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 +0.212%

Price spread now: Phoenix against SunX−0.883%69s7-day average — · you buy dearer than you sell

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

Long on SunX 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

Funding pays, the price is against you. Phoenix is 0.883% cheaper against SunX than usual: you would sell low and buy high (spread −0.883% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$88 on $10k: about 11 days of funding at the current rate (+$8 a day). The two prices were read 69 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	SunX SKR-USDT	0.02084	0.0100	pay 0.0050% / 4h	1h 45m	$2K	$3.2M	20x
Short	Phoenix SKR	0.02066	0.0377	get 0.0047% / 1h	45m 35s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.883%Rate

Funding earned: $58.23
Price spread: −0.883% → 0.000%: −$88.29
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$45.06
Costs to cover: 0.150%
Break-even: 12.4 days

Slippage unknown: SunX: live order book, 2 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 SunX live order book, 2 min ago	31.08 bp	89.1 bp −$89	doesn't fit	doesn't fit	doesn't fit
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
Backpack SKR_USDC_PERP	−0.0250%	1h	0.02086	+0.072%	$55K	$208K	5x	as long as short
BloFin SKR-USDT	−0.0140%	4h	0.02079	−0.250%	$249K	$164K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02086	+0.082%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02088	+0.168%	$1.3M	$1.4M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02089	+0.239%	$25K	$117K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02089	+0.242%	$3.7M	$26.6M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02097	+0.619%	$4.8M	$10.2M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02098	+0.672%	$992K	$1.6M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02091	+0.336%	$5.0M	$825K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02090	+0.273%	$637K	$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	0.02098	+0.657%	$1.6M	$3.4M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02098	+0.662%	—	$2.8M	—	as long as short
SunX SKR-USDTlong	+0.0100%	4h	0.02084	long leg	$2K	$3.2M	20x
HTX SKR-USDT	+0.0100%	4h	0.02080	−0.211%	$14K	$40K	20x	as long as short
Phoenix SKRshort	+0.0377%	1h	0.02066	−0.883%	$4K	$10K	3x