Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0392%/8h= +42.9% APRpaid last 24h +0.042%

Price spread now: Bybit against Deribit+0.068%7-day average −0.014% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.043%+$4 on $10k

Price spread, last 3 days (all we have)−0.081%−$8 · spread now +0.068%, 7d avg −0.014%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Bybit is 0.082% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.014%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.043% in total (about 4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SKHY_USDC-PERPETUAL	192.41	−0.0114	get 0.0014% / 1h	54m 05s	$46K	$259K	10x
Short	Bybit SKHYUSDT	192.54	0.0278	get 0.0278% / 8h	7h 54m	$15.8M	$27.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: $82.24
Price spread: +0.068% → −0.014%: $8.19
Slippage, 4 orders: −$28.71
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $43.71
Costs to cover: 0.467%
Break-even: 3.3 days

Slippage from Deribit: live order book, 19 min ago; Bybit: live order book, 5 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 Deribit live order book, 19 min ago	10.29 bp	13.8 bp −$14	20.9 bp −$209	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.52 bp	8.4 bp −$8	18.4 bp −$184	100.5 bp −$10.1K	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	−0.0531%	4h	191.41	−0.518%	$577K	$289K	10x	as long as short
Deribit SKHY_USDC-PERPETUALlong	−0.0114%	1h	192.41	long leg	$46K	$259K	10x
Nado SKHY-PERP	−0.0090%	1h	192.58	+0.087%	$29K	$2K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.30	−0.059%	$255K	$905K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.38	−0.014%	$56K	$6K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.43	+0.011%	$213.4M	$383.9M	50x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.57	+0.083%	$47.6M	$63.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.47	+0.031%	$26.4M	$17.2M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	192.49	+0.042%	$25.5M	$26.3M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	191.76	−0.338%	$1.6M	$2.4M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	192.59	+0.094%	$705	$7.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.38	−0.016%	$158K	$393K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.42	+0.005%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	192.39	−0.010%	$1.2M	$5.3M	10x	as long as short
KuCoin SKHYUSDTM	+0.0031%	8h	192.38	−0.016%	$1.1M	$271K	20x	as long as short
Lighter SKHY	+0.0032%	1h	192.40	−0.005%	$1.0M	$613K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.35	−0.031%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	191.74	−0.348%	$56K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.43	+0.010%	—	$13K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.44	+0.016%	$196K	$247K	20x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.30	−0.057%	$577K	$1.4M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	190.51	−0.987%	$171K	$682K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.38	−0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	192.45	+0.021%	$2.3M	$428K	50x	as long as short
GRVT SKHY_USDT_Perp	+0.0176%	8h	191.64	−0.402%	$23K	$202K	10x	as long as short
Bybit SKHYUSDTshort	+0.0278%	8h	192.54	+0.068%	$15.8M	$27.3M	100x
Phoenix SKHY	+0.0380%	1h	191.61	−0.416%	$216K	$120K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0711%	1h	192.54	+0.068%	$51K	$24K	20x	as long as short
Polymarket Perps SKHY-USD	+0.1476%	1h	192.40	−0.005%	$193K	$395K	10x	as long as short
tradeXYZ xyz:SKHY	+0.1515%	1h	192.52	+0.057%	$166.5M	$64.0M	10x	as long as short
SoDEX SKHY-USD	+0.1554%	1h	192.33	−0.042%	$43K	$13K	10x	as long as short