Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0519%/8h= −56.9% APRpaid last 24h −0.233%

Price spread now: BloFin against Phoenix−0.285%7-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 BloFin

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 −$16 a day on $10k at the current rate, and BloFin is 0.285% cheaper against Phoenix than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKR	0.02105	0.0379	pay 0.0047% / 1h	47m 04s	$4K	$10K	3x
Short	BloFin SKR-USDT	0.02099	−0.0140	pay 0.0070% / 4h	1h 47m	$236K	$152K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.285%Rate

Funding earned: −$109.09
Price spread: −0.285% → 0.000%: −$28.5
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$156.59
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 29 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 BloFin live order book, 29 min ago	3.07 bp	34.4 bp −$34	doesn't fit	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
Backpack SKR_USDC_PERP	−0.0392%	1h	0.02096	−0.442%	$50K	$218K	5x	as long as short
BloFin SKR-USDTshort	−0.0140%	4h	0.02099	−0.285%	$236K	$152K	20x
Lighter SKR	+0.0096%	1h	0.02092	−0.608%	$14K	$17K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02097	−0.404%	$1.3M	$734K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02097	−0.371%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02096	−0.427%	$3.5M	$11.9M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02097	−0.409%	$4.5M	$4.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02097	−0.385%	$1.0M	$528K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02096	−0.428%	$4.3M	$479K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02098	−0.333%	$679K	$684K	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	0.02099	−0.295%	$1.5M	$1.1M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02097	−0.399%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02092	−0.613%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02104	−0.067%	$14K	$37K	20x	as long as short
Phoenix SKRlong	+0.0379%	1h	0.02105	long leg	$4K	$10K	3x