Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0331%/8h= −36.2% APRpaid last 24h −0.093%

Price spread now: Variational Omni against Phoenix−0.046%84s7-day average −0.136% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−1.420%−$142 · spread now −0.046%, 7d avg −0.136%

Together, before fees−1.503%+ Points / potential airdropVariational Omni: Active · farm board−$150 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.090% dearer against Phoenix than usual: you sell high and buy low (spread −0.046% now, against its 7-day average of −0.136%): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 3 days (−0.083% in total) that is about 3.7 days. The two prices were read 84 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.083% in total (about -8.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	193.00	0.0331	pay 0.0041% / 1h	57m 55s	$216K	$122K	10x
Short	Variational Omni SKHY	192.91	0	get 0.0000% / 8h	5h 57m	$1.6M	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.046%Rate

Funding earned: −$69.48
Price spread: −0.046% → −0.136%: $9.02
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$67.46
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 64 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 64 min ago	3.10 bp	10.9 bp −$11	22.9 bp −$229	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.23 bp	doesn't fit	5.9 bp −$59	doesn't fit	doesn't fit

SKHY on 30 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	−0.0924%	4h	192.88	−0.061%	$581K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0032%	1h	192.90	−0.052%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.10	+0.051%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.04	+0.021%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.10	+0.054%	$208.8M	$385.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.10	+0.052%	$15.7M	$27.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.06	+0.031%	$46.8M	$69.2M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.02	+0.010%	$25.8M	$18.8M	75x	as long as short
Variational Omni SKHYshort	0.0000%	8h	192.91	−0.046%	$1.6M	$1.4M	—
GRVT SKHY_USDT_Perp	0.0000%	8h	192.94	−0.032%	$23K	$193K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.40	+0.207%	$708	$6.4M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.03	+0.016%	$160K	$368K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	193.13	+0.067%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0004%	1h	193.06	+0.031%	$1.2M	$4.4M	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.05	+0.026%	$1.0M	$684K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	193.04	+0.021%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.79	−0.109%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.02	+0.010%	—	$11K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.13	+0.067%	$198K	$256K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.05	+0.026%	$162.2M	$66.3M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	193.03	+0.016%	$189K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.96	−0.021%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.01	+0.005%	$557K	$2.0M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	193.08	+0.041%	$1.1M	$288K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.13	+0.067%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0151%	1h	193.09	+0.049%	$38K	$26K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0164%	1h	193.17	+0.088%	$48K	$279K	10x	as long as short
Bitget SKHYUSDT	+0.0188%	8h	192.95	−0.026%	$25.6M	$26.4M	20x	as long as short
Phoenix SKHYlong	+0.0331%	1h	193.00	long leg	$216K	$122K	10x
Kraken Futures PF_SKHYUSD	+0.0545%	1h	193.29	+0.149%	$51K	$17K	20x	as long as short