Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0480%/8h= +52.6% APRpaid last 24h −0.038%

Price spread now: BloFin against Backpack+0.086%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1051.047% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.712%−$71 on $10k

Price spread, last 3 days (all we have)−0.582%−$58 · spread now +0.086%, 7d avg +0.018%

Together, before fees−1.294%−$129 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and BloFin is 0.067% dearer against Backpack than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.018%. Mind the row above: over the last 7 days funding on this pair cost −0.712%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02102	−0.0620	get 0.0078% / 1h	58m 29s	$50K	$220K	5x
Short	BloFin SKR-USDT	0.02104	−0.0140	pay 0.0070% / 4h	1h 58m	$239K	$152K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.086%Rate

Funding earned: $100.85
Price spread: +0.086% → +0.018%: $6.72
Slippage, 4 orders: −$82.71
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $2.86
Costs to cover: 1.047%
Break-even: 6.8 days

Slippage from Backpack: live order book, 25 min ago; BloFin: live order book, 17 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, 25 min ago	1.65 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 17 min ago	3.07 bp	34.4 bp −$34	doesn't fit	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
Backpack SKR_USDC_PERPlong	−0.0620%	1h	0.02102	long leg	$50K	$220K	5x
BloFin SKR-USDTshort	−0.0140%	4h	0.02104	+0.086%	$239K	$152K	20x
Lighter SKR	+0.0096%	1h	0.02098	−0.200%	$14K	$17K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02102	−0.010%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02106	+0.181%	$3.6M	$11.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02105	+0.133%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02101	−0.067%	$1.0M	$528K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02104	+0.105%	$4.4M	$479K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02101	−0.057%	$681K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02104	+0.071%	$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-USDT	+0.0100%	4h	0.02107	+0.209%	—	$2.3M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02099	−0.152%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02101	−0.043%	$14K	$37K	20x	as long as short
Hyperliquid SKR	+0.0208%	1h	0.02107	+0.224%	$1.3M	$736K	3x	as long as short
Phoenix SKR	+0.1507%	1h	0.02108	+0.285%	$4K	$9K	3x	as long as short