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: MEXC against Phoenix−0.610%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 MEXC

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 MEXC is 0.610% cheaper against Phoenix than usual: you would sell low and buy high (−$61 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	0.02164	0.1502	pay 0.0188% / 1h	0m 55s	$4K	$10K	3x
Short	MEXC SKR_USDT	0.02151	0.0100	get 0.0050% / 4h	3h 00m	$4.4M	$468K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.610%Rate

Funding earned: −$294.43
Price spread: −0.610% → 0.000%: −$61
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$366.43
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	2.32 bp	8.9 bp −$9	52.3 bp −$523	181.1 bp −$18.1K	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	0.02157	−0.310%	$242K	$162K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02152	−0.555%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02149	−0.707%	$9K	$22K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02153	−0.527%	$1.4M	$734K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02155	−0.418%	$27K	$31K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02151	−0.605%	$3.7M	$12.6M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02152	−0.578%	$4.6M	$5.1M	20x	as long as short
MEXC SKR_USDTshort	+0.0100%	4h	0.02151	−0.610%	$4.4M	$468K	20x
KuCoin SKRUSDTM	+0.0100%	4h	0.02154	−0.476%	$700K	$695K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02151	−0.615%	$1.5M	$1.2M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKR-USDT	+0.0100%	4h	0.02147	−0.786%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02158	−0.296%	$14K	$36K	20x	as long as short
Gate SKR_USDT	+0.0154%	4h	0.02154	−0.457%	$1.0M	$535K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0665%	1h	0.02151	−0.601%	$52K	$197K	5x	as long as short
Phoenix SKRlong	+0.1502%	1h	0.02164	long leg	$4K	$10K	3x