Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0213%/8h= +23.3% APRpaid last 24h +0.095%

Price spread now: Phoenix against OKX−0.043%46s7-day average +0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as 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−$370.373% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 4 days (all we have)+0.514%+$51 · spread now −0.043%, 7d avg +0.151%

Together, before fees+0.810%+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.194% cheaper against OKX than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of +0.151%). If the spread goes back, that is −$19 on $10k: about 3.0 days of funding at the current rate (+$6 a day). The two prices were read 46 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	OKX SKHY-USDT-SWAP	186.61	0	get 0.0000% / 8h	1h 24m	$44.6M	$77.7M	50x
Short	Phoenix SKHY	186.53	0.0213	get 0.0027% / 1h	24m 35s	$209K	$115K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.043%Rate

Funding earned: $44.66
Price spread: −0.043% → +0.151%: −$19.41
Slippage, 4 orders: −$20.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.05
Costs to cover: 0.373%
Break-even: 8.9 days

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 12 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 OKX live order book, 4 min ago	0.27 bp	6.1 bp −$6	8.4 bp −$84	39.0 bp −$3,902	doesn't fit
Sell Phoenix live order book, 12 min ago	3.75 bp	12.7 bp −$13	27.5 bp −$275	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	−0.1300%	8h	186.82	+0.113%	$25.0M	$31.7M	20x	as long as short
edgeX SKHYUSDC	−0.0762%	4h	186.50	−0.061%	$562K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0286%	1h	186.61	0.000%	$49K	$343K	10x	as long as short
Nado SKHY-PERP	−0.0189%	1h	186.79	+0.099%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0181%	1h	186.60	−0.005%	$158.6M	$74.7M	10x	as long as short
Popdex SKHYUSDT	−0.0168%	1h	186.70	+0.048%	$197K	$275K	20x	as long as short
Polymarket Perps SKHY-USD	−0.0167%	1h	186.53	−0.043%	$180K	$487K	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0139%	1h	186.57	−0.019%	$47K	$19K	20x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	187.75	+0.611%	$63K	$902K	10x	as long as short
Lighter SKHY	−0.0072%	1h	186.56	−0.027%	$954K	$1.1M	10x	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	−0.0049%	1h	186.67	+0.032%	$1.2M	$4.2M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0038%	1h	186.39	−0.118%	$515K	$2.6M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.70	+0.047%	$226K	$919K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.58	−0.019%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.59	−0.011%	$199.1M	$439.9M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.65	+0.021%	$15.9M	$29.3M	100x	as long as short
OKX SKHY-USDT-SWAPlong	0.0000%	8h	186.61	long leg	$44.6M	$77.7M	50x
Gate SKHY_USDT	0.0000%	8h	186.62	+0.005%	$25.6M	$20.5M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.64	+0.017%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.51	−0.054%	$22K	$230K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.88	+0.145%	$684	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.50	−0.059%	$155K	$366K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	186.57	−0.021%	$1.5M	$1.1M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	186.54	−0.038%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.51	−0.054%	$59K	$165K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.67	+0.032%	—	$24K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.59	−0.011%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0083%	8h	186.54	−0.038%	$1.1M	$327K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.61	0.000%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.58	−0.016%	$2.2M	$421K	50x	as long as short
Phoenix SKHYshort	+0.0213%	1h	186.53	−0.043%	$209K	$115K	10x