Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h +0.006%

Price spread now: OKX against Deribit−0.052%56s7-day average −0.025% · you buy dearer than you sell

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

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

costs, in and out, $10k−$400.397% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.052%, 7d avg −0.025%

Together, before fees+0.077%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.027% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.025%). Swap the legs. The two prices were read 56 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	Deribit SKHY_USDC-PERPETUAL	192.85	0.0061	pay 0.0008% / 1h	7m 21s	$49K	$322K	10x
Short	OKX SKHY-USDT-SWAP	192.75	0	get 0.0000% / 8h	4h 07m	$46.7M	$70.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$12.86
Price spread: −0.052% → −0.025%: −$2.67
Slippage, 4 orders: −$22.75
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$55.27
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Deribit: live order book, 51 min ago; OKX: live order book, 1 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, 51 min ago	4.40 bp	12.5 bp −$13	16.4 bp −$164	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.26 bp	6.5 bp −$7	9.5 bp −$95	26.2 bp −$2,615	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	−0.0671%	4h	192.99	+0.075%	$582K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0048%	1h	192.84	−0.005%	$45K	$861K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	192.74	−0.058%	$248K	$889K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	192.69	−0.084%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	192.70	−0.078%	$203.4M	$394.6M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	192.71	−0.073%	$15.7M	$27.7M	100x	as long as short
OKX SKHY-USDT-SWAPshort	0.0000%	8h	192.75	−0.052%	$46.7M	$70.0M	50x
Gate SKHY_USDT	0.0000%	8h	192.67	−0.093%	$25.8M	$19.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	192.95	+0.051%	$1.6M	$1.1M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	193.07	+0.114%	$22K	$206K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.14	+0.150%	$707	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	192.81	−0.021%	$161K	$369K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	192.86	+0.005%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0015%	1h	192.73	−0.062%	$1.2M	$3.9M	10x	as long as short
Lighter SKHY	+0.0032%	1h	192.67	−0.093%	$1.0M	$704K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	192.66	−0.099%	$1.1M	$1.6M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	192.94	+0.047%	$60K	$161K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	192.76	−0.047%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	192.73	−0.062%	$202K	$256K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	192.64	−0.109%	$161.1M	$67.8M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	192.66	−0.099%	$188K	$456K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	192.85	0.000%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	192.78	−0.036%	$577K	$2.4M	10x	as long as short
Deribit SKHY_USDC-PERPETUALlong	+0.0061%	1h	192.85	long leg	$49K	$322K	10x
KuCoin SKHYUSDTM	+0.0100%	8h	192.76	−0.047%	$1.1M	$318K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	192.71	−0.073%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.06	+0.109%	$2.3M	$438K	50x	as long as short
Bitget SKHYUSDT	+0.0121%	8h	192.84	−0.005%	$25.2M	$26.9M	20x	as long as short
Nado SKHY-PERP	+0.0148%	1h	192.81	−0.019%	$38K	$26K	10x	as long as short
Phoenix SKHY	+0.0372%	1h	193.19	+0.176%	$216K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.1059%	1h	192.84	−0.003%	$49K	$19K	20x	as long as short