Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1356%/8h= −148.5% APRpaid last 24h −0.260%

Price spread now: edgeX against Phoenix−0.057%7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.243%+$24 on $10k

Price spread, last 4 days (all we have)−0.386%−$39 · spread now −0.057%, 7d avg −0.140%

Together, before fees−0.143%+ Points / potential airdropedgeX: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.083% dearer against Phoenix than usual: you sell high and buy low (spread −0.057% now, against its 7-day average of −0.140%): +$8 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.243%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.243% in total (about 12.7% 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	190.77	0.0375	pay 0.0047% / 1h	40m 15s	$214K	$124K	10x
Short	edgeX SKHYUSDC	190.66	−0.0981	pay 0.0490% / 4h	3h 40m	$575K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$284.75
Price spread: −0.057% → −0.140%: $8.32
Slippage, 4 orders: −$20.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$313.23
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; edgeX: live order book, 13 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, 7 min ago	3.67 bp	12.5 bp −$12	27.0 bp −$270	doesn't fit	doesn't fit
Sell edgeX live order book, 13 min ago	1.04 bp	5.9 bp −$6	11.1 bp −$111	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 SKHYUSDCshort	−0.0981%	4h	190.66	−0.057%	$575K	$290K	10x
Coinbase International SKHY-PERP-INTX	−0.0104%	1h	192.84	+1.085%	$45K	$861K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	190.22	−0.289%	$247K	$893K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	190.08	−0.362%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	190.14	−0.330%	$199.8M	$403.2M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	190.17	−0.315%	$15.4M	$28.5M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	190.10	−0.351%	$45.4M	$72.8M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	190.09	−0.356%	$25.6M	$19.4M	75x	as long as short
Bitget SKHYUSDT	0.0000%	8h	190.39	−0.199%	$24.4M	$28.3M	20x	as long as short
Variational Omni SKHY	0.0000%	8h	190.47	−0.156%	$1.6M	$1.1M	—	as long as short

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	−0.048%	$22K	$211K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	190.46	−0.162%	$697	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	190.08	−0.362%	$159K	$369K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	190.15	−0.325%	$1.5M	$1.1M	10x	as long as short
tradeXYZ xyz:SKHY	+0.0005%	1h	190.09	−0.356%	$158.9M	$69.1M	10x	as long as short
QFEX SKHY-USD	+0.0011%	1h	190.16	−0.320%	$1.2M	$4.0M	10x	as long as short
Lighter SKHY	+0.0032%	1h	190.01	−0.398%	$1.0M	$691K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	190.12	−0.341%	$1.1M	$1.4M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	190.54	−0.121%	$59K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	190.23	−0.283%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	190.18	−0.309%	$200K	$257K	20x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	190.09	−0.356%	$183K	$470K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	190.13	−0.335%	$42K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	190.43	−0.178%	$563K	$2.6M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	+0.0066%	1h	190.18	−0.309%	$48K	$326K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	190.23	−0.283%	$1.1M	$320K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	190.13	−0.335%	$2K	$4K	10x	as long as short
Nado SKHY-PERP	+0.0107%	1h	190.21	−0.294%	$34K	$28K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	190.36	−0.215%	$2.2M	$435K	50x	as long as short
Phoenix SKHYlong	+0.0375%	1h	190.77	long leg	$214K	$124K	10x
Kraken Futures PF_SKHYUSD	+0.0689%	1h	190.21	−0.292%	$48K	$19K	20x	as long as short