Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0277%/8h= −30.4% APRpaid last 24h −0.195%

Price spread now: KuCoin against Phoenix−1.414%63s7-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 KuCoin

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 −$8 a day on $10k at the current rate, and KuCoin is 1.414% cheaper against Phoenix than usual: you would sell low and buy high (−$141 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 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	0.02128	0.0377	pay 0.0047% / 1h	38m 26s	$4K	$10K	3x
Short	KuCoin SKRUSDTM	0.02098	0.0100	get 0.0050% / 4h	1h 38m	$640K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −1.414%Rate

Funding earned: −$58.23
Price spread: −1.414% → 0.000%: −$141.42
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$218.65
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 7 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 KuCoin live order book, 7 min ago	8.56 bp	535.5 bp −$536	doesn't fit	doesn't fit	doesn't fit

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	0.02102	−1.240%	$242K	$166K	20x	as long as short
Backpack SKR_USDC_PERP	−0.0091%	1h	0.02100	−1.311%	$55K	$208K	5x	as long as short
Lighter SKR	+0.0096%	1h	0.02100	−1.348%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02095	−1.560%	$1.3M	$1.4M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02096	−1.518%	$25K	$117K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02094	−1.611%	$3.7M	$26.9M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02093	−1.649%	$4.7M	$10.4M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02104	−1.170%	$994K	$1.6M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02097	−1.499%	$5.0M	$826K	20x	as long as short
KuCoin SKRUSDTMshort	+0.0100%	4h	0.02098	−1.414%	$640K	$1.4M	20x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02098	−1.442%	$1.6M	$3.5M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02094	−1.607%	—	$2.8M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02099	−1.377%	$2K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02113	−0.747%	$14K	$40K	20x	as long as short
Phoenix SKRlong	+0.0377%	1h	0.02128	long leg	$4K	$10K	3x