Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.093%

Price spread now: Bitget against Phoenix−0.161%109s7-day average −0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as 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−$390.394% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 4 days (all we have)−1.964%−$196 · spread now −0.161%, 7d avg −0.136%

Together, before fees−2.233%−$223 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 Bitget is 0.024% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.136%). Swap the legs. The two prices were read 109 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	Phoenix SKHY	193.12	0.0331	pay 0.0041% / 1h	21m 31s	$216K	$123K	10x
Short	Bitget SKHYUSDT	192.81	0.0304	get 0.0304% / 8h	6h 21m	$25.6M	$26.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$5.64
Price spread: −0.161% → −0.136%: −$2.43
Slippage, 4 orders: −$20.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$47.52
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Phoenix: live order book, 41 min ago; Bitget: live order book, 2 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 Phoenix live order book, 41 min ago	3.10 bp	10.9 bp −$11	22.9 bp −$229	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.26 bp	8.4 bp −$8	14.2 bp −$142	27.5 bp −$2,745	41.3 bp −$20.6K

SKHY on 30 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	−0.0714%	4h	192.89	−0.121%	$581K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	192.90	−0.114%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.61	−0.265%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.53	−0.308%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.54	−0.300%	$209.1M	$385.4M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.56	−0.290%	$15.6M	$27.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.56	−0.290%	$46.7M	$69.0M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.52	−0.311%	$25.8M	$18.9M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	193.10	−0.009%	$1.6M	$2.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	192.90	−0.112%	$22K	$193K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.17	+0.026%	$707	$6.5M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	192.84	−0.145%	$48K	$271K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.70	−0.217%	$160K	$376K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.77	−0.181%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0002%	1h	192.50	−0.321%	$1.2M	$4.5M	10x	as long as short
Nado SKHY-PERP	+0.0022%	1h	192.55	−0.294%	$42K	$21K	10x	as long as short
Lighter SKHY	+0.0032%	1h	192.41	−0.368%	$1.0M	$687K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.43	−0.357%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.85	−0.140%	$57K	$155K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.60	−0.269%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.54	−0.300%	$198K	$256K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.52	−0.311%	$162.1M	$66.2M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.80	−0.166%	$188K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.80	−0.166%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.85	−0.140%	$532K	$1.9M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	192.66	−0.238%	$1.1M	$283K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.87	−0.129%	$2K	$4K	10x	as long as short
Bitget SKHYUSDTshort	+0.0304%	8h	192.81	−0.161%	$25.6M	$26.3M	20x
Phoenix SKHYlong	+0.0331%	1h	193.12	long leg	$216K	$123K	10x
Kraken Futures PF_SKHYUSD	+0.0706%	1h	192.91	−0.108%	$51K	$17K	20x	as long as short