Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1178%/8h= −129.0% APRpaid last 24h −0.011%

Price spread now: Bitget against Popdex+0.118%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.097%−$10 · spread now +0.118%, 7d avg +0.005%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.113% dearer against Popdex than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of +0.005%): +$11 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 4 days (−0.041% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.041% in total (about -4.0% 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	Popdex SKHYUSDT	186.48	−0.0072	get 0.0009% / 1h	18m 10s	$204K	$287K	20x
Short	Bitget SKHYUSDT	186.70	−0.1250	pay 0.1250% / 8h	18m 10s	$25.6M	$33.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Popdex. 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 PopdexbpFee BitgetbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$247.38
Price spread: +0.118% → +0.005%: $11.32
Slippage, 4 orders: −$7.19
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$261.65
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Popdex: live order book, 21 min ago; Bitget: live order book, 1 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 Popdex live order book, 21 min ago	0.80 bp	5.1 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.80 bp	8.3 bp −$8	16.6 bp −$166	28.1 bp −$2,810	50.3 bp −$25.2K

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
Bitget SKHYUSDTshort	−0.1250%	8h	186.70	+0.118%	$25.6M	$33.3M	20x
edgeX SKHYUSDC	−0.0437%	4h	186.21	−0.144%	$561K	$290K	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0266%	1h	186.54	+0.030%	$48K	$21K	20x	as long as short
tradeXYZ xyz:SKHY	−0.0174%	1h	186.45	−0.016%	$158.4M	$76.9M	10x	as long as short
Nado SKHY-PERP	−0.0151%	1h	186.57	+0.048%	$33K	$28K	10x	as long as short
Polymarket Perps SKHY-USD	−0.0090%	1h	186.38	−0.054%	$180K	$486K	10x	as long as short
Popdex SKHYUSDTlong	−0.0072%	1h	186.48	long leg	$204K	$287K	20x
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	187.58	+0.590%	$68K	$803K	10x	as long as short
QFEX SKHY-USD	−0.0061%	1h	186.46	−0.011%	$1.2M	$4.3M	10x	as long as short
KuCoin SKHYUSDTM	−0.0054%	8h	186.41	−0.038%	$1.1M	$339K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SKHY	−0.0008%	1h	186.44	−0.021%	$974K	$1.2M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.53	+0.029%	$223K	$899K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.41	−0.037%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.46	−0.010%	$200.2M	$451.9M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.49	+0.005%	$16.6M	$29.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	186.45	−0.016%	$44.6M	$79.8M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	186.49	+0.005%	$25.5M	$21.1M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.36	−0.063%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.41	−0.038%	$22K	$236K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.72	+0.129%	$683	$6.1M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	186.49	+0.005%	$49K	$347K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.40	−0.043%	$155K	$363K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	186.46	−0.011%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	186.39	−0.048%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.41	−0.038%	$60K	$171K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0042%	1h	186.41	−0.038%	$520K	$2.6M	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.44	−0.021%	—	$32K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.45	−0.016%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.45	−0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.52	+0.021%	$2.2M	$427K	50x	as long as short
Phoenix SKHY	+0.0129%	1h	186.63	+0.080%	$209K	$123K	10x	as long as short