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: SunX against Phoenix+0.140%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1421.423% of the position

Long on Phoenix Short on SunX

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)−0.106%−$11 · spread now +0.140%, 7d avg +0.021%

Together, before fees−0.410%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.119% dearer against Phoenix than usual: you sell high and buy low (spread +0.140% now, against its 7-day average of +0.021%): +$12 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 7 days (−0.304% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	192.45	0.0335	pay 0.0042% / 1h	51m 04s	$217K	$120K	10x
Short	SunX SKHY-USDT	192.72	0	get 0.0000% / 8h	7h 51m	$705	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.140%Rate

Funding earned: −$70.4
Price spread: +0.140% → +0.021%: $11.91
Slippage, 4 orders: −$127.29
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$200.79
Costs to cover: 1.423%
Break-even: never at this rate

Slippage from Phoenix: live order book, 16 min ago; SunX: live order book, 8 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, 16 min ago	3.15 bp	11.0 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	29.50 bp	72.7 bp −$73	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	−0.0915%	4h	192.39	−0.029%	$580K	$289K	10x	as long as short
Nado SKHY-PERP	−0.0118%	1h	192.44	−0.005%	$29K	$2K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.16	−0.152%	$255K	$905K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.30	−0.079%	$56K	$6K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.21	−0.125%	$213.0M	$383.5M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.25	−0.104%	$15.8M	$27.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.26	−0.099%	$47.7M	$63.5M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.25	−0.104%	$26.4M	$17.3M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	192.23	−0.114%	$25.4M	$26.3M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	192.48	+0.013%	$1.6M	$2.4M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDTshort	0.0000%	8h	192.72	+0.140%	$705	$7.1M	10x
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	192.33	−0.062%	$46K	$259K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.46	+0.005%	$159K	$393K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.32	−0.068%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	192.24	−0.109%	$1.2M	$5.3M	10x	as long as short
KuCoin SKHYUSDTM	+0.0031%	8h	192.18	−0.140%	$1.1M	$272K	20x	as long as short
Lighter SKHY	+0.0032%	1h	192.27	−0.094%	$1.0M	$618K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.19	−0.135%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.19	−0.135%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.40	−0.026%	—	$13K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.41	−0.021%	$196K	$257K	20x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.44	−0.005%	$536K	$1.4M	10x	as long as short
GRVT SKHY_USDT_Perp	+0.0053%	8h	192.35	−0.052%	$22K	$202K	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	190.51	−1.008%	$171K	$682K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.32	−0.068%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	192.33	−0.062%	$2.2M	$427K	50x	as long as short
Phoenix SKHYlong	+0.0335%	1h	192.45	long leg	$217K	$120K	10x
Kraken Futures PF_SKHYUSD	+0.0711%	1h	192.45	−0.002%	$51K	$25K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0788%	1h	192.34	−0.057%	$192K	$389K	10x	as long as short
tradeXYZ xyz:SKHY	+0.0874%	1h	192.23	−0.114%	$166.3M	$64.3M	10x	as long as short
SoDEX SKHY-USD	+0.1183%	1h	192.34	−0.057%	$43K	$13K	10x	as long as short