Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.233%

Price spread now: Hyperliquid against OKX+0.252%7-day average +0.210% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$920.923% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 7 days−0.082%−$8 · spread now +0.252%, 7d avg +0.210%

Together, before fees+0.332%+ Points / potential airdropHyperliquid: Season 2 · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.042% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.210%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SKY-USDT-SWAP	0.07095	0.0100	pay 0.0050% / 4h	1h 21m	$855K	$1.4M	20x
Short	Hyperliquid SKY	0.07113	0.0290	get 0.0036% / 1h	21m 02s	$3.0M	$929K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.252%Rate

Funding earned: $39.98
Price spread: +0.252% → +0.210%: $4.19
Slippage, 4 orders: −$73.34
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$48.17
Costs to cover: 0.923%
Break-even: 15.4 days

Slippage from OKX: live order book, 1 min ago; Hyperliquid: live order book, 10 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 OKX live order book, 1 min ago	0.70 bp	26.2 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.12 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	−0.0533%	4h	0.07066	−0.407%	$196K	$104K	—	as long as short
Bybit SKYUSDT	−0.0212%	4h	0.07092	−0.042%	$7.7M	$3.4M	25x	as long as short
Injective SKY/USDC PERP	+0.0014%	1h	0.07172	+1.085%	$392	$303K	12x	as long as short
Nado SKY-PERP	+0.0072%	1h	0.07103	+0.120%	$70K	$26K	5x	as long as short
Lighter SKY	+0.0096%	1h	0.07105	+0.138%	$186K	$163K	10x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07106	+0.150%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07100	+0.067%	$16.2M	$10.3M	75x	as long as short
OKX SKY-USDT-SWAPlong	+0.0100%	4h	0.07095	long leg	$855K	$1.4M	20x
Gate SKY_USDT	+0.0100%	4h	0.07103	+0.113%	$607K	$261K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07099	+0.056%	$1.1M	$289K	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	0.07107	+0.169%	$429K	$288K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07104	+0.127%	$2.9M	$2.1M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07098	+0.042%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07120	+0.352%	$20K	$684K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07103	+0.118%	$1K	$2K	10x	as long as short
BloFin SKY-USDT	+0.0102%	4h	0.07103	+0.113%	$608K	$30K	75x	as long as short
Hyperliquid SKYshort	+0.0290%	1h	0.07113	+0.252%	$3.0M	$929K	3x
GMX SKY/USD [ETH-USDC]	L +0.0528% / S −0.0248%	1h	0.07102	+0.096%	$84K	—	50x	as long as short