Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.079%

Price spread now: Bitget against Phoenix−0.105%69s7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as 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−$390.386% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 3 days (all we have)−0.392%−$39 · spread now −0.105%, 7d avg −0.139%

Together, before fees−0.658%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.034% dearer against Phoenix than usual: you sell high and buy low (spread −0.105% now, against its 7-day average of −0.139%): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.266% in total) that is about 22 hours. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.266% in total (about -13.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	189.90	0.0380	pay 0.0048% / 1h	38m 18s	$214K	$128K	10x
Short	Bitget SKHYUSDT	189.70	0	get 0.0000% / 8h	38m 18s	$25.4M	$25.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$79.86
Price spread: −0.105% → −0.139%: $3.41
Slippage, 4 orders: −$19.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$115.08
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Phoenix: live order book, 34 min ago; Bitget: live order book, 5 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 Phoenix live order book, 34 min ago	3.17 bp	11.1 bp −$11	23.3 bp −$233	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.26 bp	8.1 bp −$8	18.0 bp −$180	25.1 bp −$2,512	39.5 bp −$19.7K

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	−0.0351%	4h	189.60	−0.158%	$572K	$289K	10x	as long as short
Nado SKHY-PERP	−0.0060%	1h	189.65	−0.130%	$28K	$2K	10x	as long as short
KuCoin SKHYUSDTM	−0.0003%	8h	189.55	−0.184%	$1.1M	$288K	20x	as long as short
QFEX SKHY-USD	0.0000%	1h	189.63	−0.142%	$1.2M	$5.3M	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	189.48	−0.219%	$251K	$903K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	189.60	−0.158%	$55K	$4K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	189.63	−0.142%	$212.3M	$378.5M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	189.71	−0.100%	$15.6M	$27.0M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	189.66	−0.126%	$47.3M	$61.2M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	189.63	−0.142%	$26.1M	$17.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKHYUSDTshort	0.0000%	8h	189.70	−0.105%	$25.4M	$25.6M	20x
Variational Omni SKHY	0.0000%	8h	189.60	−0.157%	$1.6M	$2.6M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	189.68	−0.116%	$22K	$210K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	189.93	+0.016%	$695	$7.2M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	189.63	−0.142%	$45K	$238K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	189.58	−0.169%	$155K	$400K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	189.63	−0.142%	$1.5M	$1.1M	10x	as long as short
Lighter SKHY	+0.0032%	1h	189.60	−0.158%	$1.0M	$688K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	189.56	−0.179%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	189.66	−0.126%	$56K	$156K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	189.63	−0.142%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	189.65	−0.132%	$203K	$240K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	189.60	−0.158%	$165.0M	$65.0M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	189.59	−0.163%	$187K	$928K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	189.61	−0.153%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	189.53	−0.195%	$559K	$1.1M	10x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	189.64	−0.137%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	189.65	−0.132%	$2.3M	$395K	50x	as long as short
Coinbase International SKHY-PERP-INTX	+0.0128%	1h	189.84	−0.032%	$169K	$683K	10x	as long as short
Phoenix SKHYlong	+0.0380%	1h	189.90	long leg	$214K	$128K	10x
Kraken Futures PF_SKHYUSD	+0.0950%	1h	189.77	−0.069%	$50K	$24K	20x	as long as short