Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0573%/8h= +62.8% APRpaid last 24h −0.005%

Price spread now: Backpack against KuCoin+0.154%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$264as in the Funding arb table

Net, price: spread back to 7d avg − costs−$282as in the Price arb table

costs, in and out, $10k−$3023.023% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.383%+$38 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now +0.154%, 7d avg −0.046%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.200% dearer against KuCoin than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.383% in total (about 20.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SKRUSDTM	0.02146	0.0100	pay 0.0050% / 4h	3h 56m	$657K	$737K	20x
Short	Backpack SKR_USDC_PERP	0.02149	0.0673	get 0.0084% / 1h	56m 08s	$54K	$184K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.154%Rate

Funding earned: $120.42
Price spread: +0.154% → −0.046%: $19.96
Slippage, 4 orders: −$280.28
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$161.9
Costs to cover: 3.023%
Break-even: 16.4 days

Slippage from KuCoin: live order book, 18 min ago; Backpack: live order book, 62 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 KuCoin live order book, 18 min ago	9.84 bp	133.1 bp −$133	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	1.69 bp	19.1 bp −$19	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-USDT	−0.0138%	4h	0.02133	−0.578%	$238K	$169K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02148	+0.093%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02143	−0.135%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02148	+0.093%	$1.4M	$819K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02144	−0.065%	$28K	$38K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02147	+0.051%	$3.7M	$13.6M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02148	+0.093%	$4.6M	$5.4M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02146	+0.028%	$4.5M	$477K	20x	as long as short
KuCoin SKRUSDTMlong	+0.0100%	4h	0.02146	long leg	$657K	$737K	20x
Bitget SKRUSDT	+0.0100%	4h	0.02149	+0.154%	$1.5M	$1.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKR-USDT	+0.0100%	4h	0.02140	−0.275%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02150	+0.182%	$14K	$35K	20x	as long as short
Gate SKR_USDT	+0.0482%	4h	0.02149	+0.154%	$1.0M	$572K	20x	as long as short
Backpack SKR_USDC_PERPshort	+0.0673%	1h	0.02149	+0.154%	$54K	$184K	5x
Phoenix SKR	+0.1165%	1h	0.02148	+0.112%	$4K	$10K	3x	as long as short