Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.092%

Price spread now: Phoenix against Gate−0.075%62s7-day average +0.164% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as 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−$460.457% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.323%+$32 on $10k

Price spread, last 4 days (all we have)+1.271%+$127 · spread now −0.075%, 7d avg +0.164%

Together, before fees+1.594%+$159 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.239% cheaper against Gate than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of +0.164%). If the spread goes back, that is −$24 on $10k: about 3.7 days of funding at the current rate (+$6 a day). The two prices were read 62 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	Gate SKHY_USDT	186.26	0	get 0.0000% / 8h	7h 00m	$25.6M	$22.2M	75x
Short	Phoenix SKHY	186.12	0.0215	get 0.0027% / 1h	0m 15s	$208K	$123K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.075%Rate

Funding earned: $45.12
Price spread: −0.075% → +0.164%: −$23.95
Slippage, 4 orders: −$23.75
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.58
Costs to cover: 0.457%
Break-even: 10.8 days

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 26 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 Gate live order book, 4 min ago	0.27 bp	12.0 bp −$12	22.3 bp −$223	29.2 bp −$2,922	52.2 bp −$26.1K
Sell Phoenix live order book, 26 min ago	3.80 bp	12.6 bp −$13	27.4 bp −$274	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	−0.1014%	8h	186.34	+0.043%	$25.6M	$35.4M	20x	as long as short
edgeX SKHYUSDC	−0.0459%	4h	186.13	−0.068%	$561K	$291K	10x	as long as short
KuCoin SKHYUSDTM	−0.0191%	8h	186.14	−0.064%	$1.1M	$396K	20x	as long as short
QFEX SKHY-USD	−0.0028%	1h	186.21	−0.027%	$1.2M	$4.3M	10x	as long as short
tradeXYZ xyz:SKHY	−0.0017%	1h	186.26	0.000%	$157.7M	$78.2M	10x	as long as short
Nado SKHY-PERP	−0.0009%	1h	186.21	−0.028%	$32K	$28K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.23	−0.017%	$267K	$949K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.23	−0.017%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.32	+0.031%	$197.4M	$467.6M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.31	+0.027%	$16.0M	$33.4M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SKHY-USDT-SWAP	0.0000%	8h	186.35	+0.048%	$44.3M	$83.1M	50x	as long as short
Gate SKHY_USDTlong	0.0000%	8h	186.26	long leg	$25.6M	$22.2M	75x
Variational Omni SKHY	0.0000%	8h	186.05	−0.112%	$1.5M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.07	−0.104%	$22K	$247K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.59	+0.177%	$683	$5.8M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	186.30	+0.021%	$47K	$355K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.24	−0.011%	$154K	$377K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	186.25	−0.005%	$1.5M	$1.1M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0024%	1h	186.08	−0.097%	$110K	$887K	10x	as long as short
Lighter SKHY	+0.0032%	1h	186.27	+0.005%	$991K	$1.3M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	186.24	−0.011%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.18	−0.043%	$59K	$173K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.16	−0.054%	—	$39K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	186.31	+0.027%	$200K	$298K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	186.19	−0.038%	$180K	$451K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	185.78	−0.258%	$514K	$2.6M	10x	as long as short
SoDEX SKHY-USD	+0.0069%	1h	186.18	−0.043%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.29	+0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.13	−0.070%	$2.1M	$458K	50x	as long as short
Kraken Futures PF_SKHYUSD	+0.0170%	1h	186.34	+0.041%	$48K	$20K	20x	as long as short
Phoenix SKHYshort	+0.0215%	1h	186.12	−0.075%	$208K	$123K	10x