Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0488%/8h= +53.4% APRpaid last 24h +0.035%

Price spread now: Backpack against BloFin+0.165%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$970.969% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.712%+$71 on $10k

Price spread, last 3 days (all we have)+0.183%+$18 · spread now +0.165%, 7d avg −0.021%

Together, before fees+0.895%+$90 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.186% dearer against BloFin than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SKR-USDT	0.02119	−0.0140	get 0.0070% / 4h	2m 51s	$235K	$156K	20x
Short	Backpack SKR_USDC_PERP	0.02123	0.0348	get 0.0043% / 1h	2m 51s	$51K	$213K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.165%Rate

Funding earned: $102.38
Price spread: +0.165% → −0.021%: $18.6
Slippage, 4 orders: −$74.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.08
Costs to cover: 0.969%
Break-even: 5.4 days

Slippage from BloFin: live order book, 3 min ago; Backpack: live order book, 10 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 BloFin live order book, 3 min ago	5.88 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	2.13 bp	14.0 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-USDTlong	−0.0140%	4h	0.02119	long leg	$235K	$156K	20x
Lighter SKR	+0.0096%	1h	0.02117	−0.109%	$14K	$16K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02123	+0.198%	$1.3M	$743K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02121	+0.104%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02122	+0.151%	$3.6M	$12.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02121	+0.066%	$4.5M	$5.0M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02123	+0.193%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02123	+0.184%	$4.4M	$465K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02122	+0.151%	$683K	$686K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02123	+0.170%	$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-USDT	+0.0100%	4h	0.02123	+0.184%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02116	−0.132%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02125	+0.269%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERPshort	+0.0348%	1h	0.02123	+0.165%	$51K	$213K	5x
Phoenix SKR	+0.0755%	1h	0.02120	+0.047%	$4K	$10K	3x	as long as short