Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0335%/8h= −36.7% APRpaid last 24h −0.090%

Price spread now: Phemex against Phoenix−0.016%73s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as 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−$1011.012% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.304%−$30 on $10k

Price spread, last 3 days (all we have)−0.104%−$10 · spread now −0.016%, 7d avg −0.112%

Together, before fees−0.408%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.096% dearer against Phoenix than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.112%): +$10 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.304% in total) that is about 2.2 days. The two prices were read 73 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	193.32	0.0335	pay 0.0042% / 1h	4m 11s	$218K	$120K	10x
Short	Phemex SKHYUSDT	193.29	0	get 0.0000% / 8h	7h 04m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$70.4
Price spread: −0.016% → −0.112%: $9.6
Slippage, 4 orders: −$82.23
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$162.03
Costs to cover: 1.012%
Break-even: never at this rate

Slippage from Phoenix: live order book, 63 min ago; Phemex: 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, 63 min ago	3.15 bp	11.0 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.07 bp	41.0 bp −$41	doesn't fit	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	−0.0141%	4h	193.40	+0.042%	$583K	$290K	10x	as long as short
Nado SKHY-PERP	−0.0024%	1h	193.38	+0.033%	$44K	$20K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.19	−0.065%	$249K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.25	−0.038%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.32	0.000%	$211.6M	$385.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.33	+0.005%	$15.6M	$27.0M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.34	+0.010%	$46.9M	$68.3M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.33	+0.005%	$25.8M	$18.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	193.46	+0.072%	$1.6M	$2.3M	—	as long as short
SunX SKHY-USDT	0.0000%	8h	193.67	+0.181%	$709	$6.7M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	193.29	−0.016%	$48K	$269K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.32	0.000%	$160K	$380K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	193.29	−0.016%	$1.5M	$1.1M	10x
QFEX SKHY-USD	+0.0005%	1h	193.33	+0.005%	$1.2M	$5.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.21	−0.057%	$1.0M	$697K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	193.18	−0.072%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	193.38	+0.031%	$57K	$153K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.42	+0.052%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.38	+0.031%	$197K	$258K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.34	+0.010%	$163.7M	$66.6M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	193.29	−0.016%	$190K	$454K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	193.31	−0.005%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.28	−0.021%	$542K	$1.7M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	193.24	−0.041%	$54K	$870K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	193.37	+0.026%	$1.1M	$278K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.31	−0.005%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.44	+0.062%	$2.2M	$446K	50x	as long as short
Phoenix SKHYlong	+0.0335%	1h	193.32	long leg	$218K	$120K	10x
GRVT SKHY_USDT_Perp	+0.0411%	8h	193.23	−0.047%	$23K	$192K	10x	as long as short
Bitget SKHYUSDT	+0.0421%	8h	193.36	+0.021%	$25.8M	$26.9M	20x	as long as short
Kraken Futures PF_SKHYUSD	+0.0708%	1h	193.41	+0.046%	$51K	$17K	20x	as long as short