Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0429%/8h= −47.0% APRpaid last 24h −0.016%

Price spread now: Deribit against Bitget−0.047%7-day average +0.013% · 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−$49as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.047%, 7d avg +0.013%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Deribit is 0.059% cheaper against Bitget than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.017% in total (about -1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SKHYUSDT	193.17	0.0429	pay 0.0429% / 8h	6h 57m	$25.6M	$26.6M	20x
Short	Deribit SKHY_USDC-PERPETUAL	193.08	0	get 0.0000% / 1h	57m 51s	$48K	$270K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$90.09
Price spread: −0.047% → +0.013%: −$5.94
Slippage, 4 orders: −$24.35
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$139.38
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Deribit: live order book, 11 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 Bitget live order book, 1 min ago	0.78 bp	9.0 bp −$9	18.6 bp −$186	34.2 bp −$3,420	doesn't fit
Sell Deribit live order book, 11 min ago	8.79 bp	13.8 bp −$14	18.4 bp −$184	doesn't fit	doesn't fit

SKHY on 31 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
edgeX SKHYUSDC	−0.0880%	4h	193.20	+0.015%	$582K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	193.24	+0.036%	$54K	$870K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.18	+0.008%	$249K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.08	−0.046%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.14	−0.016%	$211.3M	$385.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.17	0.000%	$15.7M	$27.1M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.19	+0.010%	$46.9M	$68.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.11	−0.031%	$25.8M	$18.5M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	193.13	−0.020%	$1.7M	$2.3M	—	as long as short
SunX SKHY-USDT	0.0000%	8h	193.46	+0.150%	$708	$6.7M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SKHY_USDC-PERPETUALshort	0.0000%	1h	193.08	−0.047%	$48K	$270K	10x
HTX SKHY-USDT	0.0000%	8h	193.07	−0.052%	$160K	$377K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	193.04	−0.067%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0002%	1h	193.11	−0.031%	$1.2M	$4.9M	10x	as long as short
Nado SKHY-PERP	+0.0021%	1h	193.15	−0.011%	$44K	$20K	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.01	−0.083%	$1.0M	$654K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.96	−0.109%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	193.23	+0.031%	$57K	$153K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.17	0.000%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.18	+0.005%	$197K	$258K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.08	−0.047%	$163.3M	$66.7M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	193.08	−0.047%	$190K	$454K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	193.07	−0.052%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.09	−0.041%	$541K	$1.7M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	193.18	+0.005%	$1.1M	$279K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.20	+0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.22	+0.026%	$2.2M	$446K	50x	as long as short
Phoenix SKHY	+0.0335%	1h	193.41	+0.124%	$218K	$119K	10x	as long as short
GRVT SKHY_USDT_Perp	+0.0341%	8h	193.23	+0.032%	$22K	$192K	10x	as long as short
Bitget SKHYUSDTlong	+0.0429%	8h	193.17	long leg	$25.6M	$26.6M	20x
Kraken Futures PF_SKHYUSD	+0.0705%	1h	193.19	+0.010%	$51K	$17K	20x	as long as short