Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0275%/8h= −30.1% APRpaid last 24h −0.065%

Price spread now: Orderly against Phoenix+0.100%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.100% dearer against Phoenix than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	189.58	0.0375	pay 0.0047% / 1h	21m 04s	$212K	$124K	10x
Short	Orderly PERP_SKHY_USDC_mythos	189.77	0.0100	get 0.0100% / 8h	3h 21m	$2K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.100%Rate

Funding earned: −$57.82
Price spread: +0.100% → 0.000%: $10.02
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.8
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 26 min ago; Orderly: no order-book sample. Net counts fees only.

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, 26 min ago	3.67 bp	12.5 bp −$12	27.0 bp −$270	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0719%	4h	189.39	−0.101%	$571K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	189.86	+0.148%	$36K	$876K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0018%	1h	189.67	+0.047%	$159.0M	$69.7M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	189.77	+0.101%	$246K	$894K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	189.67	+0.049%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	189.74	+0.083%	$200.0M	$408.7M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	189.73	+0.079%	$15.3M	$28.7M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	189.65	+0.037%	$45.0M	$73.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	189.67	+0.047%	$25.4M	$19.7M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	189.75	+0.090%	$24.3M	$29.1M	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	189.71	+0.070%	$1.6M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	189.69	+0.056%	$22K	$215K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	190.08	+0.264%	$696	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	189.70	+0.063%	$158K	$368K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	189.71	+0.069%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	189.74	+0.084%	$1.2M	$4.1M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0013%	1h	189.81	+0.121%	$48K	$328K	10x	as long as short
Lighter SKHY	+0.0024%	1h	189.57	−0.005%	$1.0M	$714K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	189.58	0.000%	$1.1M	$1.5M	10x	as long as short
Nado SKHY-PERP	+0.0036%	1h	189.76	+0.096%	$33K	$28K	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	189.64	+0.032%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	189.70	+0.063%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	189.78	+0.105%	$200K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	189.66	+0.042%	$183K	$470K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	189.61	+0.016%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	189.24	−0.179%	$528K	$2.6M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	189.76	+0.095%	$1.1M	$317K	20x	as long as short
Orderly PERP_SKHY_USDC_mythosshort	+0.0100%	8h	189.77	+0.100%	$2K	$4K	10x
BloFin SKHY-USDT	+0.0120%	8h	189.68	+0.053%	$2.2M	$437K	50x	as long as short
Phoenix SKHYlong	+0.0375%	1h	189.58	long leg	$212K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0690%	1h	189.89	+0.162%	$48K	$19K	20x	as long as short