Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0776%/8h= −84.9% APRpaid last 24h −0.260%

Price spread now: edgeX against Phoenix−0.157%7-day average −0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now −0.157%, 7d avg −0.142%

Together, before fees+0.028%+ Points / potential airdropedgeX: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.142%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.239%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.239% in total (about 12.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	189.30	0.0254	pay 0.0032% / 1h	48m 24s	$212K	$124K	10x
Short	edgeX SKHYUSDC	189.00	−0.0521	pay 0.0261% / 4h	2h 48m	$570K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$162.86
Price spread: −0.157% → −0.142%: −$1.51
Slippage, 4 orders: −$20.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$201.17
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Phoenix: live order book, 58 min ago; edgeX: live order book, 65 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, 58 min ago	3.67 bp	12.5 bp −$12	27.0 bp −$270	doesn't fit	doesn't fit
Sell edgeX live order book, 65 min ago	1.04 bp	5.9 bp −$6	11.1 bp −$111	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 SKHYUSDCshort	−0.0521%	4h	189.00	−0.157%	$570K	$290K	10x
Bitget SKHYUSDT	−0.0506%	8h	189.04	−0.137%	$24.4M	$29.7M	20x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0173%	1h	189.01	−0.153%	$48K	$333K	10x	as long as short
Nado SKHY-PERP	−0.0050%	1h	189.02	−0.149%	$33K	$28K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0024%	1h	189.12	−0.095%	$43K	$880K	10x	as long as short
QFEX SKHY-USD	−0.0014%	1h	188.82	−0.254%	$1.2M	$4.1M	10x	as long as short
Lighter SKHY	−0.0008%	1h	188.80	−0.264%	$1.0M	$741K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0007%	1h	188.80	−0.264%	$158.3M	$70.5M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	188.91	−0.203%	$243K	$897K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	188.82	−0.254%	$55K	$7K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance SKHYUSDT	0.0000%	8h	188.76	−0.285%	$199.8M	$416.0M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	188.80	−0.264%	$15.5M	$29.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	188.80	−0.264%	$45.0M	$74.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	188.85	−0.238%	$25.3M	$20.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	189.17	−0.068%	$1.6M	$986K	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	189.15	−0.078%	$22K	$218K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	189.29	−0.005%	$693	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	188.96	−0.180%	$157K	$368K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	188.97	−0.174%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	188.80	−0.264%	$1.0M	$1.5M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0035%	1h	188.72	−0.306%	$190K	$480K	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	189.01	−0.153%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	188.95	−0.185%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	188.81	−0.259%	$199K	$259K	20x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	188.96	−0.180%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	188.79	−0.269%	$527K	$2.6M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	188.96	−0.180%	$1.1M	$314K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	189.03	−0.143%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	188.93	−0.195%	$2.2M	$441K	50x	as long as short
Phoenix SKHYlong	+0.0254%	1h	189.30	long leg	$212K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0259%	1h	189.01	−0.151%	$48K	$19K	20x	as long as short