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: SunX against Phoenix−0.070%51s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$178as 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−$1461.461% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.321%−$32 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now −0.070%, 7d avg +0.021%

Together, before fees−0.207%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SunX is 0.091% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.021%). Swap the legs. The two prices were read 51 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	Phoenix SKHY	186.20	0.0213	pay 0.0027% / 1h	57m 25s	$209K	$123K	10x
Short	SunX SKHY-USDT	186.07	0	get 0.0000% / 8h	57m 25s	$681	$6.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. 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 PhoenixbpFee SunXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$44.66
Price spread: −0.070% → +0.021%: −$9.1
Slippage, 4 orders: −$131.13
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$199.88
Costs to cover: 1.461%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; SunX: live order book, 11 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 Phoenix live order book, 39 min ago	3.75 bp	12.7 bp −$13	27.5 bp −$275	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	29.69 bp	72.9 bp −$73	doesn't fit	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	−0.1359%	8h	186.04	−0.086%	$25.2M	$32.7M	20x	as long as short
edgeX SKHYUSDC	−0.0633%	4h	185.93	−0.146%	$560K	$289K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0503%	1h	185.84	−0.193%	$48K	$345K	10x	as long as short
Popdex SKHYUSDT	−0.0352%	1h	185.82	−0.204%	$203K	$285K	20x	as long as short
tradeXYZ xyz:SKHY	−0.0349%	1h	185.81	−0.209%	$157.8M	$76.9M	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0267%	1h	185.96	−0.130%	$48K	$21K	20x	as long as short
Polymarket Perps SKHY-USD	−0.0252%	1h	185.73	−0.252%	$179K	$487K	10x	as long as short
Nado SKHY-PERP	−0.0249%	1h	186.00	−0.106%	$33K	$28K	10x	as long as short
Lighter SKHY	−0.0144%	1h	185.81	−0.209%	$972K	$1.2M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0084%	1h	185.76	−0.236%	$520K	$2.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	187.58	+0.741%	$68K	$905K	10x	as long as short
QFEX SKHY-USD	−0.0061%	1h	185.82	−0.204%	$1.2M	$4.3M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.02	−0.094%	$223K	$925K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	185.77	−0.231%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	185.84	−0.194%	$199.2M	$448.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	185.85	−0.188%	$16.6M	$29.6M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	185.78	−0.226%	$44.4M	$78.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	185.83	−0.199%	$25.4M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.16	−0.020%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.25	+0.024%	$22K	$231K	10x	as long as short
SunX SKHY-USDTshort	0.0000%	8h	186.07	−0.070%	$681	$6.1M	10x
HTX SKHY-USDT	0.0000%	8h	185.84	−0.193%	$154K	$366K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	185.86	−0.183%	$1.5M	$1.1M	10x	as long as short
KuCoin SKHYUSDTM	+0.0001%	8h	185.98	−0.118%	$1.1M	$326K	20x	as long as short
Lighter RH SKHY	+0.0016%	1h	185.78	−0.226%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	185.97	−0.124%	$60K	$170K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	185.90	−0.161%	—	$32K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	185.79	−0.220%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	185.83	−0.199%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	185.96	−0.129%	$2.2M	$422K	50x	as long as short
Phoenix SKHYlong	+0.0213%	1h	186.20	long leg	$209K	$123K	10x