Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0457%/8h= −50.1% APRpaid last 24h −0.221%

Price spread now: BingX against Phoenix−0.395%79s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on BingX

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 against this trade now: funding costs −$14 a day on $10k at the current rate, and BingX is 0.395% cheaper against Phoenix than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 79 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	Phoenix SKR	0.02179	0.0747	pay 0.0093% / 1h	20m 04s	$4K	$10K	3x
Short	BingX SKR-USDT	0.02171	0.0290	get 0.0145% / 4h	3h 20m	—	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.395%Rate

Funding earned: −$96.02
Price spread: −0.395% → 0.000%: −$39.46
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$152.48
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 14 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell BingX live order book, 14 min ago	5.54 bp	33.0 bp −$33	136.1 bp −$1,361	506.9 bp −$50.7K	1039.6 bp −$519.8K

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	−0.0072%	4h	0.02166	−0.610%	$242K	$172K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02167	−0.583%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02171	−0.381%	$1.4M	$818K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02169	−0.455%	$30K	$38K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02170	−0.422%	$3.8M	$13.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02169	−0.454%	$4.6M	$5.4M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02170	−0.427%	$4.5M	$480K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02167	−0.555%	$665K	$737K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02167	−0.551%	$1.5M	$1.4M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02164	−0.707%	$1K	$2.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SKR-USDT	+0.0100%	4h	0.02164	−0.684%	$14K	$34K	20x	as long as short
BingX SKR-USDTshort	+0.0290%	4h	0.02171	−0.395%	—	$2.4M	—
Gate SKR_USDT	+0.0324%	4h	0.02169	−0.459%	$1.1M	$579K	20x	as long as short
Phoenix SKRlong	+0.0747%	1h	0.02179	long leg	$4K	$10K	3x
Backpack SKR_USDC_PERP	+0.0778%	1h	0.02169	−0.468%	$52K	$165K	5x	as long as short