Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0988%/8h= −108.2% APRpaid last 24h −0.050%

Price spread now: Deribit against BloFin−0.048%57s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$410.413% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.191%−$19 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.048%, 7d avg +0.012%

Together, before fees−0.145%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Deribit is 0.060% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.012%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.191% in total (about -17.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SKHY-USDT	187.64	0.0120	pay 0.0120% / 8h	5h 27m	$2.2M	$478K	50x
Short	Deribit SKHY_USDC-PERPETUAL	187.55	−0.0868	pay 0.0109% / 1h	27m 34s	$51K	$497K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$207.57
Price spread: −0.048% → +0.012%: −$5.97
Slippage, 4 orders: −$22.32
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$254.86
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Deribit: live order book, 19 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 BloFin live order book, 3 min ago	0.27 bp	6.3 bp −$6	7.2 bp −$72	17.7 bp −$1,774	doesn't fit
Sell Deribit live order book, 19 min ago	5.59 bp	9.6 bp −$10	13.3 bp −$133	doesn't fit	doesn't fit

SKHY on 31 exchanges

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
Deribit SKHY_USDC-PERPETUALshort	−0.0868%	1h	187.55	−0.048%	$51K	$497K	10x
Bitget SKHYUSDT	−0.0455%	8h	187.71	+0.037%	$26.1M	$36.6M	20x	as long as short
edgeX SKHYUSDC	−0.0380%	4h	187.61	−0.016%	$565K	$285K	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0267%	1h	187.24	−0.215%	$51K	$37K	20x	as long as short
KuCoin SKHYUSDTM	−0.0146%	8h	187.53	−0.059%	$1.1M	$487K	20x	as long as short
Nado SKHY-PERP	−0.0094%	1h	187.74	+0.052%	$32K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0044%	1h	187.59	−0.027%	$158.4M	$78.0M	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0040%	1h	187.65	+0.005%	$110K	$744K	10x	as long as short
QFEX SKHY-USD	−0.0013%	1h	187.60	−0.021%	$1.2M	$4.3M	10x	as long as short
Lighter SKHY	0.0000%	1h	187.56	−0.043%	$985K	$1.4M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SKHYUSDT	0.0000%	8h	187.68	+0.021%	$261K	$915K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.56	−0.044%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	187.61	−0.016%	$197.6M	$473.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.64	0.000%	$16.4M	$34.2M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.64	0.000%	$44.5M	$85.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.58	−0.032%	$25.3M	$21.9M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.61	−0.016%	$1.5M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.63	−0.005%	$22K	$250K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	187.91	+0.144%	$688	$5.5M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.59	−0.027%	$155K	$376K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	187.63	−0.005%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	187.55	−0.048%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.60	−0.021%	$60K	$131K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	187.65	+0.005%	—	$39K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	187.62	−0.011%	$202K	$308K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	187.59	−0.027%	$182K	$353K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.63	−0.005%	$41K	$12K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	187.62	−0.011%	$523K	$2.5M	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.65	+0.005%	$2K	$4K	10x	as long as short
BloFin SKHY-USDTlong	+0.0120%	8h	187.64	long leg	$2.2M	$478K	50x
Phoenix SKHY	+0.0255%	1h	187.79	+0.080%	$210K	$123K	10x	as long as short