Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0635%/8h= −69.6% APRpaid last 24h −0.219%

Price spread now: Binance against Phoenix−2.277%65s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Binance

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 against this trade now: funding costs −$19 a day on $10k at the current rate, and Binance is 2.277% cheaper against Phoenix than usual: you would sell low and buy high (−$228 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	Phoenix SKR	0.02174	0.0735	pay 0.0092% / 1h	30m 32s	$4K	$10K	3x
Short	Binance SKRUSDT	0.02125	0.0100	get 0.0050% / 4h	2h 30m	$3.9M	$24.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −2.277%Rate

Funding earned: −$133.45
Price spread: −2.277% → 0.000%: −$227.68
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$378.13
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 10 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 10 min ago	3.94 bp	31.8 bp −$32	201.1 bp −$2,011	doesn't fit	doesn't fit

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	−0.0472%	4h	0.02129	−2.061%	$278K	$166K	20x	as long as short
Bybit SKRUSDT	−0.0402%	4h	0.02123	−2.341%	$4.8M	$9.6M	20x	as long as short
Hyperliquid SKR	−0.0378%	1h	0.02126	−2.203%	$1.4M	$1.3M	3x	as long as short
Backpack SKR_USDC_PERP	−0.0183%	1h	0.02128	−2.102%	$56K	$203K	5x	as long as short
Lighter SKR	+0.0096%	1h	0.02121	−2.442%	$8K	$23K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02121	−2.458%	$26K	$111K	5x	as long as short
Binance SKRUSDTshort	+0.0100%	4h	0.02125	−2.277%	$3.9M	$24.8M	20x
Gate SKR_USDT	+0.0100%	4h	0.02124	−2.304%	$1.0M	$1.6M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02128	−2.116%	$5.1M	$812K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02126	−2.231%	$700K	$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	0.02131	−2.001%	$1.6M	$3.3M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02125	−2.263%	—	$2.7M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02125	−2.235%	$2K	$3.0M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02131	−1.969%	$14K	$39K	20x	as long as short
Phoenix SKRlong	+0.0735%	1h	0.02174	long leg	$4K	$10K	3x