Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0639%/8h= +70.0% APRpaid last 24h +0.215%

Price spread now: Phoenix against Bybit+0.633%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Phoenix is 0.633% dearer against Bybit than usual: you sell high and buy low: +$63 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKRUSDT	0.02166	0.0108	pay 0.0054% / 4h	3h 21m	$4.6M	$5.4M	20x
Short	Phoenix SKR	0.02179	0.0747	get 0.0093% / 1h	21m 11s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.633%Rate

Funding earned: $134.15
Price spread: +0.633% → 0.000%: $63.26
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $179.42
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.85 bp	38.9 bp −$39	133.6 bp −$1,336	doesn't fit	doesn't fit
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	−0.0072%	4h	0.02166	+0.018%	$242K	$172K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02160	−0.240%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02165	−0.018%	$1.4M	$818K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02165	−0.041%	$30K	$38K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02165	−0.043%	$3.7M	$13.8M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02164	−0.069%	$4.5M	$480K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02165	−0.018%	$665K	$736K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02165	−0.028%	$1.5M	$1.4M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02160	−0.272%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02164	−0.055%	$14K	$34K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SKRUSDTlong	+0.0108%	4h	0.02166	long leg	$4.6M	$5.4M	20x
BingX SKR-USDT	+0.0290%	4h	0.02164	−0.060%	—	$2.4M	—	as long as short
Gate SKR_USDT	+0.0362%	4h	0.02166	+0.005%	$1.1M	$579K	20x	as long as short
Phoenix SKRshort	+0.0747%	1h	0.02179	+0.633%	$4K	$10K	3x
Backpack SKR_USDC_PERP	+0.0784%	1h	0.02163	−0.102%	$52K	$165K	5x	as long as short