Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1407%/8h= −154.0% APRpaid last 24h −0.216%

Price spread now: Bitget against Phoenix−0.076%7-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 Bitget

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 −$42 a day on $10k at the current rate, and Bitget is 0.076% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKR	0.02119	0.1507	pay 0.0188% / 1h	47m 08s	$4K	$10K	3x
Short	Bitget SKRUSDT	0.02118	0.0100	get 0.0050% / 4h	2h 47m	$1.5M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$295.4
Price spread: −0.076% → 0.000%: −$7.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$321.95
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	10.13 bp	57.3 bp −$57	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	0.02116	−0.146%	$238K	$151K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02110	−0.434%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02117	−0.123%	$1.3M	$727K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02114	−0.253%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02116	−0.146%	$3.6M	$11.7M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02116	−0.165%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02114	−0.227%	$1.0M	$530K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02116	−0.160%	$4.4M	$489K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02115	−0.193%	$686K	$686K	20x	as long as short
Bitget SKRUSDTshort	+0.0100%	4h	0.02118	−0.076%	$1.5M	$1.1M	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	0.02116	−0.142%	—	$2.3M	—	as long as short
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02116	−0.165%	$50K	$231K	5x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02112	−0.335%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02120	+0.028%	$14K	$37K	20x	as long as short
Phoenix SKRlong	+0.1507%	1h	0.02119	long leg	$4K	$10K	3x