Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex−0.088%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.397%+$40 · spread now −0.088%, 7d avg −0.046%

Together, before fees+0.427%+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.043% cheaper against Phemex than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of −0.046%). If the spread goes back, that is −$4 on $10k: about 2.8 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.031% in total) that is about 9.7 days.

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 23m	$1.5M	$1.1M	10x
Short	Polymarket Perps SKHY-USD	192.58	0.0050	get 0.0006% / 1h	23m 55s	$188K	$456K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.088%Rate

Funding earned: $10.5
Price spread: −0.088% → −0.046%: −$4.26
Slippage, 4 orders: −$70.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$83.95
Costs to cover: 0.902%
Break-even: 63.0 days

Slippage from Phemex: live order book, 4 min ago; Polymarket Perps: 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 Polymarket Perps live order book, 39 min ago	2.85 bp	6.9 bp −$7	7.3 bp −$73	10.1 bp −$1,009	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-INTX	−0.0032%	1h	192.90	+0.078%	$45K	$874K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.75	+0.001%	$248K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.73	−0.008%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.80	+0.025%	$206.3M	$390.1M	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	192.84	+0.047%	$46.7M	$69.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	192.78	+0.016%	$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-USDshort	+0.0050%	1h	192.58	−0.088%	$188K	$456K	10x
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