Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.038%

Price spread now: Backpack against BloFin−0.383%66s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as 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−$1051.047% of the position

Long on BloFin Short on Backpack

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)+0.880%+$88 · spread now −0.383%, 7d avg −0.018%

Together, before fees+1.592%+$159 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.365% cheaper against BloFin than usual: you would sell low and buy high (spread −0.383% now, against its 7-day average of −0.018%). If the spread goes back, that is −$36 on $10k: about 5.1 days of funding at the current rate (+$7 a day). 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	BloFin SKR-USDT	0.02113	−0.0140	get 0.0070% / 4h	2h 03m	$239K	$152K	20x
Short	Backpack SKR_USDC_PERP	0.02105	0.0100	get 0.0013% / 1h	3m 29s	$50K	$220K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.383%Rate

Funding earned: $50.4
Price spread: −0.383% → −0.018%: −$36.5
Slippage, 4 orders: −$82.71
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$90.81
Costs to cover: 1.047%
Break-even: 19.6 days

Slippage from BloFin: live order book, 12 min ago; Backpack: live order book, 20 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 BloFin live order book, 12 min ago	3.07 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 20 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-USDTlong	−0.0140%	4h	0.02113	long leg	$239K	$152K	20x
Lighter SKR	+0.0096%	1h	0.02100	−0.577%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02107	−0.289%	$1.3M	$735K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02105	−0.365%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02105	−0.362%	$3.6M	$11.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02105	−0.364%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02106	−0.331%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02106	−0.341%	$4.4M	$493K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02107	−0.251%	$683K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02107	−0.275%	$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	0.02105	−0.374%	—	$2.3M	—	as long as short
Backpack SKR_USDC_PERPshort	+0.0100%	1h	0.02105	−0.383%	$50K	$220K	5x
SunX SKR-USDT	+0.0100%	4h	0.02102	−0.516%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02107	−0.293%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.1507%	1h	0.02110	−0.123%	$4K	$10K	3x	as long as short