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: Variational Omni against Lighter−0.017%7-day average +0.079% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.015%+$2 · spread now −0.017%, 7d avg +0.079%

Together, before fees+0.013%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.096% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.079%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKHY	193.03	0.0032	pay 0.0004% / 1h	6m 33s	$1.0M	$696K	10x
Short	Variational Omni SKHY	193.00	0	get 0.0000% / 8h	5h 06m	$1.6M	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.017%Rate

Funding earned: −$6.72
Price spread: −0.017% → +0.079%: −$9.62
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.34
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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 Lighter live order book, 4 min ago	0.78 bp	1.1 bp −$1	3.1 bp −$31	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.23 bp	doesn't fit	4.3 bp −$43	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	−0.0868%	4h	192.94	−0.049%	$582K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0032%	1h	192.90	−0.067%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.07	+0.020%	$249K	$889K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.09	+0.031%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.14	+0.055%	$205.4M	$392.9M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.17	+0.073%	$15.8M	$27.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.16	+0.067%	$46.7M	$70.0M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.11	+0.041%	$25.8M	$19.1M	75x	as long as short
Variational Omni SKHYshort	0.0000%	8h	193.00	−0.017%	$1.6M	$1.2M	—
GRVT SKHY_USDT_Perp	0.0000%	8h	192.98	−0.024%	$22K	$198K	10x	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	193.37	+0.176%	$708	$6.3M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.03	0.000%	$161K	$368K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	193.07	+0.021%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0004%	1h	193.12	+0.047%	$1.2M	$4.3M	10x	as long as short
Lighter SKHYlong	+0.0032%	1h	193.03	long leg	$1.0M	$696K	10x
Lighter RH SKHY	+0.0032%	1h	193.01	−0.010%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	193.01	−0.010%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.00	−0.016%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.14	+0.057%	$201K	$257K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.04	+0.005%	$161.5M	$67.4M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.94	−0.047%	$189K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	193.02	−0.005%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.99	−0.021%	$567K	$2.2M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0061%	1h	193.14	+0.057%	$49K	$303K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	193.01	−0.010%	$1.1M	$296K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.05	+0.010%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.06	+0.016%	$2.2M	$437K	50x	as long as short
Nado SKHY-PERP	+0.0171%	1h	192.99	−0.022%	$38K	$26K	10x	as long as short
Bitget SKHYUSDT	+0.0181%	8h	193.09	+0.031%	$25.4M	$26.8M	20x	as long as short
Phoenix SKHY	+0.0332%	1h	193.15	+0.062%	$216K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0545%	1h	193.21	+0.095%	$51K	$17K	20x	as long as short