Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0375%/8h= −41.1% APRpaid last 24h −0.095%

Price spread now: GRVT against Phoenix+0.309%7-day average −0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.298%−$30 on $10k

Price spread, last 4 days (all we have)−0.744%−$74 · spread now +0.309%, 7d avg −0.122%

Together, before fees−1.042%+ Points / potential airdropGRVT: Active · farm board−$104 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.431% dearer against Phoenix than usual: you sell high and buy low (spread +0.309% now, against its 7-day average of −0.122%): +$43 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 7 days (−0.298% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	191.05	0.0375	pay 0.0047% / 1h	48m 29s	$214K	$124K	10x
Short	GRVT SKHY_USDT_Perp	191.64	0	get 0.0000% / 8h	3h 48m	$22K	$209K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.309%Rate

Funding earned: −$78.82
Price spread: +0.309% → −0.122%: $43.13
Slippage, 4 orders: −$16.28
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$67.97
Costs to cover: 0.323%
Break-even: from the start

Slippage from Phoenix: live order book, 64 min ago; GRVT: live order book, 4 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, 64 min ago	2.59 bp	9.9 bp −$10	20.2 bp −$202	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	1.04 bp	6.9 bp −$7	10.9 bp −$109	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 SKHYUSDC	−0.0312%	4h	191.61	+0.295%	$578K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+0.937%	$45K	$861K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0017%	1h	190.59	−0.241%	$159.4M	$68.8M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.65	−0.211%	$247K	$891K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.65	−0.209%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.83	−0.115%	$200.7M	$400.7M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	190.71	−0.178%	$15.5M	$28.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	190.68	−0.194%	$46.0M	$72.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.74	−0.162%	$25.7M	$19.2M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.77	−0.147%	$24.4M	$28.1M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SKHY	0.0000%	8h	191.43	+0.200%	$1.6M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perpshort	0.0000%	8h	191.64	+0.309%	$22K	$209K	10x
SunX SKHY-USDT	0.0000%	8h	191.16	+0.058%	$700	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.70	−0.183%	$159K	$370K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	190.77	−0.147%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.78	−0.141%	$1.2M	$4.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	190.58	−0.246%	$1.0M	$691K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	190.55	−0.262%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	191.09	+0.021%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.67	−0.199%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.82	−0.120%	$201K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.76	−0.152%	$182K	$460K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.72	−0.173%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	190.52	−0.277%	$549K	$2.5M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.66	−0.204%	$1.1M	$322K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.84	−0.110%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0119%	1h	190.71	−0.177%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.70	−0.183%	$2.2M	$435K	50x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0327%	1h	190.87	−0.094%	$48K	$325K	10x	as long as short
Phoenix SKHYlong	+0.0375%	1h	191.05	long leg	$214K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0686%	1h	190.87	−0.096%	$48K	$19K	20x	as long as short