Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1818%/8h= +199.1% APRpaid last 24h +0.192%

Price spread now: Phoenix against BingX+0.594%109s7-day average — · you sell dearer than you buy

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

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$55 a day on $10k at the current rate, and Phoenix is 0.594% dearer against BingX than usual: you sell high and buy low: +$59 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 109 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	BingX SKR-USDT	0.02052	0.0100	pay 0.0050% / 4h	1h 05m	—	$2.4M	—
Short	Phoenix SKR	0.02064	0.1918	get 0.0240% / 1h	5m 31s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.594%Rate

Funding earned: $381.88
Price spread: +0.594% → 0.000%: $59.45
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $424.33
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: BingX: live order book, 8 min ago; Phoenix: no order-book sample. 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 BingX live order book, 8 min ago	6.55 bp	43.4 bp −$43	167.1 bp −$1,671	687.2 bp −$68.7K	1071.1 bp −$535.6K
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.02055	+0.141%	$229K	$159K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02047	−0.253%	$9K	$21K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02052	−0.005%	$1.3M	$806K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02049	−0.149%	$27K	$34K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02053	+0.034%	$3.5M	$13.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02051	−0.078%	$4.4M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02050	−0.102%	$995K	$558K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02051	−0.058%	$4.2M	$473K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02049	−0.141%	$635K	$724K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02049	−0.136%	$1.5M	$1.3M	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-USDTlong	+0.0100%	4h	0.02052	long leg	—	$2.4M	—
SunX SKR-USDT	+0.0100%	4h	0.02047	−0.273%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02060	+0.395%	$13K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0174%	1h	0.02049	−0.156%	$49K	$193K	5x	as long as short
Phoenix SKRshort	+0.1918%	1h	0.02064	+0.594%	$4K	$10K	3x