Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0297%/8h= +32.5% APRpaid last 24h +0.074%

Price spread now: Phoenix against Aster+0.087%45s7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as 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−$340.344% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 3 days (all we have)+0.724%+$72 · spread now +0.087%, 7d avg +0.137%

Together, before fees+1.040%+ Points / potential airdropAster: Stage 5 · farm board+$104 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.050% cheaper against Aster than usual: you would sell low and buy high (spread +0.087% now, against its 7-day average of +0.137%). If the spread goes back, that is −$5 on $10k: about 13 hours of funding at the current rate (+$9 a day). The two prices were read 45 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	Aster SKHYUSDT	188.41	0	get 0.0000% / 8h	2h 10m	$250K	$901K	50x
Short	Phoenix SKHY	188.57	0.0297	get 0.0037% / 1h	10m 46s	$213K	$128K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.087%Rate

Funding earned: $62.4
Price spread: +0.087% → +0.137%: −$5
Slippage, 4 orders: −$19.44
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $22.96
Costs to cover: 0.344%
Break-even: 4.4 days

Slippage from Aster: live order book, 12 min ago; Phoenix: live order book, 6 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 Aster live order book, 12 min ago	1.06 bp	7.3 bp −$7	7.9 bp −$79	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	2.65 bp	9.8 bp −$10	20.1 bp −$201	doesn't fit	doesn't fit

SKHY on 31 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
edgeX SKHYUSDC	−0.0461%	4h	188.46	+0.031%	$568K	$291K	10x	as long as short
Nado SKHY-PERP	−0.0071%	1h	188.42	+0.005%	$28K	$2K	10x	as long as short
KuCoin SKHYUSDTM	−0.0059%	8h	188.36	−0.024%	$1.1M	$316K	20x	as long as short
tradeXYZ xyz:SKHY	−0.0015%	1h	188.40	−0.003%	$164.3M	$64.8M	10x	as long as short
QFEX SKHY-USD	−0.0003%	1h	188.39	−0.008%	$1.2M	$5.2M	10x	as long as short
Aster SKHYUSDTlong	0.0000%	8h	188.41	long leg	$250K	$901K	50x
Extended SKHY-USD	0.0000%	1h	188.38	−0.015%	$55K	$4K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	188.38	−0.012%	$211.0M	$378.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	188.44	+0.018%	$15.7M	$26.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	188.32	−0.046%	$46.7M	$60.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SKHY_USDT	0.0000%	8h	188.35	−0.030%	$26.0M	$17.9M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	188.44	+0.018%	$25.3M	$25.0M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	188.45	+0.022%	$1.5M	$2.5M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	188.43	+0.014%	$22K	$221K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	188.66	+0.135%	$690	$7.4M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	188.48	+0.039%	$45K	$225K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	188.33	−0.040%	$154K	$400K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	188.40	−0.003%	$1.5M	$1.1M	10x	as long as short
Lighter SKHY	+0.0032%	1h	188.36	−0.024%	$1.0M	$714K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	188.30	−0.056%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	188.43	+0.013%	$55K	$157K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	188.39	−0.008%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	188.40	−0.003%	$202K	$241K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	188.30	−0.056%	$186K	$923K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	188.40	−0.003%	$42K	$12K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	188.43	+0.013%	$523K	$909K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	188.42	+0.007%	$2K	$5K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	188.45	+0.023%	$2.2M	$432K	50x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0184%	1h	188.65	+0.130%	$168K	$677K	10x	as long as short
Phoenix SKHYshort	+0.0297%	1h	188.57	+0.087%	$213K	$128K	10x
Kraken Futures PF_SKHYUSD	+0.0615%	1h	188.57	+0.090%	$50K	$24K	20x	as long as short