Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against GRVT−0.192%49s7-day average −0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$180.184% of the position

Long on GRVT Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.192%, 7d avg −0.102%

Together, before fees−0.017%+ Points / potential airdropGRVT: Active · Lighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.089% cheaper against GRVT than usual: you would sell low and buy high (spread −0.192% now, against its 7-day average of −0.102%). If the spread goes back, that is −$9 on $10k: about 9.3 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.005% in total) that is about 4 months. The two prices were read 49 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	186.52	0	get 0.0000% / 8h	1h 14m	$22K	$230K	10x
Short	Lighter RH SKHY	186.16	0.0032	get 0.0004% / 1h	14m 20s	$1.1M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.192%Rate

Funding earned: $6.72
Price spread: −0.192% → −0.102%: −$8.92
Slippage, 4 orders: −$9.44
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$20.64
Costs to cover: 0.184%
Break-even: 28.5 days

Slippage from GRVT: live order book, 28 min ago; Lighter RH: live order book, 3 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, 28 min ago	1.07 bp	6.1 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.07 bp	1.6 bp −$2	14.3 bp −$143	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	−0.1326%	8h	186.88	+0.194%	$25.2M	$32.3M	20x	as long as short
edgeX SKHYUSDC	−0.0401%	4h	186.36	−0.083%	$562K	$291K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0282%	1h	187.78	+0.677%	$49K	$343K	10x	as long as short
Popdex SKHYUSDT	−0.0192%	1h	186.24	−0.149%	$197K	$275K	20x	as long as short
Nado SKHY-PERP	−0.0190%	1h	186.31	−0.109%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0179%	1h	186.37	−0.079%	$158.5M	$75.1M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0167%	1h	186.27	−0.133%	$180K	$487K	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0139%	1h	187.31	+0.423%	$48K	$21K	20x	as long as short
Lighter SKHY	−0.0104%	1h	186.13	−0.208%	$953K	$1.2M	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	187.58	+0.570%	$68K	$900K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SKHY-USD	−0.0049%	1h	186.22	−0.159%	$1.2M	$4.2M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0047%	1h	186.42	−0.052%	$514K	$2.6M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	187.47	+0.510%	$227K	$924K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.70	+0.633%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	187.52	+0.538%	$200.1M	$442.5M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.56	+0.559%	$16.0M	$29.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.39	+0.468%	$44.4M	$78.5M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.06	+0.291%	$25.6M	$20.6M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.16	−0.190%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perplong	0.0000%	8h	186.52	long leg	$22K	$230K	10x
SunX SKHY-USDT	0.0000%	8h	186.50	−0.009%	$683	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.14	+0.334%	$155K	$367K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	187.06	+0.291%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHYshort	+0.0032%	1h	186.16	−0.192%	$1.1M	$1.6M	10x
Arcus SKHY-USD	+0.0040%	1h	186.31	−0.111%	$60K	$168K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.99	+0.253%	—	$25K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.47	−0.025%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0056%	8h	186.30	−0.116%	$1.1M	$325K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.68	+0.623%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.22	−0.159%	$2.1M	$421K	50x	as long as short
Phoenix SKHY	+0.0213%	1h	186.52	+0.001%	$209K	$115K	10x	as long as short