Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0643%/8h= +70.5% APRpaid last 24h +0.194%

Price spread now: Phoenix against SunX+0.130%69s7-day average — · you sell dearer than you buy

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

Long on SunX Short on Phoenix

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 for this trade now. Funding pays +$19 a day on $10k at the current rate, and Phoenix is 0.130% dearer against SunX than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 69 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	SunX SKR-USDT	0.02084	0.0100	pay 0.0050% / 4h	1h 55m	$2K	$2.3M	20x
Short	Phoenix SKR	0.02086	0.0743	get 0.0093% / 1h	55m 35s	$4K	$10K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.130%Rate

Funding earned: $135.11
Price spread: +0.130% → 0.000%: $12.96
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $133.07
Costs to cover: 0.150%
Break-even: 0.1 days

Slippage unknown: SunX: live order book, 1 min ago; Phoenix: no order-book sample. 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 SunX live order book, 1 min ago	27.83 bp	42.1 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 14 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
Lighter SKR	+0.0096%	1h	0.02078	−0.259%	$9K	$21K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02085	+0.048%	$1.3M	$787K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02085	+0.079%	$28K	$34K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02084	+0.020%	$3.6M	$13.1M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02082	−0.067%	$4.5M	$5.2M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02085	+0.091%	$1.0M	$546K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02084	+0.043%	$4.3M	$469K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02083	−0.014%	$656K	$719K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02084	+0.038%	$1.5M	$1.2M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02084	+0.019%	—	$2.4M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02087	+0.139%	$50K	$200K	5x	as long as short
SunX SKR-USDTlong	+0.0100%	4h	0.02084	long leg	$2K	$2.3M	20x
HTX SKR-USDT	+0.0100%	4h	0.02087	+0.163%	$14K	$36K	20x	as long as short
Phoenix SKRshort	+0.0743%	1h	0.02086	+0.130%	$4K	$10K	3x