Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0235%/8h= +25.8% APRpaid last 24h +0.083%

Price spread now: Phoenix against KuCoin+0.062%108s7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$800.805% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 3 days (all we have)+0.420%+$42 · spread now +0.062%, 7d avg +0.158%

Together, before fees+0.771%+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.096% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.062% now, against its 7-day average of +0.158%). If the spread goes back, that is −$10 on $10k: about 33 hours of funding at the current rate (+$7 a day). The two prices were read 108 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	KuCoin SKHYUSDTM	193.29	0.0100	pay 0.0100% / 8h	6h 59m	$1.1M	$279K	20x
Short	Phoenix SKHY	193.41	0.0335	get 0.0042% / 1h	59m 38s	$218K	$120K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.062%Rate

Funding earned: $49.4
Price spread: +0.062% → +0.158%: −$9.63
Slippage, 4 orders: −$61.48
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.71
Costs to cover: 0.805%
Break-even: 12.8 days

Slippage from KuCoin: live order book, 5 min ago; Phoenix: live order book, 67 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 KuCoin live order book, 5 min ago	1.81 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 67 min ago	3.15 bp	11.0 bp −$11	23.2 bp −$232	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	−0.0880%	4h	193.20	−0.047%	$582K	$291K	10x	as long as short
Nado SKHY-PERP	−0.0023%	1h	193.33	+0.019%	$44K	$20K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.26	−0.014%	$249K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.25	−0.021%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.29	0.000%	$211.5M	$385.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.31	+0.010%	$15.7M	$27.1M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.35	+0.031%	$47.0M	$68.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.23	−0.031%	$25.8M	$18.5M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	193.13	−0.082%	$1.7M	$2.3M	—	as long as short
SunX SKHY-USDT	0.0000%	8h	193.59	+0.155%	$709	$6.7M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	193.25	−0.021%	$48K	$270K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.19	−0.052%	$160K	$376K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	193.22	−0.036%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	193.27	−0.010%	$1.2M	$4.9M	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.18	−0.057%	$1.0M	$654K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	193.16	−0.067%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	193.25	−0.021%	$57K	$153K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.29	0.000%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.33	+0.021%	$197K	$258K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.20	−0.047%	$163.5M	$66.7M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	193.22	−0.036%	$190K	$454K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	193.18	−0.057%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.09	−0.103%	$541K	$1.7M	10x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0088%	1h	193.24	−0.026%	$54K	$870K	10x	as long as short
KuCoin SKHYUSDTMlong	+0.0100%	8h	193.29	long leg	$1.1M	$279K	20x
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.25	−0.021%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.19	−0.052%	$2.2M	$446K	50x	as long as short
Phoenix SKHYshort	+0.0335%	1h	193.41	+0.062%	$218K	$120K	10x
GRVT SKHY_USDT_Perp	+0.0406%	8h	193.39	+0.052%	$23K	$192K	10x	as long as short
Bitget SKHYUSDT	+0.0428%	8h	193.25	−0.021%	$25.7M	$26.6M	20x	as long as short
Kraken Futures PF_SKHYUSD	+0.0708%	1h	193.35	+0.034%	$51K	$17K	20x	as long as short