Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.034%

Price spread now: Backpack against SunX+0.218%7-day average +0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$239as in the Price arb table

costs, in and out, $10k−$2442.441% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.534%+$53 on $10k

Price spread, last 4 days (all we have)+0.290%+$29 · spread now +0.218%, 7d avg +0.170%

Together, before fees+0.823%+$82 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.049% dearer against SunX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.170%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SKR-USDT	0.02289	0.0100	pay 0.0050% / 4h	2h 42m	$2K	$2.8M	20x
Short	Backpack SKR_USDC_PERP	0.02294	0.0100	get 0.0013% / 1h	42m 27s	$57K	$197K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.218%Rate

Funding earned: $0
Price spread: +0.218% → +0.170%: $4.88
Slippage, 4 orders: −$226.06
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$239.18
Costs to cover: 2.441%
Break-even: never at this rate

Slippage from SunX: live order book, 14 min ago; Backpack: live order book, 2 min ago.

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 SunX live order book, 14 min ago	32.04 bp	102.7 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	3.09 bp	22.9 bp −$23	doesn't fit	doesn't fit	doesn't fit

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	0.02292	+0.144%	$304K	$177K	20x	as long as short
Hyperliquid SKR	+0.0032%	1h	0.02304	+0.660%	$1.5M	$1.3M	3x	as long as short
Lighter SKR	+0.0096%	1h	0.02295	+0.240%	$9K	$23K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02298	+0.396%	$31K	$104K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02297	+0.349%	$4.5M	$22.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02301	+0.502%	$5.4M	$8.7M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02299	+0.433%	$1.1M	$1.5M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02297	+0.363%	$5.3M	$743K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02296	+0.315%	$784K	$1.3M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02278	−0.459%	$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	0.02301	+0.524%	—	$2.7M	—	as long as short
Backpack SKR_USDC_PERPshort	+0.0100%	1h	0.02294	+0.218%	$57K	$197K	5x
SunX SKR-USDTlong	+0.0100%	4h	0.02289	long leg	$2K	$2.8M	20x
HTX SKR-USDT	+0.0100%	4h	0.02248	−1.774%	$15K	$39K	20x	as long as short
Phoenix SKR	+0.0735%	1h	0.02247	−1.822%	$4K	$10K	3x	as long as short