Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: Bitget against Backpack−0.080%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1021.024% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.504%−$50 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.080%, 7d avg −0.051%

Together, before fees−0.485%−$49 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.029% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02129	0.0100	pay 0.0013% / 1h	22m 33s	$51K	$225K	5x
Short	Bitget SKRUSDT	0.02127	0.0100	get 0.0050% / 4h	2h 22m	$1.5M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.080%Rate

Funding earned: $0
Price spread: −0.080% → −0.051%: −$2.89
Slippage, 4 orders: −$80.36
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.26
Costs to cover: 1.024%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Bitget: live order book, 4 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, 1 min ago	1.65 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	9.38 bp	45.5 bp −$46	163.5 bp −$1,635	doesn't fit	doesn't fit

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	0.02133	+0.174%	$239K	$153K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02121	−0.371%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02128	−0.052%	$1.3M	$732K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02127	−0.106%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02124	−0.231%	$3.6M	$11.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02127	−0.099%	$4.6M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02130	+0.038%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02126	−0.146%	$4.4M	$490K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02128	−0.028%	$688K	$685K	20x	as long as short
Bitget SKRUSDTshort	+0.0100%	4h	0.02127	−0.080%	$1.5M	$1.1M	20x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02125	−0.164%	—	$2.4M	—	as long as short
Backpack SKR_USDC_PERPlong	+0.0100%	1h	0.02129	long leg	$51K	$225K	5x
SunX SKR-USDT	+0.0100%	4h	0.02127	−0.085%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02131	+0.089%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.1507%	1h	0.02135	+0.277%	$4K	$10K	3x	as long as short