Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.006%

Price spread now: Phemex against Coinbase International+0.331%7-day average −0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$1221.217% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)−0.364%−$36 · spread now +0.331%, 7d avg −0.113%

Together, before fees−0.281%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.444% dearer against Coinbase International than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of −0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SKHY-PERP-INTX	187.32	−0.0024	get 0.0003% / 1h	7m 06s	$61K	$897K	10x
Short	Phemex SKHYUSDT	187.94	0	get 0.0000% / 8h	2h 07m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.331%Rate

Funding earned: $5.04
Price spread: +0.331% → −0.113%: $44.42
Slippage, 4 orders: −$99.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$72.2
Costs to cover: 1.217%
Break-even: 107.3 days

Slippage from Coinbase International: live order book, 41 min ago; Phemex: live order book, 1 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 Coinbase International live order book, 41 min ago	9.81 bp	15.1 bp −$15	20.5 bp −$205	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.92 bp	37.7 bp −$38	doesn't fit	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
Bitget SKHYUSDT	−0.1179%	8h	188.12	+0.427%	$25.2M	$31.4M	20x	as long as short
edgeX SKHYUSDC	−0.0375%	4h	187.52	+0.108%	$565K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0281%	1h	188.11	+0.422%	$48K	$336K	10x	as long as short
Nado SKHY-PERP	−0.0147%	1h	188.22	+0.482%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0120%	1h	188.08	+0.406%	$159.6M	$74.2M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0095%	1h	187.98	+0.352%	$182K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTXlong	−0.0024%	1h	187.32	long leg	$61K	$897K	10x
QFEX SKHY-USD	−0.0014%	1h	188.06	+0.395%	$1.2M	$4.1M	10x	as long as short
Lighter SKHY	−0.0008%	1h	188.05	+0.390%	$932K	$1.1M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0006%	1h	187.65	+0.176%	$516K	$2.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SKHYUSDT	0.0000%	8h	188.08	+0.404%	$228K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	188.05	+0.390%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	188.10	+0.416%	$201.8M	$434.5M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	188.16	+0.448%	$15.9M	$30.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	188.12	+0.427%	$44.8M	$77.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	188.02	+0.374%	$25.4M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.51	+0.103%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.67	+0.185%	$22K	$223K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	188.33	+0.539%	$689	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	188.02	+0.374%	$156K	$371K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	187.94	+0.331%	$1.5M	$1.1M	10x
Popdex SKHYUSDT	+0.0024%	1h	188.12	+0.427%	$197K	$273K	20x	as long as short
Lighter RH SKHY	+0.0032%	1h	187.99	+0.358%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.64	+0.171%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	188.14	+0.438%	—	$22K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.96	+0.342%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	188.10	+0.416%	$1.1M	$323K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	188.07	+0.400%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	188.01	+0.368%	$2.1M	$418K	50x	as long as short
Phoenix SKHY	+0.0254%	1h	188.02	+0.374%	$211K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0260%	1h	188.12	+0.429%	$48K	$19K	20x	as long as short