Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0856%/8h= −93.8% APRpaid last 24h +0.007%

Price spread now: Bitget against Deribit+0.075%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.075%, 7d avg −0.011%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.086% dearer against Deribit than usual: you sell high and buy low (spread +0.075% now, against its 7-day average of −0.011%): +$9 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.019% in total (about 1.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SKHY_USDC-PERPETUAL	185.86	−0.0503	get 0.0063% / 1h	56m 47s	$48K	$345K	10x
Short	Bitget SKHYUSDT	186.00	−0.1359	pay 0.1359% / 8h	56m 47s	$25.2M	$32.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now +0.075%Rate

Funding earned: −$179.83
Price spread: +0.075% → −0.011%: $8.62
Slippage, 4 orders: −$26.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$216.93
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Deribit: live order book, 47 min ago; Bitget: live order book, 2 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 Deribit live order book, 47 min ago	6.16 bp	15.0 bp −$15	17.4 bp −$174	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.81 bp	7.9 bp −$8	13.8 bp −$138	27.6 bp −$2,757	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
Bitget SKHYUSDTshort	−0.1359%	8h	186.00	+0.075%	$25.2M	$32.7M	20x
edgeX SKHYUSDC	−0.0633%	4h	185.93	+0.036%	$560K	$289K	10x	as long as short
Deribit SKHY_USDC-PERPETUALlong	−0.0503%	1h	185.86	long leg	$48K	$345K	10x
tradeXYZ xyz:SKHY	−0.0356%	1h	185.74	−0.065%	$157.8M	$77.0M	10x	as long as short
Popdex SKHYUSDT	−0.0352%	1h	185.82	−0.022%	$203K	$285K	20x	as long as short
Kraken Futures PF_SKHYUSD	−0.0267%	1h	185.95	+0.050%	$48K	$21K	20x	as long as short
Polymarket Perps SKHY-USD	−0.0252%	1h	185.73	−0.070%	$179K	$487K	10x	as long as short
Nado SKHY-PERP	−0.0249%	1h	186.00	+0.076%	$33K	$28K	10x	as long as short
Lighter SKHY	−0.0144%	1h	185.77	−0.048%	$972K	$1.2M	10x	as long as short
Ondo Perps SKHY-USD.P	−0.0084%	1h	185.76	−0.054%	$520K	$2.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	187.58	+0.925%	$68K	$905K	10x	as long as short
QFEX SKHY-USD	−0.0061%	1h	185.82	−0.022%	$1.2M	$4.3M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.00	+0.078%	$223K	$925K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	185.73	−0.072%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	185.78	−0.041%	$199.1M	$448.9M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	185.79	−0.038%	$16.6M	$29.6M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	185.74	−0.065%	$44.4M	$78.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	185.79	−0.038%	$25.4M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.16	+0.163%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.25	+0.207%	$22K	$231K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.07	+0.113%	$681	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	185.75	−0.059%	$154K	$366K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	185.83	−0.016%	$1.5M	$1.1M	10x	as long as short
KuCoin SKHYUSDTM	+0.0001%	8h	185.95	+0.048%	$1.1M	$326K	20x	as long as short
Lighter RH SKHY	+0.0016%	1h	185.77	−0.048%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	185.97	+0.059%	$60K	$170K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	185.90	+0.022%	—	$32K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	185.79	−0.038%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	185.85	−0.005%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	185.78	−0.043%	$2.2M	$422K	50x	as long as short
Phoenix SKHY	+0.0213%	1h	186.20	+0.183%	$209K	$123K	10x	as long as short