Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0372%/8h= −40.8% APRpaid last 24h −0.014%

Price spread now: Deribit against Binance−0.072%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$410.405% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now −0.072%, 7d avg +0.026%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Deribit is 0.097% cheaper against Binance than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.047% in total (about -4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SKHYUSDT	187.69	−0.0017	get 0.0017% / 8h	4h 55m	$197.6M	$471.8M	50x
Short	Deribit SKHY_USDC-PERPETUAL	187.56	−0.0389	pay 0.0049% / 1h	55m 33s	$52K	$496K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$78.21
Price spread: −0.072% → +0.026%: −$9.75
Slippage, 4 orders: −$23.53
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$128.49
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Deribit: live order book, 51 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 Binance live order book, 11 min ago	0.27 bp	6.5 bp −$6	8.1 bp −$81	23.4 bp −$2,341	93.3 bp −$46.6K
Sell Deribit live order book, 51 min ago	5.59 bp	9.6 bp −$10	13.3 bp −$133	doesn't fit	doesn't fit

SKHY on 31 exchanges

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
Kraken Futures PF_SKHYUSD	−0.2058%	1h	187.58	−0.060%	$51K	$36K	20x	as long as short
edgeX SKHYUSDC	−0.0796%	4h	187.69	0.000%	$566K	$285K	10x	as long as short
Deribit SKHY_USDC-PERPETUALshort	−0.0389%	1h	187.56	−0.072%	$52K	$496K	10x
Bitget SKHYUSDT	−0.0276%	8h	187.74	+0.024%	$26.1M	$36.5M	20x	as long as short
KuCoin SKHYUSDTM	−0.0204%	8h	187.68	−0.008%	$1.1M	$516K	20x	as long as short
Nado SKHY-PERP	−0.0168%	1h	187.74	+0.022%	$32K	$28K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0096%	1h	187.65	−0.024%	$110K	$739K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0087%	1h	187.65	−0.024%	$158.4M	$77.6M	10x	as long as short
Lighter SKHY	−0.0048%	1h	187.62	−0.040%	$981K	$1.4M	10x	as long as short
Binance SKHYUSDTlong	−0.0017%	8h	187.69	long leg	$197.6M	$471.8M	50x

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SKHY-USD	−0.0016%	1h	187.61	−0.043%	$55K	$7K	10x	as long as short
QFEX SKHY-USD	−0.0013%	1h	187.62	−0.040%	$1.2M	$4.2M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	187.61	−0.045%	$260K	$916K	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.68	−0.008%	$16.4M	$33.9M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.70	+0.003%	$44.5M	$85.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.63	−0.034%	$25.3M	$21.3M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.58	−0.063%	$1.5M	$951K	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.76	+0.035%	$22K	$255K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	187.90	+0.110%	$688	$5.4M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.58	−0.061%	$154K	$383K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	187.64	−0.029%	$1.5M	$1.1M	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0005%	1h	187.50	−0.104%	$523K	$2.5M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0013%	1h	187.56	−0.072%	$182K	$342K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	187.56	−0.072%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.65	−0.024%	$60K	$131K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	187.70	+0.003%	—	$40K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	187.69	−0.002%	$200K	$310K	20x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.64	−0.029%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.60	−0.050%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0110%	8h	187.74	+0.024%	$2.2M	$490K	50x	as long as short
Phoenix SKHY	+0.0255%	1h	188.00	+0.163%	$211K	$123K	10x	as long as short