Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h +0.003%

Price spread now: Coinbase International against Phemex+0.606%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$1271.266% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.613%−$61 · spread now +0.606%, 7d avg +0.112%

Together, before fees−0.695%−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.493% dearer against Phemex than usual: you sell high and buy low (spread +0.606% now, against its 7-day average of +0.112%): +$49 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.083% in total) that is about 42 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SKHYUSDT	186.62	0	get 0.0000% / 8h	1h 40m	$1.5M	$1.1M	10x
Short	Coinbase International SKHY-PERP-INTX	187.75	−0.0104	pay 0.0013% / 1h	40m 47s	$63K	$902K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.606%Rate

Funding earned: −$21.84
Price spread: +0.606% → +0.112%: $49.33
Slippage, 4 orders: −$104.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$99.11
Costs to cover: 1.266%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Coinbase International: 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 Phemex live order book, 2 min ago	5.09 bp	60.2 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	5.89 bp	10.9 bp −$11	19.1 bp −$191	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	−0.1134%	8h	186.82	+0.107%	$25.0M	$31.7M	20x	as long as short
edgeX SKHYUSDC	−0.0246%	4h	187.00	+0.203%	$564K	$292K	10x	as long as short
Nado SKHY-PERP	−0.0186%	1h	186.76	+0.076%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0182%	1h	186.73	+0.059%	$158.5M	$74.3M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0178%	1h	186.64	+0.011%	$48K	$340K	10x	as long as short
Polymarket Perps SKHY-USD	−0.0172%	1h	186.52	−0.054%	$180K	$487K	10x	as long as short
Popdex SKHYUSDT	−0.0152%	1h	186.60	−0.011%	$197K	$274K	20x	as long as short
Kraken Futures PF_SKHYUSD	−0.0139%	1h	186.77	+0.078%	$47K	$19K	20x	as long as short
Lighter SKHY	−0.0136%	1h	186.70	+0.043%	$963K	$1.1M	10x	as long as short
Coinbase International SKHY-PERP-INTXshort	−0.0104%	1h	187.75	+0.606%	$63K	$902K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SKHY-USD	−0.0049%	1h	186.64	+0.011%	$1.2M	$4.1M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0037%	1h	186.48	−0.075%	$514K	$2.6M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.90	+0.149%	$227K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.54	−0.044%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.80	+0.096%	$199.5M	$438.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.80	+0.096%	$15.8M	$29.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	186.79	+0.091%	$44.6M	$77.5M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	186.56	−0.032%	$25.2M	$20.2M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.53	−0.047%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.65	+0.017%	$22K	$228K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.83	+0.113%	$684	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.48	−0.075%	$155K	$367K	50x	as long as short
Phemex SKHYUSDTlong	0.0000%	8h	186.62	long leg	$1.5M	$1.1M	10x
Lighter RH SKHY	+0.0032%	1h	186.62	0.000%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.78	+0.086%	$58K	$165K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.73	+0.059%	—	$24K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.62	0.000%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	186.73	+0.059%	$1.1M	$328K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.52	−0.054%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.59	−0.016%	$2.2M	$419K	50x	as long as short
Phoenix SKHY	+0.0213%	1h	187.04	+0.225%	$210K	$115K	10x	as long as short