Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h +0.011%

Price spread now: Orderly against Injective−1.755%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Orderly

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 −$2 a day on $10k at the current rate, and Orderly is 1.755% cheaper against Injective than usual: you would sell low and buy high (−$176 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	Injective SKY/USDC PERP	0.07172	0.0158	pay 0.0020% / 1h	6m 55s	$392	$303K	12x
Short	Orderly PERP_SKY_USDC_mythos	0.07046	0.0100	get 0.0050% / 4h	6m 55s	$1K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.755%Rate

Funding earned: −$12.25
Price spread: −1.755% → 0.000%: −$175.54
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$193.82
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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.

SKY on 18 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
Variational Omni SKY	−0.0699%	4h	0.07032	−1.952%	$193K	$104K	—	as long as short
Bybit SKYUSDT	−0.0222%	4h	0.07043	−1.799%	$7.6M	$3.3M	25x	as long as short
Nado SKY-PERP	+0.0066%	1h	0.07039	−1.854%	$70K	$25K	5x	as long as short
BloFin SKY-USDT	+0.0074%	4h	0.07054	−1.645%	$588K	$30K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.07049	−1.709%	$189K	$160K	10x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07047	−1.749%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07052	−1.676%	$16.0M	$10.2M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07045	−1.771%	$849K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07038	−1.868%	$602K	$259K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07053	−1.659%	$1.1M	$288K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07042	−1.813%	$420K	$290K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07047	−1.743%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07048	−1.729%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07048	−1.729%	$22K	$679K	50x	as long as short
Orderly PERP_SKY_USDC_mythosshort	+0.0100%	4h	0.07046	−1.755%	$1K	$2K	10x
Injective SKY/USDC PERPlong	+0.0158%	1h	0.07172	long leg	$392	$303K	12x
Hyperliquid SKY	+0.0212%	1h	0.07058	−1.594%	$3.0M	$889K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0526% / S −0.0248%	1h	0.07043	−1.794%	$83K	—	50x	as long as short