Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.090%

Price spread now: Phoenix against Bybit−0.419%75s7-day average +0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.391% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 3 days (all we have)+0.868%+$87 · spread now −0.419%, 7d avg +0.141%

Together, before fees+1.150%+$115 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.560% cheaper against Bybit than usual: you would sell low and buy high (spread −0.419% now, against its 7-day average of +0.141%). If the spread goes back, that is −$56 on $10k: about 5.6 days of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.283% in total) that is about 14 days. The two prices were read 75 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	Bybit SKHYUSDT	193.16	0	get 0.0000% / 8h	7h 46m	$15.9M	$27.4M	100x
Short	Phoenix SKHY	192.35	0.0335	get 0.0042% / 1h	46m 11s	$217K	$120K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.419%Rate

Funding earned: $70.4
Price spread: −0.419% → +0.141%: −$56.03
Slippage, 4 orders: −$21.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.76
Costs to cover: 0.391%
Break-even: 9.5 days

Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 21 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 Bybit live order book, 2 min ago	0.26 bp	8.3 bp −$8	16.3 bp −$163	78.8 bp −$7,883	doesn't fit
Sell Phoenix live order book, 21 min ago	3.15 bp	11.0 bp −$11	23.2 bp −$232	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	−0.0833%	4h	192.72	−0.226%	$581K	$290K	10x	as long as short
Nado SKHY-PERP	−0.0065%	1h	193.14	−0.011%	$29K	$2K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.88	−0.143%	$256K	$921K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.18	+0.011%	$56K	$6K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.15	−0.005%	$213.6M	$384.6M	50x	as long as short
Bybit SKHYUSDTlong	0.0000%	8h	193.16	long leg	$15.9M	$27.4M	100x
OKX SKHY-USDT-SWAP	0.0000%	8h	193.21	+0.026%	$47.3M	$66.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.17	+0.005%	$26.4M	$17.5M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	193.15	−0.005%	$25.7M	$26.6M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	193.22	+0.029%	$1.6M	$2.3M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.46	+0.155%	$708	$7.0M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.12	−0.021%	$160K	$396K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.97	−0.098%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	193.18	+0.010%	$1.2M	$5.3M	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.06	−0.052%	$1.0M	$620K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	193.01	−0.078%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.99	−0.088%	$57K	$155K	10x	as long as short
KuCoin SKHYUSDTM	+0.0045%	8h	193.03	−0.067%	$1.1M	$276K	20x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.21	+0.026%	—	$13K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.24	+0.041%	$197K	$256K	20x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.25	+0.047%	$611K	$1.6M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	190.51	−1.372%	$171K	$682K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.19	+0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.42	+0.135%	$2.3M	$429K	50x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0268%	1h	193.26	+0.052%	$46K	$259K	10x	as long as short
GRVT SKHY_USDT_Perp	+0.0282%	8h	192.80	−0.187%	$23K	$202K	10x	as long as short
Phoenix SKHYshort	+0.0335%	1h	192.35	−0.419%	$217K	$120K	10x
Polymarket Perps SKHY-USD	+0.0396%	1h	193.15	−0.005%	$200K	$416K	10x	as long as short
tradeXYZ xyz:SKHY	+0.0516%	1h	193.07	−0.047%	$166.9M	$65.2M	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0708%	1h	193.25	+0.048%	$51K	$25K	20x	as long as short
SoDEX SKHY-USD	+0.1184%	1h	193.14	−0.010%	$43K	$13K	10x	as long as short