Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0677%/8h= +74.2% APRpaid last 24h +0.221%

Price spread now: Phoenix against BingX−0.408%49s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.408% cheaper against BingX than usual: you would sell low and buy high (spread −0.408% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$41 on $10k: about 2.0 days of funding at the current rate (+$20 a day). The two prices were read 49 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	BingX SKR-USDT	0.02182	0.0070	pay 0.0035% / 4h	3h 26m	—	$2.4M	—
Short	Phoenix SKR	0.02173	0.0747	get 0.0093% / 1h	26m 47s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.408%Rate

Funding earned: $142.22
Price spread: −0.408% → 0.000%: −$40.8
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $84.42
Costs to cover: 0.170%
Break-even: 2.8 days

Slippage unknown: BingX: live order book, 7 min ago; Phoenix: no order-book sample. Net counts fees only.

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	5.54 bp	39.0 bp −$39	170.7 bp −$1,707	518.8 bp −$51.9K	989.9 bp −$494.9K
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0059%	4h	0.02179	−0.101%	$242K	$173K	20x	as long as short
BingX SKR-USDTlong	+0.0070%	4h	0.02182	long leg	—	$2.4M	—
Lighter SKR	+0.0096%	1h	0.02176	−0.238%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02182	+0.005%	$1.4M	$816K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02179	−0.101%	$29K	$38K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02182	+0.009%	$3.7M	$13.8M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02181	−0.028%	$4.5M	$480K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02178	−0.151%	$666K	$736K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02180	−0.064%	$1.6M	$1.4M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02173	−0.371%	$1K	$2.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SKR-USDT	+0.0100%	4h	0.02180	−0.083%	$14K	$34K	20x	as long as short
Bybit SKRUSDT	+0.0365%	4h	0.02182	+0.005%	$4.6M	$5.4M	20x	as long as short
Gate SKR_USDT	+0.0520%	4h	0.02179	−0.105%	$1.1M	$575K	20x	as long as short
Phoenix SKRshort	+0.0747%	1h	0.02173	−0.408%	$4K	$10K	3x
Backpack SKR_USDC_PERP	+0.0801%	1h	0.02177	−0.215%	$52K	$165K	5x	as long as short