Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0235%/8h= −25.8% APRpaid last 24h −0.083%

Price spread now: KuCoin against Phoenix−0.052%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 3 days (all we have)−0.431%−$43 · spread now −0.052%, 7d avg −0.158%

Together, before fees−0.781%−$78 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.107% dearer against Phoenix than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.158%): +$11 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SKHY	193.41	0.0335	pay 0.0042% / 1h	59m 14s	$218K	$119K	10x
Short	KuCoin SKHYUSDTM	193.31	0.0100	get 0.0100% / 8h	6h 59m	$1.1M	$279K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$49.4
Price spread: −0.052% → −0.158%: $10.67
Slippage, 4 orders: −$61.25
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$118.98
Costs to cover: 0.802%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; KuCoin: live order book, 6 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, 3 min ago	3.10 bp	10.9 bp −$11	22.9 bp −$229	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	1.81 bp	31.7 bp −$32	doesn't fit	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 SKHYUSDC	−0.0880%	4h	193.20	−0.109%	$582K	$291K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0072%	1h	193.24	−0.088%	$54K	$870K	10x	as long as short
Nado SKHY-PERP	−0.0023%	1h	193.24	−0.086%	$44K	$20K	10x	as long as short
Aster SKHYUSDT	0.0000%	8h	193.26	−0.076%	$249K	$890K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	193.25	−0.082%	$56K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	193.23	−0.091%	$211.4M	$385.1M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	193.26	−0.078%	$15.7M	$27.1M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	193.17	−0.124%	$47.0M	$68.6M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	193.14	−0.140%	$25.8M	$18.5M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	193.13	−0.144%	$1.7M	$2.3M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKHY-USDT	0.0000%	8h	193.59	+0.093%	$709	$6.7M	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	0.0000%	1h	193.29	−0.062%	$48K	$270K	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	193.26	−0.078%	$160K	$376K	50x	as long as short
Phemex SKHYUSDT	0.0000%	8h	193.17	−0.124%	$1.5M	$1.1M	10x	as long as short
QFEX SKHY-USD	+0.0005%	1h	193.22	−0.098%	$1.2M	$4.9M	10x	as long as short
Lighter SKHY	+0.0032%	1h	193.11	−0.155%	$1.0M	$654K	10x	as long as short
Lighter RH SKHY	+0.0032%	1h	193.16	−0.129%	$1.1M	$1.5M	10x	as long as short
Arcus SKHY-USD	+0.0040%	1h	193.25	−0.083%	$57K	$153K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	193.25	−0.083%	—	$12K	10x	as long as short
Popdex SKHYUSDT	+0.0048%	1h	193.29	−0.062%	$197K	$258K	20x	as long as short
tradeXYZ xyz:SKHY	+0.0050%	1h	193.12	−0.150%	$163.4M	$66.7M	10x	as long as short
Polymarket Perps SKHY-USD	+0.0050%	1h	193.15	−0.134%	$190K	$454K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	193.22	−0.098%	$43K	$13K	10x	as long as short
Ondo Perps SKHY-USD.P	+0.0050%	1h	193.09	−0.165%	$541K	$1.7M	10x	as long as short
KuCoin SKHYUSDTMshort	+0.0100%	8h	193.31	−0.052%	$1.1M	$279K	20x
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	193.32	−0.047%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	193.22	−0.098%	$2.2M	$446K	50x	as long as short
Phoenix SKHYlong	+0.0335%	1h	193.41	long leg	$218K	$119K	10x
GRVT SKHY_USDT_Perp	+0.0341%	8h	193.23	−0.092%	$22K	$192K	10x	as long as short
Bitget SKHYUSDT	+0.0428%	8h	193.17	−0.124%	$25.6M	$26.6M	20x	as long as short
Kraken Futures PF_SKHYUSD	+0.0705%	1h	193.32	−0.048%	$51K	$17K	20x	as long as short