Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter against GRVT−0.140%48s7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as 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−$130.135% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 4 days (all we have)−0.338%−$34 · spread now −0.140%, 7d avg −0.073%

Together, before fees−0.375%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.067% cheaper against GRVT than usual: you would sell low and buy high (spread −0.140% now, against its 7-day average of −0.073%). If the spread goes back, that is −$7 on $10k: about 7.0 days of funding at the current rate (+$1 a day). The two prices were read 48 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	GRVT SKHY_USDT_Perp	192.95	0	get 0.0000% / 8h	5h 28m	$23K	$194K	10x
Short	Lighter SKHY	192.68	0.0032	get 0.0004% / 1h	28m 41s	$1.0M	$688K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now −0.140%Rate

Funding earned: $6.72
Price spread: −0.140% → −0.073%: −$6.73
Slippage, 4 orders: −$4.49
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.5
Costs to cover: 0.135%
Break-even: 21.1 days

Slippage from GRVT: live order book, 34 min ago; Lighter: live order book, 2 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 GRVT live order book, 34 min ago	1.30 bp	5.8 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	0.52 bp	0.6 bp −$1	2.2 bp −$22	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	−0.0262%	4h	192.97	+0.013%	$582K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0032%	1h	192.90	−0.026%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.77	−0.093%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.68	−0.139%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.74	−0.111%	$206.5M	$389.6M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.76	−0.098%	$15.7M	$27.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.69	−0.135%	$46.7M	$69.3M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.73	−0.114%	$25.8M	$19.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	192.94	−0.008%	$1.6M	$1.2M	—	as long as short
GRVT SKHY_USDT_Perplong	0.0000%	8h	192.95	long leg	$23K	$194K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.19	+0.124%	$707	$6.4M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.78	−0.088%	$160K	$368K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.85	−0.052%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0004%	1h	192.83	−0.062%	$1.2M	$4.3M	10x	as long as short
Lighter SKHYshort	+0.0032%	1h	192.68	−0.140%	$1.0M	$688K	10x
Lighter RH SKHY	+0.0032%	1h	192.70	−0.130%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.80	−0.078%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.80	−0.078%	—	$11K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.91	−0.021%	$199K	$255K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.68	−0.140%	$161.2M	$67.2M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.80	−0.078%	$188K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.83	−0.062%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.65	−0.155%	$585K	$2.2M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	192.73	−0.114%	$1.1M	$290K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.90	−0.026%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	192.84	−0.057%	$2.2M	$446K	50x	as long as short
Bitget SKHYUSDT	+0.0142%	8h	192.79	−0.083%	$25.4M	$26.7M	20x	as long as short
Nado SKHY-PERP	+0.0170%	1h	192.74	−0.107%	$38K	$26K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0269%	1h	192.91	−0.021%	$49K	$295K	10x	as long as short
Phoenix SKHY	+0.0332%	1h	193.13	+0.093%	$216K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0546%	1h	192.96	+0.005%	$51K	$17K	20x	as long as short