Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.036%

Price spread now: BloFin against Backpack−0.175%66s7-day average +0.019% · 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−$1071.073% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.712%−$71 on $10k

Price spread, last 3 days (all we have)−0.224%−$22 · spread now −0.175%, 7d avg +0.019%

Together, before fees−0.936%−$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BloFin is 0.195% cheaper against Backpack than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.019%). Swap the legs. The two prices were read 66 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	Backpack SKR_USDC_PERP	0.02112	0.0100	pay 0.0013% / 1h	16m 10s	$50K	$211K	5x
Short	BloFin SKR-USDT	0.02108	−0.0140	pay 0.0070% / 4h	1h 16m	$233K	$153K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.175%Rate

Funding earned: −$50.4
Price spread: −0.175% → +0.019%: −$19.45
Slippage, 4 orders: −$85.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$177.16
Costs to cover: 1.073%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; BloFin: live order book, 60 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, 2 min ago	1.90 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 60 min ago	3.07 bp	34.4 bp −$34	doesn't fit	doesn't fit	doesn't fit

SKR on 15 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
BloFin SKR-USDTshort	−0.0140%	4h	0.02108	−0.175%	$233K	$153K	20x
Lighter SKR	+0.0096%	1h	0.02106	−0.284%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02112	+0.005%	$1.3M	$742K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02109	−0.142%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02112	+0.028%	$3.5M	$12.0M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02112	+0.038%	$4.5M	$4.9M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02110	−0.090%	$1.0M	$530K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02112	+0.024%	$4.4M	$481K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02109	−0.128%	$679K	$684K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02113	+0.085%	$1.5M	$1.1M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02113	+0.043%	—	$2.4M	—	as long as short
Backpack SKR_USDC_PERPlong	+0.0100%	1h	0.02112	long leg	$50K	$211K	5x
SunX SKR-USDT	+0.0100%	4h	0.02109	−0.104%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02113	+0.081%	$14K	$36K	20x	as long as short
Phoenix SKR	+0.0379%	1h	0.02109	−0.118%	$4K	$10K	3x	as long as short