Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1402%/8h= −153.5% APRpaid last 24h −0.191%

Price spread now: MEXC against Phoenix+0.316%92s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on MEXC

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

The price spread pays, funding is against you. MEXC is 0.316% dearer against Phoenix than usual: you sell high and buy low (spread +0.316% now, against zero (this spread has no 7-day history yet)): +$32 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 18 hours. The two prices were read 92 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	0.02119	0.1502	pay 0.0188% / 1h	37m 53s	$4K	$10K	3x
Short	MEXC SKR_USDT	0.02126	0.0100	get 0.0050% / 4h	3h 37m	$4.4M	$463K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.316%Rate

Funding earned: −$294.43
Price spread: +0.316% → 0.000%: $31.61
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$273.82
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; MEXC: 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 MEXC live order book, 4 min ago	2.36 bp	8.9 bp −$9	51.1 bp −$511	235.1 bp −$23.5K	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	0.02125	+0.264%	$238K	$157K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02124	+0.212%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02123	+0.160%	$9K	$22K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02124	+0.198%	$1.3M	$718K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02125	+0.247%	$27K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02124	+0.212%	$3.6M	$12.4M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02122	+0.127%	$4.5M	$5.0M	20x	as long as short
MEXC SKR_USDTshort	+0.0100%	4h	0.02126	+0.316%	$4.4M	$463K	20x
KuCoin SKRUSDTM	+0.0100%	4h	0.02122	+0.142%	$686K	$687K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02123	+0.156%	$1.5M	$1.2M	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	0.02123	+0.170%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02127	+0.363%	$14K	$36K	20x	as long as short
Gate SKR_USDT	+0.0160%	4h	0.02124	+0.208%	$1.0M	$528K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0605%	1h	0.02126	+0.316%	$53K	$196K	5x	as long as short
Phoenix SKRlong	+0.1502%	1h	0.02119	long leg	$4K	$10K	3x