Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1818%/8h= +199.1% APRpaid last 24h +0.187%

Price spread now: Phoenix against Bitget−0.179%7-day average — · you buy dearer than you sell

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

Long on Bitget 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 0.179% cheaper against Bitget than usual: you would sell low and buy high (spread −0.179% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 8 hours of funding at the current rate (+$55 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SKRUSDT	0.02066	0.0100	pay 0.0050% / 4h	1h 15m	$1.5M	$1.3M	20x
Short	Phoenix SKR	0.02063	0.1918	get 0.0240% / 1h	15m 12s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.179%Rate

Funding earned: $381.88
Price spread: −0.179% → 0.000%: −$17.9
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $344.97
Costs to cover: 0.190%
Break-even: 0.7 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	7.26 bp	40.7 bp −$41	doesn't fit	doesn't fit	doesn't fit
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	0.02069	+0.102%	$233K	$160K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02062	−0.242%	$9K	$21K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02066	−0.015%	$1.3M	$805K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02066	−0.042%	$28K	$34K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02066	−0.024%	$3.5M	$13.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02066	−0.015%	$4.4M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02066	−0.019%	$1.0M	$554K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02066	−0.015%	$4.3M	$473K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02064	−0.102%	$648K	$723K	20x	as long as short
Bitget SKRUSDTlong	+0.0100%	4h	0.02066	long leg	$1.5M	$1.3M	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	0.02065	−0.048%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02064	−0.140%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02063	−0.160%	$13K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0229%	1h	0.02065	−0.058%	$50K	$192K	5x	as long as short
Phoenix SKRshort	+0.1918%	1h	0.02063	−0.179%	$4K	$10K	3x