Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Variational Omni against Lighter+0.038%7-day average +0.083% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.035%+$3 · spread now +0.038%, 7d avg +0.083%

Together, before fees+0.031%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.046% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.083%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKHY	190.72	0.0032	pay 0.0004% / 1h	41m 55s	$1.0M	$691K	10x
Short	Variational Omni SKHY	190.79	0	get 0.0000% / 8h	3h 41m	$1.6M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.038%Rate

Funding earned: −$6.72
Price spread: +0.038% → +0.083%: −$4.56
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.28
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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	0.53 bp	1.0 bp −$1	18.0 bp −$180	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.23 bp	doesn't fit	3.5 bp −$35	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	+0.022%	$575K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+1.112%	$45K	$861K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.85	+0.070%	$248K	$892K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.77	+0.027%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.82	+0.055%	$200.5M	$402.8M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	190.79	+0.037%	$15.5M	$28.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	190.78	+0.031%	$45.6M	$73.0M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.81	+0.047%	$25.6M	$19.4M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.82	+0.052%	$24.5M	$28.3M	20x	as long as short
Variational Omni SKHYshort	0.0000%	8h	190.79	+0.038%	$1.6M	$1.1M	—

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	−0.022%	$22K	$211K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	191.19	+0.246%	$700	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.80	+0.042%	$159K	$369K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	191.05	+0.173%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:SKHY	+0.0005%	1h	190.70	−0.010%	$159.4M	$69.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.79	+0.037%	$1.2M	$4.0M	10x	as long as short
Lighter SKHYlong	+0.0032%	1h	190.72	long leg	$1.0M	$691K	10x
Lighter RH SKHY	+0.0032%	1h	190.76	+0.021%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	190.67	−0.026%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.80	+0.042%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.88	+0.084%	$201K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.79	+0.037%	$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	−0.126%	$576K	$2.6M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0064%	1h	190.88	+0.084%	$48K	$325K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.73	+0.005%	$1.1M	$321K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.89	+0.089%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0106%	1h	190.85	+0.067%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.73	+0.005%	$2.2M	$436K	50x	as long as short
Phoenix SKHY	+0.0375%	1h	190.77	+0.026%	$214K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0686%	1h	191.00	+0.148%	$48K	$19K	20x	as long as short