Funding you earn now, next payment 08:00 UTC−0.0215%/8h= −23.5% APRnext payment −$0.27 per $10,000 · paid last 24h −0.103%
Price spread now: Deribit against Phoenix−0.316%70s7-day average −0.104% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$540.545% of the position
Funding, last 4 days (all we have)−0.180%−$18 on $10k
+Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.316%, 7d avg −0.104%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.212% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.104%). Swap the legs. The two prices were read 70 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 | Phoenix SKHY | 186.73 | 0.0215 | pay 0.0027% / 1h | 54m 16s | $209K | $123K | 10x |
| Short | Deribit SKHY_USDC-PERPETUAL | 186.14 | 0 | get 0.0000% / 1h | 54m 16s | $47K | $355K | 10x |
Phoenix SKHY
Deribit SKHY_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$45.12
- Price spread: −0.316% → −0.104%
- −$21.15
- Slippage, 4 orders
- −$40.46
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$120.73
- Costs to cover
- 0.545%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 32 min ago; Deribit: live order book, 39 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, 32 min ago | 3.80 bp | 12.6 bp −$13 | 27.3 bp −$273 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 39 min ago | 5.97 bp | 13.0 bp −$13 | 16.5 bp −$165 | 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 | −0.0971% | 8h | 186.17 | −0.300% | $25.6M | $35.5M | 20x | as long as short |
| edgeX SKHYUSDC | −0.0196% | 4h | 186.52 | −0.113% | $562K | $289K | 10x | as long as short |
| KuCoin SKHYUSDTM | −0.0180% | 8h | 186.14 | −0.316% | $1.1M | $403K | 20x | as long as short |
| QFEX SKHY-USD | −0.0005% | 1h | 186.14 | −0.316% | $1.2M | $4.3M | 10x | as long as short |
| Aster SKHYUSDT | 0.0000% | 8h | 186.31 | −0.224% | $266K | $909K | 50x | as long as short |
| Extended SKHY-USD | 0.0000% | 1h | 186.11 | −0.330% | $54K | $7K | 10x | as long as short |
| Binance SKHYUSDT | 0.0000% | 8h | 186.19 | −0.289% | $197.1M | $468.8M | 50x | as long as short |
| Bybit SKHYUSDT | 0.0000% | 8h | 186.22 | −0.273% | $15.7M | $33.6M | 100x | as long as short |
| OKX SKHY-USDT-SWAP | 0.0000% | 8h | 186.25 | −0.257% | $44.2M | $83.2M | 50x | as long as short |
| Gate SKHY_USDT | 0.0000% | 8h | 186.19 | −0.289% | $25.5M | $21.3M | 75x | as long as short |
Bitget SKHYUSDT
edgeX SKHYUSDC
KuCoin SKHYUSDTM
QFEX SKHY-USD
Aster SKHYUSDT
Extended SKHY-USD
Binance SKHYUSDT
Bybit SKHYUSDT
OKX SKHY-USDT-SWAP
Gate SKHY_USDTShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni SKHY | 0.0000% | 8h | 186.51 | −0.119% | $1.5M | $1.1M | — | as long as short |
| GRVT SKHY_USDT_Perp | 0.0000% | 8h | 186.66 | −0.037% | $22K | $249K | 10x | as long as short |
| SunX SKHY-USDT | 0.0000% | 8h | 186.45 | −0.150% | $682 | $5.7M | 10x | as long as short |
| Deribit SKHY_USDC-PERPETUALshort | 0.0000% | 1h | 186.14 | −0.316% | $47K | $355K | 10x | |
| HTX SKHY-USDT | 0.0000% | 8h | 186.09 | −0.343% | $154K | $377K | 50x | as long as short |
| Phemex SKHYUSDT | 0.0000% | 8h | 186.19 | −0.289% | $1.5M | $1.1M | 10x | as long as short |
| Nado SKHY-PERP | +0.0009% | 1h | 186.33 | −0.216% | $32K | $28K | 10x | as long as short |
| Lighter SKHY | +0.0032% | 1h | 186.21 | −0.278% | $991K | $1.3M | 10x | as long as short |
| Lighter RH SKHY | +0.0032% | 1h | 186.15 | −0.311% | $1.1M | $1.5M | 10x | as long as short |
| Arcus SKHY-USD | +0.0040% | 1h | 186.15 | −0.311% | $59K | $173K | 10x | as long as short |
| Vest SKHY-USD-PERP | +0.0046% | 1h | 186.18 | −0.295% | — | $39K | 10x | as long as short |
| Popdex SKHYUSDT | +0.0048% | 1h | 186.18 | −0.295% | $201K | $298K | 20x | as long as short |
| tradeXYZ xyz:SKHY | +0.0050% | 1h | 186.15 | −0.311% | $157.6M | $77.7M | 10x | as long as short |
| Polymarket Perps SKHY-USD | +0.0050% | 1h | 186.11 | −0.332% | $180K | $424K | 10x | as long as short |
| SoDEX SKHY-USD | +0.0050% | 1h | 186.17 | −0.300% | $41K | $12K | 10x | as long as short |
| Ondo Perps SKHY-USD.P | +0.0050% | 1h | 185.99 | −0.396% | $516K | $2.6M | 10x | as long as short |
| Coinbase International SKHY-PERP-INTX | +0.0056% | 1h | 186.08 | −0.348% | $110K | $884K | 10x | as long as short |
| Orderly PERP_SKHY_USDC_mythos | +0.0100% | 8h | 186.28 | −0.241% | $2K | $4K | 10x | as long as short |
| BloFin SKHY-USDT | +0.0120% | 8h | 186.30 | −0.230% | $2.1M | $462K | 50x | as long as short |
| Phoenix SKHYlong | +0.0215% | 1h | 186.73 | long leg | $209K | $123K | 10x | |
| Kraken Futures PF_SKHYUSD | +0.0756% | 1h | 186.26 | −0.253% | $48K | $20K | 20x | as long as short |
Variational Omni SKHY
GRVT SKHY_USDT_Perp
SunX SKHY-USDT
HTX SKHY-USDT
Phemex SKHYUSDT
Nado SKHY-PERP
Lighter SKHY
Lighter RH SKHY
Arcus SKHY-USD
Vest SKHY-USD-PERP
Popdex SKHYUSDT
tradeXYZ xyz:SKHY
Polymarket Perps SKHY-USD
SoDEX SKHY-USD
Ondo Perps SKHY-USD.P
Coinbase International SKHY-PERP-INTX
Orderly PERP_SKHY_USDC_mythos
BloFin SKHY-USDT
Kraken Futures PF_SKHYUSD