Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.096%

Price spread now: Gate against Phoenix−0.260%107s7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as 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−$510.508% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.318%−$32 on $10k

Price spread, last 4 days (all we have)−0.290%−$29 · spread now −0.260%, 7d avg −0.163%

Together, before fees−0.608%−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.097% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.163%). Swap the legs. The two prices were read 107 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	188.28	0.0254	pay 0.0032% / 1h	57m 36s	$211K	$115K	10x
Short	Gate SKHY_USDT	187.79	0	get 0.0000% / 8h	1h 57m	$25.3M	$20.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.260%Rate

Funding earned: −$53.38
Price spread: −0.260% → −0.163%: −$9.68
Slippage, 4 orders: −$28.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$113.83
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Phoenix: live order book, 44 min ago; Gate: live order book, 1 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, 44 min ago	3.72 bp	12.6 bp −$13	27.3 bp −$273	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	1.33 bp	11.1 bp −$11	25.3 bp −$253	66.0 bp −$6,602	113.1 bp −$56.6K

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	−0.1066%	8h	187.88	−0.212%	$25.1M	$31.5M	20x	as long as short
edgeX SKHYUSDC	−0.0439%	4h	187.85	−0.231%	$566K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0335%	1h	187.98	−0.159%	$48K	$337K	10x	as long as short
Nado SKHY-PERP	−0.0186%	1h	187.93	−0.187%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0154%	1h	187.86	−0.223%	$159.4M	$74.3M	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0138%	1h	187.97	−0.165%	$47K	$19K	20x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	187.87	−0.218%	$62K	$901K	10x	as long as short
Polymarket Perps SKHY-USD	−0.0080%	1h	187.96	−0.170%	$182K	$487K	10x	as long as short
Lighter SKHY	−0.0072%	1h	187.82	−0.244%	$930K	$1.1M	10x	as long as short
QFEX SKHY-USD	−0.0049%	1h	187.72	−0.297%	$1.2M	$4.1M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex SKHYUSDT	−0.0048%	1h	187.81	−0.250%	$197K	$273K	20x	as long as short
Aster SKHYUSDT	0.0000%	8h	187.78	−0.266%	$228K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.74	−0.285%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	187.78	−0.266%	$201.3M	$435.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.83	−0.239%	$15.9M	$30.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.77	−0.271%	$44.7M	$77.6M	50x	as long as short
Gate SKHY_USDTshort	0.0000%	8h	187.79	−0.260%	$25.3M	$20.0M	75x
Variational Omni SKHY	0.0000%	8h	188.08	−0.106%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	188.05	−0.124%	$22K	$225K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	188.23	−0.027%	$689	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.83	−0.239%	$156K	$370K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	187.80	−0.255%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	187.83	−0.239%	$1.1M	$1.6M	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0038%	1h	187.96	−0.170%	$517K	$2.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.90	−0.202%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	188.10	−0.096%	—	$22K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.85	−0.228%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	187.88	−0.212%	$1.1M	$327K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.92	−0.191%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	187.85	−0.228%	$2.1M	$419K	50x	as long as short
Phoenix SKHYlong	+0.0254%	1h	188.28	long leg	$211K	$115K	10x