Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h +0.030%

Price spread now: Backpack against Gate−0.033%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$274as in the Price arb table

costs, in and out, $10k−$2662.658% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.530%+$53 on $10k

Price spread, last 4 days (all we have)+0.095%+$9 · spread now −0.033%, 7d avg +0.049%

Together, before fees+0.625%+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.082% cheaper against Gate than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.530%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SKR_USDT	0.02106	0.0100	pay 0.0050% / 4h	1h 34m	$994K	$1.6M	20x
Short	Backpack SKR_USDC_PERP	0.02105	−0.0034	pay 0.0004% / 1h	34m 41s	$56K	$208K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$28.07
Price spread: −0.033% → +0.049%: −$8.24
Slippage, 4 orders: −$240.77
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$302.08
Costs to cover: 2.658%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 4 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 Gate live order book, 3 min ago	10.97 bp	94.7 bp −$95	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	3.81 bp	27.1 bp −$27	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	0.02107	+0.043%	$245K	$167K	20x	as long as short
Backpack SKR_USDC_PERPshort	−0.0034%	1h	0.02105	−0.033%	$56K	$208K	5x
Lighter SKR	+0.0096%	1h	0.02105	−0.033%	$8K	$26K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02106	−0.014%	$1.4M	$1.4M	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02103	−0.132%	$25K	$117K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02104	−0.099%	$3.7M	$27.0M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02107	+0.047%	$4.7M	$10.4M	20x	as long as short
Gate SKR_USDTlong	+0.0100%	4h	0.02106	long leg	$994K	$1.6M	20x
MEXC SKR_USDT	+0.0100%	4h	0.02105	−0.066%	$5.0M	$827K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02103	−0.152%	$640K	$1.4M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02107	+0.033%	$1.6M	$3.5M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02104	−0.076%	—	$2.8M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02103	−0.157%	$2K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02099	−0.323%	$14K	$40K	20x	as long as short
Phoenix SKR	+0.0377%	1h	0.02099	−0.323%	$4K	$10K	3x	as long as short