Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.005%

Price spread now: Deribit against Phemex+0.021%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1131.134% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now +0.021%, 7d avg +0.013%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.009% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SKHYUSDT	187.88	0	get 0.0000% / 8h	2h 07m	$1.5M	$1.1M	10x
Short	Deribit SKHY_USDC-PERPETUAL	187.92	−0.0388	pay 0.0049% / 1h	7m 52s	$48K	$336K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$81.51
Price spread: +0.021% → +0.013%: $0.83
Slippage, 4 orders: −$94.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$194.09
Costs to cover: 1.134%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 41 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, 5 min ago	2.67 bp	40.6 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 41 min ago	10.33 bp	14.9 bp −$15	17.7 bp −$177	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	−0.1192%	8h	188.02	+0.075%	$25.2M	$31.4M	20x	as long as short
Deribit SKHY_USDC-PERPETUALshort	−0.0388%	1h	187.92	+0.021%	$48K	$336K	10x
edgeX SKHYUSDC	−0.0375%	4h	187.52	−0.191%	$565K	$290K	10x	as long as short
Nado SKHY-PERP	−0.0146%	1h	188.00	+0.066%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0119%	1h	188.01	+0.069%	$159.5M	$74.1M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0095%	1h	187.78	−0.053%	$181K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0024%	1h	187.32	−0.298%	$61K	$897K	10x	as long as short
QFEX SKHY-USD	−0.0014%	1h	187.87	−0.005%	$1.2M	$4.1M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0010%	1h	187.65	−0.122%	$516K	$2.6M	10x	as long as short
Lighter SKHY	−0.0008%	1h	188.01	+0.069%	$931K	$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
Aster SKHYUSDT	0.0000%	8h	188.07	+0.100%	$229K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.89	+0.003%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	188.04	+0.087%	$201.7M	$434.3M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	188.00	+0.064%	$15.9M	$30.3M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	188.03	+0.080%	$44.8M	$77.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.96	+0.043%	$25.3M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.51	−0.196%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.67	−0.114%	$22K	$223K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	188.10	+0.117%	$688	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.71	−0.090%	$156K	$371K	50x	as long as short
Phemex SKHYUSDTlong	0.0000%	8h	187.88	long leg	$1.5M	$1.1M	10x
Popdex SKHYUSDT	+0.0024%	1h	187.93	+0.027%	$197K	$273K	20x	as long as short
Lighter RH SKHY	+0.0032%	1h	187.96	+0.043%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.52	−0.192%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	187.94	+0.032%	—	$12K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.80	−0.043%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	187.90	+0.011%	$1.1M	$323K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.91	+0.016%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	187.68	−0.106%	$2.1M	$416K	50x	as long as short
Phoenix SKHY	+0.0254%	1h	188.02	+0.075%	$211K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0260%	1h	187.95	+0.035%	$47K	$19K	20x	as long as short