Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0311%/8h= −34.1% APRpaid last 24h −0.053%

Price spread now: Bybit against Phoenix+0.407%105s7-day average −0.140% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$400.396% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.280%−$28 on $10k

Price spread, last 3 days (all we have)−0.930%−$93 · spread now +0.407%, 7d avg −0.140%

Together, before fees−1.210%−$121 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.548% dearer against Phoenix than usual: you sell high and buy low (spread +0.407% now, against its 7-day average of −0.140%): +$55 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.9 days. At the pace of the last 7 days (−0.280% in total) that is about 14 days. The two prices were read 105 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	191.61	0.0380	pay 0.0048% / 1h	55m 47s	$216K	$120K	10x
Short	Bybit SKHYUSDT	192.39	0.0069	get 0.0069% / 8h	7h 55m	$15.8M	$27.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.407%Rate

Funding earned: −$65.38
Price spread: +0.407% → −0.140%: $54.75
Slippage, 4 orders: −$21.57
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$50.2
Costs to cover: 0.396%
Break-even: from the start

Slippage from Phoenix: live order book, 11 min ago; Bybit: 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 Phoenix live order book, 11 min ago	3.15 bp	11.0 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.52 bp	8.4 bp −$8	18.4 bp −$184	100.5 bp −$10.1K	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	−0.0395%	4h	190.67	−0.493%	$575K	$288K	10x	as long as short
Nado SKHY-PERP	−0.0030%	1h	192.04	+0.222%	$28K	$2K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.31	+0.367%	$254K	$905K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.17	+0.294%	$56K	$6K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.43	+0.428%	$213.4M	$382.3M	50x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.43	+0.428%	$47.8M	$63.5M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.34	+0.381%	$26.4M	$17.1M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	192.00	+0.204%	$25.4M	$26.2M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	191.76	+0.078%	$1.6M	$2.4M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	190.68	−0.485%	$23K	$207K	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	192.37	+0.397%	$704	$7.1M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	192.24	+0.329%	$46K	$259K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	191.97	+0.188%	$158K	$396K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.02	+0.214%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	191.94	+0.172%	$1.2M	$5.4M	10x	as long as short
KuCoin SKHYUSDTM	+0.0027%	8h	192.14	+0.277%	$1.1M	$271K	20x	as long as short
Lighter SKHY	+0.0032%	1h	192.42	+0.423%	$1.0M	$613K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.43	+0.428%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	191.43	−0.094%	$56K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	191.88	+0.141%	—	$13K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	191.92	+0.162%	$206K	$241K	20x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.24	+0.329%	$577K	$1.3M	10x	as long as short
Bybit SKHYUSDTshort	+0.0069%	8h	192.39	+0.407%	$15.8M	$27.3M	100x
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	190.51	−0.574%	$171K	$682K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.04	+0.224%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	191.50	−0.057%	$2.3M	$426K	50x	as long as short
Phoenix SKHYlong	+0.0380%	1h	191.61	long leg	$216K	$120K	10x
Polymarket Perps SKHY-USD	+0.0568%	1h	191.19	−0.219%	$191K	$403K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0712%	1h	192.14	+0.279%	$51K	$24K	20x	as long as short
SoDEX SKHY-USD	+0.0935%	1h	191.63	+0.010%	$42K	$13K	10x	as long as short
tradeXYZ xyz:SKHY	+0.1222%	1h	191.47	−0.073%	$165.4M	$66.7M	10x	as long as short