Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Phemex against Lighter RH+0.037%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1061.063% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now +0.037%, 7d avg +0.080%

Together, before fees+0.009%+ Points / potential airdropLighter RH: Points live · 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 Phemex is 0.043% cheaper against Lighter RH than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH SKHY	186.72	0.0032	pay 0.0004% / 1h	25m 17s	$1.0M	$1.6M	10x
Short	Phemex SKHYUSDT	186.79	0	get 0.0000% / 8h	2h 25m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$6.72
Price spread: +0.037% → +0.080%: −$4.28
Slippage, 4 orders: −$94.33
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.33
Costs to cover: 1.063%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 2 min ago; Phemex: 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 Lighter RH live order book, 2 min ago	1.88 bp	3.1 bp −$3	10.2 bp −$102	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.23 bp	50.5 bp −$51	doesn't fit	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	−0.1086%	8h	186.92	+0.107%	$24.8M	$30.7M	20x	as long as short
edgeX SKHYUSDC	−0.0321%	4h	186.14	−0.310%	$561K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0232%	1h	186.78	+0.032%	$48K	$335K	10x	as long as short
Nado SKHY-PERP	−0.0111%	1h	186.94	+0.118%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0085%	1h	186.76	+0.021%	$157.9M	$73.3M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0063%	1h	186.69	−0.016%	$180K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0024%	1h	186.71	−0.005%	$47K	$875K	10x	as long as short
QFEX SKHY-USD	−0.0014%	1h	186.78	+0.032%	$1.2M	$4.1M	10x	as long as short
Lighter SKHY	0.0000%	1h	186.76	+0.021%	$910K	$976K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.75	+0.015%	$228K	$910K	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SKHY-USD	0.0000%	1h	186.67	−0.026%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.72	+0.001%	$198.9M	$426.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.74	+0.011%	$15.7M	$30.0M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	186.70	−0.011%	$44.2M	$75.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	186.66	−0.032%	$25.1M	$20.5M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.47	−0.132%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.54	−0.096%	$22K	$220K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	187.04	+0.171%	$685	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.71	−0.005%	$155K	$371K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	186.79	+0.037%	$1.5M	$1.1M	10x
Ondo Perps SKHY-USD.P	+0.0030%	1h	186.56	−0.086%	$514K	$2.6M	10x	as long as short
Lighter RH SKHYlong	+0.0032%	1h	186.72	long leg	$1.0M	$1.6M	10x
Arcus SKHY-USD	+0.0040%	1h	186.46	−0.139%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.81	+0.048%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	186.80	+0.043%	$193K	$272K	20x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.63	−0.048%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	186.67	−0.027%	$1.1M	$319K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.73	+0.005%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.69	−0.016%	$2.1M	$410K	50x	as long as short
Phoenix SKHY	+0.0254%	1h	187.06	+0.182%	$210K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0262%	1h	186.84	+0.064%	$47K	$19K	20x	as long as short