Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter against Variational Omni−0.445%7-day average −0.083% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.373%+$37 · spread now −0.445%, 7d avg −0.083%

Together, before fees+0.376%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.362% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.445% now, against its 7-day average of −0.083%). If the spread goes back, that is −$36 on $10k: about 38 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.003% in total) that is about 13 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SKHY	191.43	0	get 0.0000% / 8h	3h 48m	$1.6M	$1.1M	—
Short	Lighter SKHY	190.58	0.0032	get 0.0004% / 1h	48m 30s	$1.0M	$691K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.445%Rate

Funding earned: $6.72
Price spread: −0.445% → −0.083%: −$36.17
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.45
Costs to cover: 0.000%
Break-even: 37.7 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 2 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 Variational Omni RFQ quote, 1 min ago	2.23 bp	doesn't fit	5.2 bp −$52	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	0.52 bp	1.1 bp −$1	8.7 bp −$87	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	−0.0312%	4h	191.61	+0.095%	$578K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+0.736%	$45K	$861K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0017%	1h	190.59	−0.440%	$159.4M	$68.8M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.65	−0.410%	$247K	$891K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.65	−0.408%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.83	−0.314%	$200.7M	$400.7M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	190.71	−0.377%	$15.5M	$28.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	190.68	−0.393%	$46.0M	$72.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.74	−0.361%	$25.7M	$19.2M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.77	−0.346%	$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 SKHYlong	0.0000%	8h	191.43	long leg	$1.6M	$1.1M	—
GRVT SKHY_USDT_Perp	0.0000%	8h	191.64	+0.109%	$22K	$209K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	191.16	−0.142%	$700	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.70	−0.382%	$159K	$370K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	190.77	−0.346%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.78	−0.340%	$1.2M	$4.0M	10x	as long as short
Lighter SKHYshort	+0.0032%	1h	190.58	−0.445%	$1.0M	$691K	10x
Lighter RH SKHY	+0.0032%	1h	190.55	−0.460%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	191.09	−0.178%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.67	−0.398%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.82	−0.319%	$201K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.76	−0.351%	$182K	$460K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.72	−0.372%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	190.52	−0.476%	$549K	$2.5M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.66	−0.403%	$1.1M	$322K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.84	−0.309%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0119%	1h	190.71	−0.376%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.70	−0.382%	$2.2M	$435K	50x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0327%	1h	190.87	−0.293%	$48K	$325K	10x	as long as short
Phoenix SKHY	+0.0375%	1h	191.05	−0.199%	$214K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0686%	1h	190.87	−0.295%	$48K	$19K	20x	as long as short