Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.014%

Price spread now: Bybit against Popdex−0.058%52s7-day average −0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.240% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.058%, 7d avg −0.006%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.052% cheaper against Popdex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 52 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	Popdex SKHYUSDT	190.86	0.0048	pay 0.0006% / 1h	46m 51s	$201K	$257K	20x
Short	Bybit SKHYUSDT	190.75	0	get 0.0000% / 8h	3h 46m	$15.5M	$28.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$10.08
Price spread: −0.058% → −0.006%: −$5.21
Slippage, 4 orders: −$6.61
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.3
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Popdex: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	0.78 bp	4.5 bp −$4	9.1 bp −$91	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.26 bp	7.8 bp −$8	11.4 bp −$114	71.0 bp −$7,104	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	−0.0851%	4h	190.81	−0.025%	$575K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+1.037%	$45K	$861K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0004%	1h	190.68	−0.094%	$159.4M	$68.9M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.80	−0.033%	$248K	$891K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.70	−0.083%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.76	−0.052%	$200.6M	$401.4M	50x	as long as short
Bybit SKHYUSDTshort	0.0000%	8h	190.75	−0.058%	$15.5M	$28.4M	100x
OKX SKHY-USDT-SWAP	0.0000%	8h	190.72	−0.073%	$45.9M	$72.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.72	−0.073%	$25.7M	$19.3M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.78	−0.042%	$24.4M	$28.1M	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	191.43	+0.299%	$1.6M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	190.60	−0.136%	$22K	$209K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	191.13	+0.141%	$700	$6.2M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	190.80	−0.031%	$48K	$325K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.71	−0.079%	$159K	$370K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	190.82	−0.021%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.83	−0.016%	$1.2M	$4.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	190.62	−0.126%	$1.0M	$691K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	190.66	−0.105%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	190.99	+0.068%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.84	−0.010%	—	$12K	10x	as long as short
Popdex SKHYUSDTlong	+0.0048%	1h	190.86	long leg	$201K	$257K	20x
Polymarket Perps SKHY-USD	+0.0050%	1h	190.78	−0.042%	$182K	$460K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.73	−0.068%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	190.77	−0.047%	$549K	$2.6M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.78	−0.042%	$1.1M	$321K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.83	−0.016%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0115%	1h	190.88	+0.009%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.74	−0.063%	$2.2M	$435K	50x	as long as short
Phoenix SKHY	+0.0375%	1h	191.05	+0.100%	$214K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0686%	1h	190.95	+0.047%	$48K	$19K	20x	as long as short