Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0375%/8h= +41.1% APRpaid last 24h +0.095%

Price spread now: Phoenix against Bybit−0.037%75s7-day average +0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.418% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.293%+$29 on $10k

Price spread, last 4 days (all we have)+0.691%+$69 · spread now −0.037%, 7d avg +0.141%

Together, before fees+0.984%+$98 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.178% cheaper against Bybit than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.141%). If the spread goes back, that is −$18 on $10k: about 38 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.293% in total) that is about 4.2 days. The two prices were read 75 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	Bybit SKHYUSDT	190.84	0	get 0.0000% / 8h	3h 42m	$15.5M	$28.4M	100x
Short	Phoenix SKHY	190.77	0.0375	get 0.0047% / 1h	42m 12s	$214K	$124K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.037%Rate

Funding earned: $78.82
Price spread: −0.037% → +0.141%: −$17.78
Slippage, 4 orders: −$23.79
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.25
Costs to cover: 0.418%
Break-even: 5.3 days

Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 5 min ago.

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 Bybit live order book, 1 min ago	0.26 bp	8.3 bp −$8	14.6 bp −$146	89.1 bp −$8,914	doesn't fit
Sell Phoenix live order book, 5 min ago	3.67 bp	12.5 bp −$12	27.0 bp −$270	doesn't fit	doesn't fit

SKHY on 31 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
edgeX SKHYUSDC	−0.0765%	4h	190.76	−0.041%	$575K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+1.048%	$45K	$861K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.87	+0.013%	$248K	$892K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.80	−0.019%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.85	+0.008%	$200.6M	$402.8M	50x	as long as short
Bybit SKHYUSDTlong	0.0000%	8h	190.84	long leg	$15.5M	$28.4M	100x
OKX SKHY-USDT-SWAP	0.0000%	8h	190.81	−0.016%	$45.6M	$73.0M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.81	−0.016%	$25.6M	$19.4M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.86	+0.010%	$24.5M	$28.3M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	190.79	−0.025%	$1.6M	$1.1M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT SKHY_USDT_Perp	0.0000%	8h	190.68	−0.085%	$22K	$211K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	191.19	+0.183%	$700	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.80	−0.021%	$159K	$369K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	191.05	+0.110%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:SKHY	+0.0005%	1h	190.70	−0.073%	$159.4M	$69.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.79	−0.026%	$1.2M	$4.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	190.72	−0.063%	$1.0M	$691K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	190.76	−0.042%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	190.67	−0.089%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.80	−0.021%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.88	+0.021%	$201K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.79	−0.026%	$182K	$460K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.78	−0.031%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	190.48	−0.189%	$576K	$2.6M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0064%	1h	190.88	+0.021%	$48K	$325K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.74	−0.052%	$1.1M	$321K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.89	+0.026%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0106%	1h	190.85	+0.004%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.73	−0.058%	$2.2M	$436K	50x	as long as short
Phoenix SKHYshort	+0.0375%	1h	190.77	−0.037%	$214K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0686%	1h	191.00	+0.085%	$48K	$19K	20x	as long as short