Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.034%

Price spread now: BingX against Backpack+0.208%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$157as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$1041.037% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.536%−$54 on $10k

Price spread, last 4 days (all we have)−0.209%−$21 · spread now +0.208%, 7d avg +0.001%

Together, before fees−0.746%−$75 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.207% dearer against Backpack than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02068	0.0100	pay 0.0013% / 1h	50m 23s	$55K	$205K	5x
Short	BingX SKR-USDT	0.02072	0.0100	get 0.0050% / 4h	50m 23s	—	$2.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee BingXbpOrdersPrice spread, now +0.208%Rate

Funding earned: $0
Price spread: +0.208% → +0.001%: $20.74
Slippage, 4 orders: −$83.69
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$82.95
Costs to cover: 1.037%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; BingX: live order book, 7 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 Backpack live order book, 56 min ago	3.34 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	4.82 bp	28.3 bp −$28	105.6 bp −$1,056	517.1 bp −$51.7K	996.7 bp −$498.4K

SKR on 15 exchanges

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
BloFin SKR-USDT	+0.0090%	4h	0.02066	−0.097%	$228K	$163K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02066	−0.087%	$7K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02071	+0.169%	$1.4M	$1.6M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02069	+0.047%	$16K	$135K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02071	+0.150%	$3.5M	$28.5M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02072	+0.203%	$4.5M	$11.0M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02071	+0.140%	$969K	$1.7M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02071	+0.140%	$4.9M	$801K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02070	+0.111%	$696K	$1.6M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02071	+0.169%	$1.6M	$3.6M	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDTshort	+0.0100%	4h	0.02072	+0.208%	—	$2.8M	—
Backpack SKR_USDC_PERPlong	+0.0100%	1h	0.02068	long leg	$55K	$205K	5x
SunX SKR-USDT	+0.0100%	4h	0.02065	−0.135%	$2K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02062	−0.290%	$14K	$40K	20x	as long as short
Phoenix SKR	+0.0386%	1h	0.02064	−0.179%	$3K	$11K	3x	as long as short