Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.015%

Price spread now: BingX against Backpack+0.147%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$910.906% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.511%−$51 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.147%, 7d avg +0.005%

Together, before fees−0.647%−$65 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.143% dearer against Backpack than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.005%): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.511% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02102	0.0219	pay 0.0027% / 1h	26m 18s	$50K	$213K	5x
Short	BingX SKR-USDT	0.02105	0.0100	get 0.0050% / 4h	26m 18s	—	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$24.95
Price spread: +0.147% → +0.005%: $14.28
Slippage, 4 orders: −$70.56
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.22
Costs to cover: 0.906%
Break-even: never at this rate

Slippage from Backpack: live order book, 52 min ago; BingX: 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 Backpack live order book, 52 min ago	1.90 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	4.30 bp	28.9 bp −$29	100.3 bp −$1,003	521.0 bp −$52.1K	918.4 bp −$459.2K

SKR on 15 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
BloFin SKR-USDT	−0.0140%	4h	0.02097	−0.238%	$232K	$154K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02099	−0.133%	$14K	$16K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02105	+0.128%	$1.3M	$742K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02102	−0.024%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02104	+0.108%	$3.5M	$12.2M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02104	+0.076%	$4.5M	$4.9M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02104	+0.081%	$1.0M	$530K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02105	+0.109%	$4.4M	$463K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02102	+0.005%	$677K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02106	+0.200%	$1.5M	$1.1M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDTshort	+0.0100%	4h	0.02105	+0.147%	—	$2.4M	—
SunX SKR-USDT	+0.0100%	4h	0.02101	−0.052%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02105	+0.147%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERPlong	+0.0219%	1h	0.02102	long leg	$50K	$213K	5x
Phoenix SKR	+0.0755%	1h	0.02099	−0.157%	$4K	$10K	3x	as long as short