Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1818%/8h= −199.1% APRpaid last 24h −0.163%

Price spread now: KuCoin against Phoenix−0.263%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 KuCoin

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 −$55 a day on $10k at the current rate, and KuCoin is 0.263% cheaper against Phoenix than usual: you would sell low and buy high (−$26 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	0.02055	0.1918	pay 0.0240% / 1h	3m 03s	$4K	$10K	3x
Short	KuCoin SKRUSDTM	0.02050	0.0100	get 0.0050% / 4h	1h 03m	$635K	$723K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$381.88
Price spread: −0.263% → 0.000%: −$26.27
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$427.15
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 21 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 KuCoin live order book, 21 min ago	7.74 bp	207.8 bp −$208	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	0.02053	−0.126%	$230K	$159K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02047	−0.389%	$9K	$21K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02052	−0.151%	$1.3M	$806K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02050	−0.281%	$27K	$34K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02053	−0.130%	$3.5M	$13.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02054	−0.092%	$4.4M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02051	−0.195%	$995K	$558K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02051	−0.214%	$4.2M	$474K	20x	as long as short
KuCoin SKRUSDTMshort	+0.0100%	4h	0.02050	−0.263%	$635K	$723K	20x
Bitget SKRUSDT	+0.0100%	4h	0.02051	−0.219%	$1.5M	$1.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02052	−0.151%	—	$2.3M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02048	−0.375%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02051	−0.204%	$13K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0165%	1h	0.02050	−0.238%	$49K	$183K	5x	as long as short
Phoenix SKRlong	+0.1918%	1h	0.02055	long leg	$4K	$10K	3x