Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.018%

Price spread now: Backpack against BingX−0.028%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

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

costs, in and out, $10k−$910.912% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.511%+$51 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.028%, 7d avg −0.005%

Together, before fees+0.565%+$56 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: Backpack is 0.023% cheaper against BingX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SKR-USDT	0.02125	0.0100	pay 0.0050% / 4h	2h 22m	—	$2.4M	—
Short	Backpack SKR_USDC_PERP	0.02125	0.0100	get 0.0013% / 1h	22m 15s	$51K	$225K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → −0.005%: −$2.34
Slippage, 4 orders: −$71.18
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$93.52
Costs to cover: 0.912%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Backpack: live order book, 1 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 BingX live order book, 7 min ago	5.86 bp	35.9 bp −$36	124.3 bp −$1,243	834.5 bp −$83.5K	1126.9 bp −$563.4K
Sell Backpack live order book, 1 min ago	1.65 bp	12.4 bp −$12	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-USDT	−0.0140%	4h	0.02133	+0.343%	$239K	$153K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02121	−0.212%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02126	+0.047%	$1.3M	$732K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02124	−0.050%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02124	−0.050%	$3.6M	$11.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02127	+0.071%	$4.6M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02129	+0.174%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02125	−0.014%	$4.4M	$491K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02127	+0.104%	$688K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02128	+0.108%	$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-USDTlong	+0.0100%	4h	0.02125	long leg	—	$2.4M	—
Backpack SKR_USDC_PERPshort	+0.0100%	1h	0.02125	−0.028%	$51K	$225K	5x
SunX SKR-USDT	+0.0100%	4h	0.02122	−0.174%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02131	+0.259%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.1507%	1h	0.02135	+0.447%	$4K	$10K	3x	as long as short