SKR

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1143%/8h= −125.1% APRnext payment −$1.43 per $10,000 · paid last 24h −0.177%

Price spread now: Backpack against Phoenix−0.948%80s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Backpack

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 against this trade now: funding costs −$34 a day on $10k at the current rate, and Backpack is 0.948% cheaper against Phoenix than usual: you would sell low and buy high (−$95 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 80 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	Phoenix SKR	0.02152	0.1502	pay 0.0188% / 1h	53m 59s	$4K	$10K	3x
Short	Backpack SKR_USDC_PERP	0.02131	0.0360	get 0.0045% / 1h	53m 59s	$51K	$200K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.948%Rate

Funding earned: −$239.93
Price spread: −0.948% → 0.000%: −$94.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$351.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 14 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 14 min ago	3.01 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

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	0.02129	−1.050%	$242K	$161K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02129	−1.064%	$9K	$21K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02130	−1.021%	$27K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02134	−0.843%	$3.7M	$12.7M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02131	−0.962%	$4.6M	$5.1M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02133	−0.860%	$1.0M	$535K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02131	−0.976%	$4.4M	$462K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02133	−0.850%	$692K	$699K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02133	−0.892%	$1.5M	$1.2M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02132	−0.911%	—	$2.4M	—	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	0.02126	−1.190%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02134	−0.837%	$14K	$36K	20x	as long as short
Hyperliquid SKR	+0.0258%	1h	0.02134	−0.823%	$1.4M	$759K	3x	as long as short
Backpack SKR_USDC_PERPshort	+0.0360%	1h	0.02131	−0.948%	$51K	$200K	5x
Phoenix SKRlong	+0.1502%	1h	0.02152	long leg	$4K	$10K	3x