Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0741%/8h= −81.2% APRpaid last 24h −0.171%

Price spread now: edgeX against Lighter+0.002%79s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs+$31as 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−$250.248% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.562%+$56 on $10k

Price spread, last 4 days (all we have)+0.902%+$90 · spread now +0.002%, 7d avg +0.050%

Together, before fees+1.464%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$146 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and edgeX is 0.049% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.050%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.562%, so the current rate has only just turned against you. The two prices were read 79 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	Lighter SKHY	186.53	−0.0008	get 0.0001% / 1h	32m 17s	$974K	$1.2M	10x
Short	edgeX SKHYUSDC	186.53	−0.0749	pay 0.0375% / 4h	32m 17s	$562K	$291K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter. 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 LighterbpFee edgeXbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$155.68
Price spread: +0.002% → +0.050%: −$4.86
Slippage, 4 orders: −$15.75
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$185.29
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; edgeX: live order book, 6 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 Lighter live order book, 4 min ago	0.54 bp	2.1 bp −$2	9.2 bp −$92	doesn't fit	doesn't fit
Sell edgeX live order book, 6 min ago	5.63 bp	10.6 bp −$11	15.7 bp −$157	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
Bitget SKHYUSDT	−0.1265%	8h	186.75	+0.118%	$25.4M	$33.1M	20x	as long as short
edgeX SKHYUSDCshort	−0.0749%	4h	186.53	+0.002%	$562K	$291K	10x
Kraken Futures PF_SKHYUSD	−0.0266%	1h	186.66	+0.070%	$48K	$21K	20x	as long as short
tradeXYZ xyz:SKHY	−0.0216%	1h	186.56	+0.016%	$158.5M	$76.9M	10x	as long as short
Nado SKHY-PERP	−0.0172%	1h	186.72	+0.104%	$33K	$28K	10x	as long as short
Popdex SKHYUSDT	−0.0128%	1h	186.65	+0.064%	$204K	$288K	20x	as long as short
Polymarket Perps SKHY-USD	−0.0124%	1h	186.56	+0.016%	$180K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	187.58	+0.563%	$68K	$905K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0071%	1h	186.61	+0.043%	$49K	$347K	10x	as long as short
QFEX SKHY-USD	−0.0061%	1h	186.65	+0.064%	$1.2M	$4.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKHYUSDTM	−0.0037%	8h	186.59	+0.032%	$1.1M	$328K	20x	as long as short
Lighter SKHYlong	−0.0008%	1h	186.53	long leg	$974K	$1.2M	10x
Aster SKHYUSDT	0.0000%	8h	186.70	+0.092%	$223K	$925K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.53	0.000%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.56	+0.017%	$200.6M	$450.6M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.60	+0.038%	$16.7M	$29.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	186.56	+0.016%	$44.7M	$79.7M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	186.54	+0.005%	$25.5M	$21.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.58	+0.026%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.63	+0.054%	$22K	$233K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.79	+0.139%	$684	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.45	−0.043%	$155K	$363K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	186.55	+0.011%	$1.5M	$1.1M	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0019%	1h	186.60	+0.038%	$521K	$2.6M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	186.51	−0.011%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.62	+0.048%	$60K	$171K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.65	+0.064%	—	$32K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.51	−0.011%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	186.58	+0.027%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	186.65	+0.064%	$2.2M	$426K	50x	as long as short
Phoenix SKHY	+0.0129%	1h	186.78	+0.134%	$209K	$123K	10x	as long as short