Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1402%/8h= −153.5% APRpaid last 24h −0.191%

Price spread now: Gate against Phoenix−0.207%92s7-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 Gate

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 −$42 a day on $10k at the current rate, and Gate is 0.207% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 92 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	0.02126	0.1502	pay 0.0188% / 1h	33m 40s	$4K	$10K	3x
Short	Gate SKR_USDT	0.02122	0.0100	get 0.0050% / 4h	3h 33m	$1.0M	$529K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.207%Rate

Funding earned: −$294.43
Price spread: −0.207% → 0.000%: −$20.69
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$337.13
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	7.78 bp	69.9 bp −$70	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
BloFin SKR-USDT	−0.0140%	4h	0.02124	−0.113%	$237K	$157K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02124	−0.089%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02120	−0.287%	$9K	$22K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02125	−0.047%	$1.3M	$719K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02122	−0.192%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02124	−0.089%	$3.6M	$12.4M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02122	−0.183%	$4.5M	$5.0M	20x	as long as short
Gate SKR_USDTshort	+0.0100%	4h	0.02122	−0.207%	$1.0M	$529K	20x
MEXC SKR_USDT	+0.0100%	4h	0.02125	−0.061%	$4.4M	$463K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02122	−0.212%	$686K	$689K	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	0.02124	−0.089%	$1.5M	$1.2M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02118	−0.395%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02127	+0.033%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0554%	1h	0.02121	−0.268%	$53K	$196K	5x	as long as short
Phoenix SKRlong	+0.1502%	1h	0.02126	long leg	$4K	$10K	3x