Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0277%/8h= +30.4% APRpaid last 24h +0.212%

Price spread now: Phoenix against Bybit+1.203%85s7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 1.203% dearer against Bybit than usual: you sell high and buy low: +$120 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKRUSDT	0.02103	0.0100	pay 0.0050% / 4h	1h 35m	$4.7M	$10.4M	20x
Short	Phoenix SKR	0.02128	0.0377	get 0.0047% / 1h	35m 58s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +1.203%Rate

Funding earned: $58.23
Price spread: +1.203% → 0.000%: $120.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $160.53
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	5.96 bp	42.3 bp −$42	141.4 bp −$1,414	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	0.02094	−0.433%	$243K	$166K	20x	as long as short
Backpack SKR_USDC_PERP	−0.0070%	1h	0.02098	−0.266%	$55K	$208K	5x	as long as short
Lighter SKR	+0.0096%	1h	0.02097	−0.290%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02098	−0.266%	$1.4M	$1.4M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02098	−0.223%	$25K	$117K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02101	−0.119%	$3.7M	$27.0M	20x	as long as short
Bybit SKRUSDTlong	+0.0100%	4h	0.02103	long leg	$4.7M	$10.4M	20x
Gate SKR_USDT	+0.0100%	4h	0.02097	−0.281%	$990K	$1.6M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02097	−0.276%	$5.0M	$826K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02096	−0.319%	$638K	$1.4M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02102	−0.029%	$1.6M	$3.5M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02097	−0.285%	—	$2.8M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02097	−0.300%	$1K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02099	−0.190%	$14K	$40K	20x	as long as short
Phoenix SKRshort	+0.0377%	1h	0.02128	+1.203%	$4K	$10K	3x