Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0526%/8h= −57.6% APRpaid last 24h −0.254%

Price spread now: BloFin against Phoenix−0.058%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 BloFin

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 −$16 a day on $10k at the current rate, and BloFin is 0.058% cheaper against Phoenix than usual: you would sell low and buy high (−$6 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	0.02064	0.0386	pay 0.0048% / 1h	51m 56s	$3K	$11K	3x
Short	BloFin SKR-USDT	0.02063	−0.0140	pay 0.0070% / 4h	51m 56s	$228K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$110.49
Price spread: −0.058% → 0.000%: −$5.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$135.3
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 47 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 BloFin live order book, 47 min ago	1.67 bp	36.2 bp −$36	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 exchanges

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-USDTshort	−0.0140%	4h	0.02063	−0.058%	$228K	$163K	20x
Lighter SKR	+0.0096%	1h	0.02065	+0.048%	$7K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02065	+0.058%	$1.4M	$1.6M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02066	+0.068%	$16K	$135K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02067	+0.131%	$3.5M	$28.5M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02067	+0.136%	$4.5M	$11.0M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02068	+0.179%	$967K	$1.7M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02067	+0.121%	$4.9M	$801K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02067	+0.160%	$696K	$1.6M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02068	+0.189%	$1.6M	$3.6M	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02067	+0.126%	—	$2.8M	—	as long as short
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02067	+0.155%	$55K	$205K	5x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02061	−0.174%	$1K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02062	−0.111%	$14K	$40K	20x	as long as short
Phoenix SKRlong	+0.0386%	1h	0.02064	long leg	$3K	$11K	3x