Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.064%

Price spread now: Phoenix against Orderly+0.070%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.070% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	Orderly PERP_SKHY_USDC_mythos	186.65	0.0100	pay 0.0100% / 8h	33m 46s	$2K	$4K	10x
Short	Phoenix SKHY	186.78	0.0129	get 0.0016% / 1h	33m 46s	$209K	$123K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.070%Rate

Funding earned: $6.05
Price spread: +0.070% → 0.000%: $6.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $0.01
Costs to cover: 0.130%
Break-even: 7.0 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 63 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 63 min ago	3.75 bp	12.7 bp −$13	27.5 bp −$275	doesn't fit	doesn't fit

Orderly: 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
Bitget SKHYUSDT	−0.1271%	8h	186.88	+0.123%	$25.4M	$33.1M	20x	as long as short
edgeX SKHYUSDC	−0.0749%	4h	186.53	−0.063%	$562K	$291K	10x	as long as short
Kraken Futures PF_SKHYUSD	−0.0266%	1h	186.79	+0.073%	$48K	$21K	20x	as long as short
tradeXYZ xyz:SKHY	−0.0220%	1h	186.72	+0.038%	$158.6M	$76.9M	10x	as long as short
Nado SKHY-PERP	−0.0182%	1h	186.71	+0.033%	$33K	$28K	10x	as long as short
Popdex SKHYUSDT	−0.0152%	1h	186.65	0.000%	$205K	$288K	20x	as long as short
Polymarket Perps SKHY-USD	−0.0134%	1h	186.58	−0.038%	$180K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	187.58	+0.498%	$68K	$905K	10x	as long as short
QFEX SKHY-USD	−0.0061%	1h	186.63	−0.011%	$1.2M	$4.3M	10x	as long as short
KuCoin SKHYUSDTM	−0.0037%	8h	186.66	+0.005%	$1.1M	$328K	20x	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	−0.0018%	1h	186.67	+0.011%	$49K	$347K	10x	as long as short
Lighter SKHY	−0.0016%	1h	186.69	+0.021%	$975K	$1.2M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	186.73	+0.042%	$223K	$925K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	186.78	+0.067%	$54K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	186.80	+0.083%	$200.8M	$450.5M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	186.80	+0.080%	$16.7M	$29.4M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	186.73	+0.043%	$44.7M	$79.8M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	186.71	+0.032%	$25.6M	$21.0M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	186.58	−0.038%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	186.65	0.000%	$22K	$233K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	186.95	+0.161%	$684	$6.1M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	186.62	−0.016%	$155K	$363K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	186.66	+0.005%	$1.5M	$1.1M	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0018%	1h	186.48	−0.091%	$521K	$2.6M	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	186.68	+0.016%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	186.61	−0.021%	$60K	$171K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	186.61	−0.021%	—	$32K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	186.65	0.000%	$41K	$12K	10x	as long as short
Orderly PERP_SKHY_USDC_mythoslong	+0.0100%	8h	186.65	long leg	$2K	$4K	10x
BloFin SKHY-USDT	+0.0120%	8h	186.61	−0.021%	$2.2M	$426K	50x	as long as short
Phoenix SKHYshort	+0.0129%	1h	186.78	+0.070%	$209K	$123K	10x