Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0446%/8h= +48.8% APRpaid last 24h +0.091%

Price spread now: Phoenix against KuCoin+0.331%78s7-day average +0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as 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−$740.744% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.332%+$33 on $10k

Price spread, last 4 days (all we have)+0.850%+$85 · spread now +0.331%, 7d avg +0.160%

Together, before fees+1.182%+$118 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.171% dearer against KuCoin than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.160%. The two prices were read 78 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	KuCoin SKHYUSDTM	184.53	−0.0231	get 0.0231% / 8h	7h 34m	$1.1M	$367K	20x
Short	Phoenix SKHY	185.14	0.0215	get 0.0027% / 1h	34m 11s	$207K	$123K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.331%Rate

Funding earned: $93.63
Price spread: +0.331% → +0.160%: $17.08
Slippage, 4 orders: −$55.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $36.29
Costs to cover: 0.744%
Break-even: 4.3 days

Slippage from KuCoin: live order book, 11 min ago; Phoenix: live order book, 58 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 KuCoin live order book, 11 min ago	4.59 bp	32.1 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 58 min ago	3.21 bp	10.7 bp −$11	22.7 bp −$227	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
Bitget SKHYUSDT	−0.1230%	8h	184.48	−0.027%	$25.5M	$34.8M	20x	as long as short
edgeX SKHYUSDC	−0.0952%	4h	184.87	+0.185%	$557K	$290K	10x	as long as short
GRVT SKHY_USDT_Perp	−0.0445%	8h	184.94	+0.224%	$22K	$243K	10x	as long as short
KuCoin SKHYUSDTMlong	−0.0231%	8h	184.53	long leg	$1.1M	$367K	20x
Bybit SKHYUSDT	−0.0156%	8h	184.54	+0.005%	$16.3M	$32.6M	100x	as long as short
tradeXYZ xyz:SKHY	−0.0114%	1h	184.42	−0.060%	$156.5M	$77.8M	10x	as long as short
Nado SKHY-PERP	−0.0073%	1h	184.66	+0.069%	$33K	$28K	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0056%	1h	184.51	−0.011%	$515K	$2.6M	10x	as long as short
Extended SKHY-USD	−0.0040%	1h	184.59	+0.032%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	−0.0036%	8h	184.59	+0.033%	$197.3M	$462.8M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SKHY-USD	−0.0028%	1h	184.49	−0.022%	$1.2M	$4.3M	10x	as long as short
HTX SKHY-USDT	−0.0018%	8h	184.42	−0.060%	$153K	$370K	50x	as long as short
Variational Omni SKHY	−0.0004%	8h	184.69	+0.089%	$1.6M	$1.0M	—	as long as short
Aster SKHYUSDT	0.0000%	8h	184.63	+0.054%	$265K	$951K	50x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	184.43	−0.054%	$43.7M	$81.8M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	184.52	−0.005%	$25.8M	$21.3M	75x	as long as short
SunX SKHY-USDT	0.0000%	8h	184.96	+0.233%	$677	$5.9M	10x	as long as short
Phemex SKHYUSDT	0.0000%	8h	184.71	+0.098%	$1.5M	$1.1M	10x	as long as short
Lighter SKHY	+0.0024%	1h	184.49	−0.022%	$982K	$1.3M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0024%	1h	187.58	+1.653%	$68K	$784K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	184.49	−0.022%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	184.49	−0.022%	$59K	$172K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	184.46	−0.038%	—	$34K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	184.53	0.000%	$201K	$288K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	184.44	−0.049%	$178K	$451K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	184.58	+0.027%	$41K	$12K	10x	as long as short
BloFin SKHY-USDT	+0.0085%	8h	184.67	+0.076%	$2.1M	$438K	50x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	184.64	+0.060%	$2K	$4K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0171%	1h	184.65	+0.062%	$48K	$20K	20x	as long as short
Phoenix SKHYshort	+0.0215%	1h	185.14	+0.331%	$207K	$123K	10x
Deribit SKHY_USDC-PERPETUAL	+0.0238%	1h	184.65	+0.065%	$47K	$353K	10x	as long as short