Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.013%

Price spread now: Phemex against Coinbase International−0.083%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$960.956% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now −0.083%, 7d avg −0.106%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.023% dearer against Coinbase International than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.106%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SKHY-PERP-INTX	192.90	−0.0032	get 0.0004% / 1h	25m 44s	$45K	$874K	10x
Short	Phemex SKHYUSDT	192.74	0	get 0.0000% / 8h	5h 25m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.083%Rate

Funding earned: $6.72
Price spread: −0.083% → −0.106%: $2.34
Slippage, 4 orders: −$73.59
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$86.53
Costs to cover: 0.956%
Break-even: 97.1 days

Slippage from Coinbase International: live order book, 38 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 38 min ago	4.41 bp	9.4 bp −$9	14.6 bp −$146	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.08 bp	39.1 bp −$39	doesn't fit	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	−0.0139%	4h	192.84	−0.032%	$581K	$289K	10x	as long as short
Coinbase International SKHY-PERP-INTXlong	−0.0032%	1h	192.90	long leg	$45K	$874K	10x
Aster SKHYUSDT	0.0000%	8h	192.74	−0.081%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.68	−0.113%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.74	−0.084%	$206.5M	$389.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.72	−0.093%	$15.7M	$27.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.73	−0.088%	$46.7M	$69.3M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.67	−0.119%	$25.8M	$19.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	192.70	−0.106%	$1.6M	$1.2M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	192.82	−0.041%	$23K	$195K	10x	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	192.99	+0.047%	$707	$6.4M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.66	−0.124%	$160K	$368K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	192.74	−0.083%	$1.5M	$1.1M	10x
QFEX SKHY-USD	+0.0004%	1h	192.67	−0.119%	$1.2M	$4.3M	10x	as long as short
Lighter SKHY	+0.0032%	1h	192.59	−0.161%	$1.0M	$688K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.61	−0.150%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.70	−0.104%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.65	−0.130%	—	$11K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.70	−0.104%	$199K	$256K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.63	−0.140%	$161.2M	$67.2M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.63	−0.140%	$188K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.69	−0.109%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.65	−0.130%	$584K	$2.2M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	192.73	−0.088%	$1.1M	$290K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.73	−0.088%	$2K	$4K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0113%	1h	192.74	−0.083%	$49K	$295K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	192.65	−0.130%	$2.2M	$445K	50x	as long as short
Bitget SKHYUSDT	+0.0135%	8h	192.79	−0.057%	$25.4M	$26.7M	20x	as long as short
Nado SKHY-PERP	+0.0168%	1h	192.64	−0.134%	$38K	$26K	10x	as long as short
Phoenix SKHY	+0.0332%	1h	192.88	−0.010%	$216K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0546%	1h	192.83	−0.037%	$51K	$17K	20x	as long as short