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: Injective against Orderly+1.787%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Injective is 1.787% dearer against Orderly than usual: you sell high and buy low: +$179 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SKY_USDC_mythos	0.07046	0.0100	pay 0.0050% / 4h	6m 50s	$1K	$2K	10x
Short	Injective SKY/USDC PERP	0.07172	0.0158	get 0.0020% / 1h	6m 50s	$392	$303K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +1.787%Rate

Funding earned: $12.25
Price spread: +1.787% → 0.000%: $178.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $184.91
Costs to cover: 0.060%
Break-even: from the start

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

Orderly and Injective: 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	−0.200%	$193K	$104K	—	as long as short
Bybit SKYUSDT	−0.0222%	4h	0.07043	−0.044%	$7.6M	$3.3M	25x	as long as short
Nado SKY-PERP	+0.0066%	1h	0.07039	−0.101%	$70K	$25K	5x	as long as short
BloFin SKY-USDT	+0.0074%	4h	0.07054	+0.112%	$588K	$30K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.07049	+0.047%	$189K	$160K	10x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07047	+0.006%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07052	+0.081%	$16.0M	$10.2M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07045	−0.016%	$849K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07038	−0.115%	$602K	$259K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07053	+0.098%	$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	−0.058%	$420K	$290K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07047	+0.013%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07048	+0.027%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07048	+0.027%	$22K	$679K	50x	as long as short
Orderly PERP_SKY_USDC_mythoslong	+0.0100%	4h	0.07046	long leg	$1K	$2K	10x
Injective SKY/USDC PERPshort	+0.0158%	1h	0.07172	+1.787%	$392	$303K	12x
Hyperliquid SKY	+0.0212%	1h	0.07058	+0.165%	$3.0M	$889K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0526% / S −0.0248%	1h	0.07043	−0.040%	$83K	—	50x	as long as short