Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against SunX+0.204%52s7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2222.217% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.275%+$27 · spread now +0.204%, 7d avg +0.158%

Together, before fees+0.220%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 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: Hyperliquid is 0.046% dearer against SunX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.158%. The two prices were read 52 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	SunX SKR-USDT	0.02104	0.0100	pay 0.0050% / 4h	1h 51m	$2K	$2.3M	20x
Short	Hyperliquid SKR	0.02109	0.0100	get 0.0013% / 1h	51m 28s	$1.3M	$734K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.204%Rate

Funding earned: $0
Price spread: +0.204% → +0.158%: $4.62
Slippage, 4 orders: −$204.65
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$217.03
Costs to cover: 2.217%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Hyperliquid: live order book, 9 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, 5 min ago	30.74 bp	102.5 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.71 bp	18.0 bp −$18	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	0.02106	+0.095%	$236K	$152K	20x	as long as short
Backpack SKR_USDC_PERP	−0.0067%	1h	0.02107	+0.133%	$50K	$219K	5x	as long as short
Lighter SKR	+0.0096%	1h	0.02102	−0.090%	$14K	$17K	3x	as long as short
Hyperliquid SKRshort	+0.0100%	1h	0.02109	+0.204%	$1.3M	$734K	3x
Aster SKRUSDT	+0.0100%	4h	0.02106	+0.084%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02108	+0.166%	$3.6M	$11.9M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02108	+0.171%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02108	+0.200%	$1.0M	$528K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02108	+0.157%	$4.4M	$479K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02109	+0.242%	$682K	$684K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02110	+0.285%	$1.5M	$1.1M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02108	+0.181%	—	$2.4M	—	as long as short
SunX SKR-USDTlong	+0.0100%	4h	0.02104	long leg	$2K	$2.3M	20x
HTX SKR-USDT	+0.0100%	4h	0.02113	+0.404%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.0379%	1h	0.02123	+0.908%	$4K	$10K	3x	as long as short