Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0661%/8h= −72.3% APRpaid last 24h −0.219%

Price spread now: Bybit against Phoenix−1.171%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 Bybit

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 −$20 a day on $10k at the current rate, and Bybit is 1.171% cheaper against Phoenix than usual: you would sell low and buy high (−$117 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	0.02288	0.0735	pay 0.0092% / 1h	38m 50s	$4K	$10K	3x
Short	Bybit SKRUSDT	0.02261	0.0075	get 0.0037% / 4h	2h 38m	$5.3M	$8.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −1.171%Rate

Funding earned: −$138.74
Price spread: −1.171% → 0.000%: −$117.14
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$273.88
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	4.55 bp	44.9 bp −$45	155.0 bp −$1,550	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	−0.0165%	4h	0.02266	−0.940%	$313K	$175K	20x	as long as short
Hyperliquid SKR	−0.0121%	1h	0.02256	−1.394%	$1.4M	$1.3M	3x	as long as short
Bybit SKRUSDTshort	+0.0075%	4h	0.02261	−1.171%	$5.3M	$8.8M	20x
Lighter SKR	+0.0096%	1h	0.02251	−1.613%	$8K	$23K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02261	−1.180%	$30K	$108K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02262	−1.128%	$4.4M	$23.2M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02259	−1.246%	$1.1M	$1.5M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02254	−1.477%	$5.2M	$748K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02256	−1.390%	$765K	$1.3M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02259	−1.268%	$1.7M	$3.1M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02260	−1.202%	—	$2.7M	—	as long as short
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02260	−1.237%	$56K	$197K	5x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02262	−1.115%	$2K	$2.8M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02298	+0.450%	$15K	$39K	20x	as long as short
Phoenix SKRlong	+0.0735%	1h	0.02288	long leg	$4K	$10K	3x