Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0042%/8h= −4.5% APRpaid last 24h −0.005%

Price spread now: Injective against BloFin+1.323%7-day average +0.098% · you sell dearer than you buy

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 4 days (all we have)−1.672%−$167 · spread now +1.323%, 7d avg +0.098%

Together, before fees−1.844%−$184 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.225% dearer against BloFin than usual: you sell high and buy low (spread +1.323% now, against its 7-day average of +0.098%): +$123 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SKY-USDT	0.06803	0.0075	pay 0.0037% / 4h	16m 33s	$577K	$28K	75x
Short	Injective SKY/USDC PERP	0.06893	0.0033	get 0.0004% / 1h	16m 33s	$376	$303K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee InjectivebpOrdersPrice spread, now +1.323%Rate

Funding earned: −$8.72
Price spread: +1.323% → +0.098%: $122.52
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $101.78
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 65 min ago; Injective: 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 BloFin live order book, 65 min ago	0.73 bp	10.6 bp −$11	33.0 bp −$330	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

SKY on 18 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
Injective SKY/USDC PERPshort	+0.0033%	1h	0.06893	+1.323%	$376	$303K	12x
BloFin SKY-USDTlong	+0.0075%	4h	0.06803	long leg	$577K	$28K	75x
Lighter SKY	+0.0096%	1h	0.06802	−0.019%	$179K	$107K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06800	−0.048%	$69K	$31K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06802	−0.012%	$41K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06801	−0.026%	$15.4M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06795	−0.118%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06798	−0.073%	$795K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06791	−0.176%	$576K	$291K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06802	−0.015%	$1.0M	$274K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06803	0.000%	$399K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06802	−0.015%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06803	0.000%	—	$2.5M	—	as long as short
Variational Omni SKY	+0.0100%	4h	0.06783	−0.289%	$181K	$98K	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06812	+0.132%	$27K	$648K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06803	−0.004%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0138%	1h	0.06810	+0.104%	$2.8M	$861K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0520% / S −0.0248%	1h	0.06803	0.000%	$81K	—	50x	as long as short