Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0278%/8h= −30.5% APRpaid last 24h −0.198%

Price spread now: SunX against Phoenix−0.067%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 SunX

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 −$8 a day on $10k at the current rate, and SunX is 0.067% cheaper against Phoenix than usual: you would sell low and buy high (−$7 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	0.02100	0.0378	pay 0.0047% / 1h	21m 04s	$4K	$10K	3x
Short	SunX SKR-USDT	0.02099	0.0100	get 0.0050% / 4h	2h 21m	$2K	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$58.45
Price spread: −0.067% → 0.000%: −$6.67
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$80.12
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	13.89 bp	77.7 bp −$78	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-USDT	−0.0140%	4h	0.02100	0.000%	$233K	$164K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02099	−0.029%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02101	+0.052%	$1.3M	$1.5M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02101	+0.037%	$25K	$122K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02101	+0.040%	$3.6M	$28.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02102	+0.081%	$4.6M	$10.9M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02102	+0.105%	$985K	$1.7M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02101	+0.029%	$5.0M	$809K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02100	+0.010%	$695K	$1.6M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02102	+0.095%	$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	0.02102	+0.081%	—	$2.8M	—	as long as short
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02102	+0.090%	$54K	$202K	5x	as long as short
SunX SKR-USDTshort	+0.0100%	4h	0.02099	−0.067%	$2K	$3.2M	20x
HTX SKR-USDT	+0.0100%	4h	0.02099	−0.024%	$14K	$40K	20x	as long as short
Phoenix SKRlong	+0.0378%	1h	0.02100	long leg	$4K	$10K	3x