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: Coinbase International against Phemex+0.078%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

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

Long on Phemex Short on Coinbase International

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)+0.114%+$11 · spread now +0.078%, 7d avg +0.106%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.029% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.106%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SKHYUSDT	192.75	0	get 0.0000% / 8h	5h 24m	$1.5M	$1.1M	10x
Short	Coinbase International SKHY-PERP-INTX	192.90	−0.0032	pay 0.0004% / 1h	24m 08s	$45K	$874K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$6.72
Price spread: +0.078% → +0.106%: −$2.85
Slippage, 4 orders: −$73.59
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$105.17
Costs to cover: 0.956%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 39 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 Phemex live order book, 4 min ago	2.08 bp	36.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 39 min ago	4.41 bp	10.6 bp −$11	17.9 bp −$179	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	−0.0894%	4h	192.62	−0.068%	$581K	$289K	10x	as long as short
Coinbase International SKHY-PERP-INTXshort	−0.0032%	1h	192.90	+0.078%	$45K	$874K	10x
Aster SKHYUSDT	0.0000%	8h	192.72	−0.015%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.66	−0.047%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.78	+0.016%	$206.3M	$390.0M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.81	+0.031%	$15.7M	$27.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	192.80	+0.026%	$46.7M	$69.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.74	−0.005%	$25.8M	$19.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	192.70	−0.028%	$1.6M	$1.2M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	192.68	−0.036%	$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	193.07	+0.166%	$707	$6.4M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.70	−0.026%	$160K	$368K	50x	as long as short
Phemex SKHYUSDTlong	0.0000%	8h	192.75	long leg	$1.5M	$1.1M	10x
QFEX SKHY-USD	+0.0004%	1h	192.63	−0.062%	$1.2M	$4.3M	10x	as long as short
Lighter SKHY	+0.0032%	1h	192.68	−0.036%	$1.0M	$688K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.69	−0.031%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.67	−0.042%	$57K	$154K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.62	−0.067%	—	$11K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.73	−0.010%	$199K	$256K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.69	−0.031%	$161.2M	$67.2M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.58	−0.088%	$188K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.69	−0.031%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.59	−0.083%	$584K	$2.2M	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	192.70	−0.026%	$1.1M	$291K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.70	−0.026%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	192.59	−0.083%	$2.2M	$445K	50x	as long as short
Bitget SKHYUSDT	+0.0133%	8h	192.79	+0.021%	$25.4M	$26.8M	20x	as long as short
Nado SKHY-PERP	+0.0168%	1h	192.57	−0.094%	$38K	$26K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0217%	1h	192.78	+0.016%	$49K	$295K	10x	as long as short
Phoenix SKHY	+0.0332%	1h	192.88	+0.067%	$216K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0546%	1h	192.82	+0.036%	$51K	$17K	20x	as long as short