshort	−0.0361%	1h	0.02113	−0.387%	$50K	$219K	5x
BloFin SKR-USDT	−0.0140%	4h	0.02107	−0.679%	$239K	$152K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02115	−0.302%	$14K	$17K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02113	−0.391%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02114	−0.358%	$3.6M	$11.9M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02116	−0.259%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02117	−0.170%	$1.0M	$528K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02118	−0.127%	$4.4M	$479K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02111	−0.490%	$684K	$685K	20x	as long as short
Bitget SKRUSDTlong	+0.0100%	4h	0.02121	long leg	$1.5M	$1.1M	20x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02118	−0.137%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02102	−0.882%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02107	−0.684%	$14K	$37K	20x	as long as short
Hyperliquid SKR	+0.0306%	1h	0.02119	−0.094%	$1.3M	$736K	3x	as long as short
Phoenix SKR	+0.1507%	1h	0.02108	−0.627%	$4K	$10K	3x	as long as short