Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.096%

Price spread now: Phoenix against Phemex+0.192%47s7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as 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−$1091.089% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.318%+$32 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.192%, 7d avg +0.114%

Together, before fees+0.255%+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.078% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.114%. The two prices were read 47 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	Phemex SKHYUSDT	187.66	0	get 0.0000% / 8h	2h 09m	$1.5M	$1.1M	10x
Short	Phoenix SKHY	188.02	0.0254	get 0.0032% / 1h	9m 31s	$211K	$124K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.192%Rate

Funding earned: $53.38
Price spread: +0.192% → +0.114%: $7.82
Slippage, 4 orders: −$89.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.67
Costs to cover: 1.089%
Break-even: 13.3 days

Slippage from Phemex: live order book, 3 min ago; Phoenix: live order book, 32 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, 3 min ago	2.67 bp	40.6 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 32 min ago	3.72 bp	12.6 bp −$13	27.4 bp −$274	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	−0.1201%	8h	187.84	+0.096%	$25.1M	$31.3M	20x	as long as short
edgeX SKHYUSDC	−0.0375%	4h	187.52	−0.074%	$565K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0229%	1h	187.62	−0.021%	$48K	$336K	10x	as long as short
Nado SKHY-PERP	−0.0146%	1h	187.92	+0.140%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0117%	1h	187.80	+0.075%	$159.4M	$74.1M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0093%	1h	187.70	+0.021%	$181K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0024%	1h	187.32	−0.181%	$61K	$897K	10x	as long as short
QFEX SKHY-USD	−0.0014%	1h	187.78	+0.064%	$1.2M	$4.1M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0010%	1h	187.65	−0.005%	$516K	$2.6M	10x	as long as short
Lighter SKHY	−0.0008%	1h	187.77	+0.059%	$930K	$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	187.89	+0.124%	$229K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.78	+0.064%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	187.83	+0.092%	$201.5M	$433.7M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.79	+0.069%	$15.9M	$30.2M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.71	+0.027%	$44.7M	$77.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.83	+0.091%	$25.3M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.51	−0.079%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.67	+0.003%	$22K	$223K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	187.85	+0.101%	$688	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.50	−0.085%	$155K	$371K	50x	as long as short
Phemex SKHYUSDTlong	0.0000%	8h	187.66	long leg	$1.5M	$1.1M	10x
Lighter RH SKHY	+0.0032%	1h	187.78	+0.064%	$1.1M	$1.6M	10x	as long as short
Popdex SKHYUSDT	+0.0032%	1h	187.78	+0.064%	$196K	$273K	20x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.41	−0.133%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	187.83	+0.091%	—	$12K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.52	−0.075%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	187.81	+0.080%	$1.1M	$322K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.64	−0.011%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	187.63	−0.016%	$2.1M	$416K	50x	as long as short
Phoenix SKHYshort	+0.0254%	1h	188.02	+0.192%	$211K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0261%	1h	187.68	+0.012%	$47K	$19K	20x	as long as short