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Funding arb · Price arb /

SKHY

RWAall SKHY markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC−0.0331%/8h= −36.2% APRnext payment −$0.41 per $10,000 · paid last 24h −0.102%
Price spread now: Deribit against Phoenix+0.010%70s7-day average −0.098% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$520.522% of the position
Long on PhoenixShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.147%−$15 on $10k
Price spread, last 3 days (all we have)−0.105%−$11 · spread now +0.010%, 7d avg −0.098%
Together, before fees−0.252%−$25 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Deribit is 0.108% dearer against Phoenix than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.098%): +$11 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 4 days (−0.147% in total) that is about 2.8 days. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix SKHY193.180.0331pay 0.0041% / 1h54m 12s$216K$124K10x
ShortDeribit SKHY_USDC-PERPETUAL193.200get 0.0000% / 1h54m 12s$48K$282K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$69.48
Price spread: +0.010% → −0.098%
$10.79
Slippage, 4 orders
−$38.23
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$110.92
Costs to cover
0.522%
Break-even
never at this rate
Slippage from Phoenix: live order book, 3 min ago; Deribit: live order book, 9 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 3 min ago3.62 bp11.9 bp −$1225.6 bp −$256doesn't fitdoesn't fit
Sell Deribit live order book, 9 min ago5.96 bp17.1 bp −$1720.2 bp −$202doesn't fitdoesn't fit

SKHY on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
edgeX SKHYUSDC−0.0410%4h193.08−0.052%$582K$289K10xas long as short
Coinbase International SKHY-PERP-INTX−0.0032%1h192.90−0.145%$45K$874K10xas long as short
Aster SKHYUSDT0.0000%8h193.16−0.009%$249K$890K50xas long as short
Extended SKHY-USD0.0000%1h193.13−0.027%$56K$7K10xas long as short
Binance SKHYUSDT0.0000%8h193.18+0.002%$208.9M$385.4M50xas long as short
Bybit SKHYUSDT0.0000%8h193.180.000%$15.7M$27.3M100xas long as short
OKX SKHY-USDT-SWAP0.0000%8h193.17−0.005%$46.9M$69.3M50xas long as short
Gate SKHY_USDT0.0000%8h193.11−0.036%$25.8M$18.8M75xas long as short
Variational Omni SKHY0.0000%8h192.98−0.102%$1.6M$1.4M—as long as short
GRVT SKHY_USDT_Perp0.0000%8h193.12−0.031%$23K$194K10xas long as short
Show all 30 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SunX SKHY-USDT0.0000%8h193.46+0.145%$708$6.4M10xas long as short
Deribit SKHY_USDC-PERPETUALshort0.0000%1h193.20+0.010%$48K$282K10x
HTX SKHY-USDT0.0000%8h193.05−0.067%$160K$368K50xas long as short
Phemex SKHYUSDT0.0000%8h193.15−0.016%$1.5M$1.1M10xas long as short
QFEX SKHY-USD+0.0004%1h193.15−0.016%$1.2M$4.3M10xas long as short
Lighter SKHY+0.0032%1h193.10−0.041%$1.0M$684K10xas long as short
Lighter RH SKHY+0.0032%1h193.10−0.041%$1.1M$1.5M10xas long as short
Arcus SKHY-USD+0.0040%1h193.00−0.093%$57K$154K10xas long as short
Vest SKHY-USD-PERP+0.0046%1h193.17−0.005%—$11K10xas long as short
Popdex SKHYUSDT+0.0048%1h193.17−0.005%$198K$255K20xas long as short
tradeXYZ xyz:SKHY+0.0050%1h193.06−0.062%$162.2M$66.3M10xas long as short
Polymarket Perps SKHY-USD+0.0050%1h193.10−0.041%$189K$456K10xas long as short
SoDEX SKHY-USD+0.0050%1h193.13−0.026%$43K$13K10xas long as short
Ondo Perps SKHY-USD.P+0.0050%1h193.00−0.093%$569K$2.1M10xas long as short
KuCoin SKHYUSDTM+0.0100%8h193.14−0.021%$1.1M$290K20xas long as short
Orderly PERP_SKHY_USDC_mythos+0.0100%8h193.180.000%$2K$4K10xas long as short
Nado SKHY-PERP+0.0125%1h193.20+0.008%$38K$26K10xas long as short
Bitget SKHYUSDT+0.0206%8h193.12−0.031%$25.6M$26.4M20xas long as short
Phoenix SKHYlong+0.0331%1h193.18long leg$216K$124K10x
Kraken Futures PF_SKHYUSD+0.0545%1h193.33+0.080%$51K$17K20xas long as short