Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0380%/8h= +41.6% APRpaid last 24h +0.053%

Price spread now: Phoenix against OKX+0.042%116s7-day average +0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$340.340% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.278%+$28 on $10k

Price spread, last 3 days (all we have)+0.505%+$50 · spread now +0.042%, 7d avg +0.151%

Together, before fees+0.782%+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.109% cheaper against OKX than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.151%). If the spread goes back, that is −$11 on $10k: about 23 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.278% in total) that is about 2.7 days. The two prices were read 116 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	OKX SKHY-USDT-SWAP	189.66	0	get 0.0000% / 8h	17m 30s	$47.1M	$61.3M	50x
Short	Phoenix SKHY	189.74	0.0380	get 0.0048% / 1h	17m 30s	$214K	$128K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.042%Rate

Funding earned: $79.86
Price spread: +0.042% → +0.151%: −$10.89
Slippage, 4 orders: −$17.01
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $34.96
Costs to cover: 0.340%
Break-even: 3.9 days

Slippage from OKX: live order book, 1 min ago; Phoenix: live order book, 55 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 OKX live order book, 1 min ago	0.26 bp	5.5 bp −$5	7.9 bp −$79	32.4 bp −$3,240	doesn't fit
Sell Phoenix live order book, 55 min ago	3.17 bp	11.1 bp −$11	23.3 bp −$233	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	−0.0826%	4h	189.63	−0.016%	$572K	$290K	10x	as long as short
Nado SKHY-PERP	−0.0042%	1h	189.65	−0.005%	$28K	$2K	10x	as long as short
QFEX SKHY-USD	0.0000%	1h	189.59	−0.037%	$1.2M	$5.3M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	189.65	−0.003%	$252K	$903K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	189.60	−0.029%	$55K	$4K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	189.64	−0.011%	$212.1M	$377.9M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	189.70	+0.021%	$15.7M	$27.0M	100x	as long as short
OKX SKHY-USDT-SWAPlong	0.0000%	8h	189.66	long leg	$47.1M	$61.3M	50x
Gate SKHY_USDT	0.0000%	8h	189.62	−0.021%	$26.1M	$17.8M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	189.67	+0.005%	$25.4M	$25.7M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SKHY	0.0000%	8h	189.53	−0.069%	$1.6M	$2.6M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	189.67	+0.005%	$22K	$208K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	189.95	+0.153%	$695	$7.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	189.63	−0.016%	$155K	$401K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	189.67	+0.005%	$1.5M	$1.1M	10x	as long as short
KuCoin SKHYUSDTM	+0.0011%	8h	189.55	−0.058%	$1.1M	$283K	20x	as long as short
Lighter SKHY	+0.0032%	1h	189.58	−0.042%	$1.0M	$689K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	189.56	−0.053%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	189.67	+0.005%	$56K	$155K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	189.60	−0.032%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	189.65	−0.005%	$202K	$241K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	189.61	−0.026%	$164.5M	$65.2M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	189.58	−0.042%	$170K	$952K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	189.64	−0.011%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	189.52	−0.074%	$557K	$1.2M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0066%	1h	189.69	+0.016%	$46K	$255K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	189.64	−0.011%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	189.70	+0.021%	$2.2M	$415K	50x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0128%	1h	189.72	+0.032%	$169K	$687K	10x	as long as short
Phoenix SKHYshort	+0.0380%	1h	189.74	+0.042%	$214K	$128K	10x
Kraken Futures PF_SKHYUSD	+0.0950%	1h	189.78	+0.062%	$50K	$24K	20x	as long as short