Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0644%/8h= −70.5% APRpaid last 24h +0.032%

Price spread now: Backpack against MEXC+0.213%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$720.725% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.531%+$53 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.213%, 7d avg +0.029%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.183% dearer against MEXC than usual: you sell high and buy low (spread +0.213% now, against its 7-day average of +0.029%): +$18 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 23 hours. Mind the row above: over the last 7 days funding on this pair paid +0.531%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SKR_USDT	0.02070	0.0100	pay 0.0050% / 4h	1h 49m	$5.0M	$824K	20x
Short	Backpack SKR_USDC_PERP	0.02074	−0.0544	pay 0.0068% / 1h	49m 55s	$54K	$207K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.213%Rate

Funding earned: −$135.18
Price spread: +0.213% → +0.029%: $18.35
Slippage, 4 orders: −$58.47
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$189.3
Costs to cover: 0.725%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 54 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 MEXC live order book, 2 min ago	2.65 bp	9.4 bp −$9	53.1 bp −$531	346.8 bp −$34.7K	doesn't fit
Sell Backpack live order book, 54 min ago	3.09 bp	22.9 bp −$23	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_PERPshort	−0.0544%	1h	0.02074	+0.213%	$54K	$207K	5x
BloFin SKR-USDT	−0.0140%	4h	0.02070	0.000%	$248K	$163K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02074	+0.193%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02074	+0.198%	$1.3M	$1.4M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02071	+0.082%	$25K	$117K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02070	+0.029%	$3.7M	$26.5M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02071	+0.058%	$4.7M	$10.2M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02070	0.000%	$979K	$1.6M	20x	as long as short
MEXC SKR_USDTlong	+0.0100%	4h	0.02070	long leg	$5.0M	$824K	20x
KuCoin SKRUSDTM	+0.0100%	4h	0.02071	+0.048%	$632K	$1.4M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02070	+0.034%	$1.6M	$3.4M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02070	0.000%	—	$2.8M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02075	+0.251%	$2K	$3.1M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02078	+0.425%	$14K	$40K	20x	as long as short
Phoenix SKR	+0.0377%	1h	0.02091	+1.049%	$4K	$10K	3x	as long as short