Cast Illicit Masquerade by paying 3. When it enters, its first ability triggers, putting an impostor counter on Skullbriar.
Cast Perigee Beckoner for its warp cost by paying 1.
When Perigee Beckoner enters, it triggers, targeting Skullbriar.
Activate Phyrexian Altar by sacrificing Perigee Beckoner.
Activate Phyrexian Altar by sacrificing Skullbriar.
When Skullbriar dies, Illicit Masquerade's second ability and Skullbriar's ability granted to it by Perigee Beckoner trigger.
Resolve the Skullbriar trigger, returning it from your graveyard to the battlefield.
Resolve the Illicit Masquerade trigger, failing to exile Skullbriar as it has left your graveyard and returning Perigee Beckoner from your graveyard to the battlefield.
Repeat from step 3.
This clever loop hinges on the unique rules interaction of Skullbriar, the Walking Grave, whose counters and replacement effects ensure it retains its memory even as it shifts zones. By casting Perigee Beckoner—whose warp cost makes it easy to recur—you grant Skullbriar a temporary death-trigger that pulls Perigee Beckoner right back from the graveyard. Meanwhile, Illicit Masquerade uses its impostor counters to exile the dying fodder and swap pieces, but because Skullbriar is already returning via Perigee Beckoner's effect, Illicit Masquerade simply fizzles its exile attempt while successfully completing the recursion of Perigee Beckoner. Tying it all together, Phyrexian Altar acts as the sacrificial engine that turns this endless cycle of deaths and resurrections into an infinite stream of colored mana and triggers.