Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.010%

Price spread now: Injective against Binance−0.059%7-day average −0.054% · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 3 days (all we have)−0.112%−$11 · spread now −0.059%, 7d avg −0.054%

Together, before fees−0.304%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SKYUSDT	0.07203	0.0100	pay 0.0050% / 4h	2h 09m	$16.6M	$9.5M	75x
Short	Injective SKY/USDC PERP	0.07199	0.0033	get 0.0004% / 1h	9m 05s	$393	$222K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpFee InjectivebpOrdersPrice spread, now −0.059%Rate

Funding earned: −$14
Price spread: −0.059% → −0.054%: −$0.5
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$24.52
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 17 min ago; Injective: 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 Binance live order book, 17 min ago	0.69 bp	17.7 bp −$18	58.4 bp −$584	350.7 bp −$35.1K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

SKY on 18 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
Variational Omni SKY	−0.0539%	4h	0.07191	−0.172%	$207K	$94K	—	as long as short
Bybit SKYUSDT	−0.0115%	4h	0.07193	−0.142%	$7.9M	$3.3M	25x	as long as short
Injective SKY/USDC PERPshort	+0.0033%	1h	0.07199	−0.059%	$393	$222K	12x
Lighter SKY	+0.0096%	1h	0.07204	+0.011%	$189K	$163K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.07204	+0.004%	$71K	$26K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07208	+0.072%	$43K	$36K	20x	as long as short
Binance SKYUSDTlong	+0.0100%	4h	0.07203	long leg	$16.6M	$9.5M	75x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07188	−0.212%	$869K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07195	−0.114%	$618K	$254K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07203	−0.003%	$1.1M	$284K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07183	−0.281%	$442K	$287K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07206	+0.038%	$3.0M	$2.0M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07197	−0.087%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07209	+0.080%	$20K	$688K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07205	+0.031%	$699	$2K	10x	as long as short
BloFin SKY-USDT	+0.0113%	4h	0.07205	+0.024%	$608K	$610K	75x	as long as short
Hyperliquid SKY	+0.0377%	1h	0.07216	+0.174%	$3.0M	$885K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0534% / S −0.0248%	1h	0.07203	+0.002%	$85K	—	50x	as long as short