Funding arb · Price arb /

SKHY

RWAall SKHY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.001%

Price spread now: Phemex against QFEX−0.064%7-day average +0.012% · 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−$105as in the Price arb table

costs, in and out, $10k−$970.974% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.005%+$1 · spread now −0.064%, 7d avg +0.012%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.076% cheaper against QFEX than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of +0.012%). If the spread goes back, that is −$8 on $10k: about 18 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.005% in total) that is about 54 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SKHY-USD	187.78	−0.0014	get 0.0002% / 1h	9m 29s	$1.2M	$4.1M	10x
Short	Phemex SKHYUSDT	187.66	0	get 0.0000% / 8h	2h 09m	$1.5M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now −0.064%Rate

Funding earned: $2.97
Price spread: −0.064% → +0.012%: −$7.6
Slippage, 4 orders: −$75.43
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$102.06
Costs to cover: 0.974%
Break-even: 247.2 days

Slippage from QFEX: live order book, 4 min ago; Phemex: live order book, 3 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 QFEX live order book, 4 min ago	1.87 bp	6.9 bp −$7	8.4 bp −$84	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.67 bp	43.0 bp −$43	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
Bitget SKHYUSDT	−0.1201%	8h	187.84	+0.032%	$25.1M	$31.3M	20x	as long as short
edgeX SKHYUSDC	−0.0375%	4h	187.52	−0.137%	$565K	$290K	10x	as long as short
Deribit SKHY_USDC-PERPETUAL	−0.0229%	1h	187.62	−0.085%	$48K	$336K	10x	as long as short
Nado SKHY-PERP	−0.0146%	1h	187.92	+0.076%	$33K	$28K	10x	as long as short
tradeXYZ xyz:SKHY	−0.0117%	1h	187.80	+0.011%	$159.4M	$74.1M	10x	as long as short
Polymarket Perps SKHY-USD	−0.0093%	1h	187.70	−0.043%	$181K	$487K	10x	as long as short
Coinbase International SKHY-PERP-INTX	−0.0024%	1h	187.32	−0.245%	$61K	$897K	10x	as long as short
QFEX SKHY-USDlong	−0.0014%	1h	187.78	long leg	$1.2M	$4.1M	10x
Ondo Perps SKHY-USD.P	−0.0010%	1h	187.65	−0.069%	$516K	$2.6M	10x	as long as short
Lighter SKHY	−0.0008%	1h	187.77	−0.005%	$930K	$1.1M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SKHYUSDT	0.0000%	8h	187.89	+0.060%	$229K	$916K	50x	as long as short
Extended SKHY-USD	0.0000%	1h	187.78	0.000%	$55K	$7K	10x	as long as short
Binance SKHYUSDT	0.0000%	8h	187.83	+0.028%	$201.5M	$433.7M	50x	as long as short
Bybit SKHYUSDT	0.0000%	8h	187.79	+0.005%	$15.9M	$30.2M	100x	as long as short
OKX SKHY-USDT-SWAP	0.0000%	8h	187.71	−0.037%	$44.7M	$77.4M	50x	as long as short
Gate SKHY_USDT	0.0000%	8h	187.83	+0.027%	$25.3M	$20.8M	75x	as long as short
Variational Omni SKHY	0.0000%	8h	187.51	−0.143%	$1.6M	$1.0M	—	as long as short
GRVT SKHY_USDT_Perp	0.0000%	8h	187.67	−0.061%	$22K	$223K	10x	as long as short
SunX SKHY-USDT	0.0000%	8h	187.85	+0.037%	$688	$6.2M	10x	as long as short
HTX SKHY-USDT	0.0000%	8h	187.50	−0.149%	$155K	$371K	50x	as long as short
Phemex SKHYUSDTshort	0.0000%	8h	187.66	−0.064%	$1.5M	$1.1M	10x
Lighter RH SKHY	+0.0032%	1h	187.78	0.000%	$1.1M	$1.6M	10x	as long as short
Popdex SKHYUSDT	+0.0032%	1h	187.78	0.000%	$196K	$273K	20x	as long as short
Arcus SKHY-USD	+0.0040%	1h	187.41	−0.197%	$58K	$164K	10x	as long as short
Vest SKHY-USD-PERP	+0.0046%	1h	187.83	+0.027%	—	$12K	10x	as long as short
SoDEX SKHY-USD	+0.0050%	1h	187.52	−0.138%	$41K	$13K	10x	as long as short
KuCoin SKHYUSDTM	+0.0100%	8h	187.81	+0.016%	$1.1M	$322K	20x	as long as short
Orderly PERP_SKHY_USDC_mythos	+0.0100%	8h	187.64	−0.075%	$2K	$4K	10x	as long as short
BloFin SKHY-USDT	+0.0120%	8h	187.63	−0.080%	$2.1M	$416K	50x	as long as short
Phoenix SKHY	+0.0254%	1h	188.02	+0.128%	$211K	$124K	10x	as long as short
Kraken Futures PF_SKHYUSD	+0.0261%	1h	187.68	−0.052%	$47K	$19K	20x	as long as short