Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Variational Omni against Ondo Perps−0.020%51s7-day average +0.034% · you buy dearer than you sell

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.036%−$4 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.020%, 7d avg +0.034%

Together, before fees−0.026%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$3 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 Variational Omni is 0.054% cheaper against Ondo Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.034%). Swap the legs. The two prices were read 51 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	Ondo Perps SKHY-USD.P	190.51	0.0050	pay 0.0006% / 1h	40m 49s	$563K	$2.6M	10x
Short	Variational Omni SKHY	190.47	0	get 0.0000% / 8h	3h 40m	$1.6M	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$10.58
Price spread: −0.020% → +0.034%: −$5.37
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$20.96
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	2.23 bp	doesn't fit	3.5 bp −$35	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0981%	4h	190.66	+0.080%	$575K	$290K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+1.223%	$45K	$861K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.34	−0.091%	$247K	$892K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.21	−0.157%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.24	−0.142%	$199.9M	$403.2M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	190.23	−0.147%	$15.4M	$28.5M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	190.23	−0.147%	$45.4M	$72.8M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.23	−0.147%	$25.6M	$19.4M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.57	+0.031%	$24.4M	$28.3M	20x	as long as short
Variational Omni SKHYshort	0.0000%	8h	190.47	−0.020%	$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	+0.088%	$22K	$211K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	190.67	+0.084%	$698	$6.2M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	190.39	−0.063%	$48K	$326K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.45	−0.031%	$159K	$369K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	190.61	+0.052%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:SKHY	+0.0004%	1h	190.26	−0.131%	$159.1M	$69.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.42	−0.047%	$1.2M	$4.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	190.25	−0.136%	$1.0M	$691K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	190.26	−0.131%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	190.67	+0.084%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.51	0.000%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.52	+0.005%	$200K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.38	−0.068%	$182K	$460K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.36	−0.079%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.Plong	+0.0050%	1h	190.51	long leg	$563K	$2.6M	10x
KuCoin SKHYUSDTM	+0.0100%	8h	190.30	−0.110%	$1.1M	$320K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.41	−0.052%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0105%	1h	190.63	+0.065%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.36	−0.079%	$2.2M	$435K	50x	as long as short
Phoenix SKHY	+0.0375%	1h	190.77	+0.136%	$214K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0688%	1h	190.50	−0.003%	$48K	$19K	20x	as long as short