Funding you earn now, next payment 21:00 UTC+0.0054%/8h= +5.9% APRnext payment +$0.07 per $10,000 · paid last 24h +0.036%
Price spread now: Phoenix against Backpack+0.033%7-day average +0.056% · you sell dearer than you buy
Net, funding: paid 7d − costs+$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$210.206% of the position
Funding, last 7 days+0.261%+$26 on $10k
+Price spread, last 7 days+0.809%+$81 · spread now +0.033%, 7d avg +0.056%
=Funding pays, the price is against you. Phoenix is 0.022% cheaper against Backpack than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.056%). If the spread goes back, that is −$2 on $10k: about 33 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.261% in total) that is about 14 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack SOL_USDC_PERP | 119.71 | 0.0100 | pay 0.0013% / 1h | 18m 50s | $24.3M | $38.3M | 50x |
| Short | Phoenix SOL | 119.75 | 0.0154 | get 0.0019% / 1h | 18m 50s | $6.6M | $12.5M | 25x |
Backpack SOL_USDC_PERP
Phoenix SOLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. 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
- $11.4
- Price spread: +0.033% → +0.056%
- −$2.22
- Slippage, 4 orders
- −$3.56
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$11.39
- Costs to cover
- 0.206%
- Break-even
- 14.0 days
Slippage from Backpack: live order book, 5 min ago; Phoenix: live order book, 5 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 Backpack live order book, 5 min ago | 0.42 bp | 5.4 bp −$5 | 6.4 bp −$64 | 8.5 bp −$848 | 1388.6 bp −$694.3K |
| Sell Phoenix live order book, 5 min ago | 0.83 bp | 4.6 bp −$5 | 5.7 bp −$57 | 11.9 bp −$1,190 | doesn't fit |
SOL on 55 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective SOL/USDC PERP | −0.0151% | 1h | 119.15 | −0.468% | $4K | $2K | 12x | as long as short |
| Hotstuff SOL-PERP | −0.0080% | 1h | 119.85 | +0.118% | $850 | $8K | 25x | as long as short |
| Vest SOL-PERP | −0.0075% | 1h | 119.76 | +0.040% | — | $724K | 20x | as long as short |
| Derive SOL-PERP | −0.0045% | 1h | 119.64 | −0.060% | $2.0M | $3.2M | 13x | as long as short |
| dYdX SOL-USD | −0.0001% | 1h | 119.88 | +0.139% | $5.1M | $27.0M | 20x | as long as short |
| gTrade (Gains Network) SOL/USD | L 0.0000% / S +0.0004% | 1h | 119.68 | −0.028% | $54K | — | 150x | as long as short |
| Kalshi KXSOLPERP | 0.0000% | 8h | 119.92 | +0.177% | $1.2M | $20.7M | 3.1x | as long as short |
| Perpl SOL | 0.0000% | 43m | 119.81 | +0.079% | $180K | $4.0M | 8.3x | as long as short |
| Deribit SOL_USDC-PERPETUAL | 0.0000% | 1h | 119.77 | +0.047% | $26.9M | $27.7M | 50x | as long as short |
| Aftermath Perps SOLUSD | +0.0023% | 1h | 119.61 | −0.084% | $24K | $47K | 20x | as long as short |
Injective SOL/USDC PERP
Hotstuff SOL-PERP
Vest SOL-PERP
Derive SOL-PERP
dYdX SOL-USD
gTrade (Gains Network) SOL/USD
Kalshi KXSOLPERP
Perpl SOL
Deribit SOL_USDC-PERPETUAL
Aftermath Perps SOLUSDShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX SOL-USDT | +0.0055% | 8h | 119.57 | −0.113% | $232.9M | $44.6M | 75x | as long as short |
| Hibachi SOL/USDT-P | +0.0056% | 1h | 119.86 | +0.128% | $120K | $622K | 20x | as long as short |
| Orderly PERP_SOL_USDC | +0.0062% | 8h | 119.74 | +0.022% | $1.1M | $5.9M | 100x | as long as short |
| 01 Exchange SOLUSD | +0.0072% | 1h | 119.88 | +0.142% | $105K | $152K | 20x | as long as short |
| BingX SOL-USDT | +0.0080% | 8h | 119.75 | +0.038% | — | $373.1M | — | as long as short |
| Gate SOL_USDT | +0.0090% | 8h | 119.75 | +0.033% | $874.5M | $687.2M | 100x | as long as short |
| Lighter SOL | +0.0096% | 1h | 119.71 | −0.001% | $13.6M | $54.8M | 25x | as long as short |
| Lighter RH SOL | +0.0096% | 1h | 119.70 | −0.012% | $2.1M | $17.0M | 25x | as long as short |
| Aevo SOL-PERP | +0.0096% | 1h | 119.72 | +0.008% | $355K | $747K | 20x | as long as short |
| Paradex SOL-USD-PERP | +0.0099% | 8h | 119.91 | +0.163% | $1.1M | $524K | 50x | as long as short |
| Katana Perps SOL-USD | +0.0100% | 8h | 119.87 | +0.134% | $49K | $788K | 20x | as long as short |
| Nado SOL-PERP | +0.0100% | 1h | 119.84 | +0.109% | $6.4M | $41.9M | 40x | as long as short |
| Hyperliquid SOL | +0.0100% | 1h | 119.83 | +0.100% | $723.5M | $413.6M | 20x | as long as short |
| Aster SOLUSDT | +0.0100% | 8h | 119.72 | +0.008% | $180.2M | $175.8M | 100x | as long as short |
| Pacifica SOL | +0.0100% | 1h | 119.89 | +0.150% | $12.5M | $115.5M | 20x | as long as short |
| Binance SOLUSDT | +0.0100% | 8h | 119.74 | +0.029% | $981.6M | $3.78B | 100x | as long as short |
| Bybit SOLUSDT | +0.0100% | 8h | 119.76 | +0.044% | $828.3M | $1.27B | 100x | as long as short |
| OKX SOL-USDT-SWAP | +0.0100% | 8h | 119.72 | +0.008% | $372.6M | $1.72B | 100x | as long as short |
| Ondo Perps SOL-USD.P | +0.0100% | 1h | 119.91 | +0.167% | $235K | $879K | 10x | as long as short |
| Arcus SOL-USD | +0.0100% | 1h | 119.90 | +0.156% | $2.0M | $9.0M | 20x | as long as short |
| Bulk SOL-USD | +0.0100% | 1h | 119.66 | −0.044% | $134.1M | $11.3M | 20x | as long as short |
| MEXC SOL_USDT | +0.0100% | 8h | 119.76 | +0.042% | $439.5M | $1.12B | 300x | as long as short |
| KuCoin SOLUSDTM | +0.0100% | 8h | 119.77 | +0.052% | $141.7M | $197.7M | 75x | as long as short |
| Bitget SOLUSDT | +0.0100% | 8h | 119.73 | +0.014% | $500.4M | $452.2M | 100x | as long as short |
| Backpack SOL_USDC_PERPlong | +0.0100% | 1h | 119.71 | long leg | $24.3M | $38.3M | 50x | |
| Variational Omni SOL | +0.0100% | 8h | 119.82 | +0.091% | $27.5M | $127.6M | — | as long as short |
| edgeX SOLUSDC | +0.0100% | 4h | 119.73 | +0.016% | $96.2M | $400.8M | 75x | as long as short |
| GRVT SOL_USDT_Perp | +0.0100% | 8h | 119.58 | −0.109% | $49.0M | $33.3M | 20x | as long as short |
| ApeX Omni SOLUSDT | +0.0100% | 1h | 119.75 | +0.029% | $1.5M | $6.2M | 50x | as long as short |
| StandX SOL-USD | +0.0100% | 1h | 119.82 | +0.092% | $1.4M | $13.4M | 30x | as long as short |
| Polymarket Perps SOL-USD | +0.0100% | 1h | 119.78 | +0.058% | $373K | $2.4M | 20x | as long as short |
| Bullet SOL-USD | +0.0100% | 1h | 119.74 | +0.026% | $202K | $1.7M | 20x | as long as short |
| Bluefin SOL-PERP | +0.0100% | 1h | 119.72 | +0.008% | $38K | $16K | 25x | as long as short |
| SunX SOL-USDT | +0.0100% | 8h | 119.67 | −0.037% | $194K | $1.9M | 30x | as long as short |
| SoDEX SOL-USD | +0.0100% | 1h | 119.69 | −0.017% | $6.2M | $10.8M | 20x | as long as short |
| Phemex SOLUSDT | +0.0100% | 8h | 119.73 | +0.017% | $46.7M | $101.3M | 50x | as long as short |
| Extended SOL-USD | +0.0104% | 1h | 119.74 | +0.024% | $8.8M | $37.0M | 50x | as long as short |
| Coinbase International SOL-PERP-INTX | +0.0112% | 1h | 119.74 | +0.023% | $8.2M | $418.0M | 50x | as long as short |
| Jupiter Perps SOL-PERP | L +0.0120% / S +0.0048% | 1h | 119.70 | −0.012% | — | $220.7M | 500x | as long as short |
| Phoenix SOLshort | +0.0154% | 1h | 119.75 | +0.033% | $6.6M | $12.5M | 25x | |
| RISEx SOL/USDC | +0.0175% | 1h | 119.88 | +0.143% | $1.6M | $6.1M | 20x | as long as short |
| Reya SOLRUSDPERP | +0.0179% | 1h | 119.76 | +0.046% | $1.1M | $562K | 25x | as long as short |
| BloFin SOL-USDT | +0.0220% | 8h | 119.69 | −0.017% | $51.7M | $87.0M | 125x | as long as short |
| Kraken Futures PF_SOLUSD | +0.0222% | 1h | 119.74 | +0.022% | $35.7M | $91.2M | 100x | as long as short |
| GMX SOL/USD [SOL-USDC] | L +0.0237% / S −0.0172% | 1h | 119.70 | −0.011% | $3.6M | — | 200x | as long as short |
HTX SOL-USDT
Hibachi SOL/USDT-P
Orderly PERP_SOL_USDC
01 Exchange SOLUSD
BingX SOL-USDT
Gate SOL_USDT
Lighter SOL
Lighter RH SOL
Aevo SOL-PERP
Paradex SOL-USD-PERP
Katana Perps SOL-USD
Nado SOL-PERP
Hyperliquid SOL
Aster SOLUSDT
Pacifica SOL
Binance SOLUSDT
Bybit SOLUSDT
OKX SOL-USDT-SWAP
Ondo Perps SOL-USD.P
Arcus SOL-USD
Bulk SOL-USD
MEXC SOL_USDT
KuCoin SOLUSDTM
Bitget SOLUSDT
Variational Omni SOL
edgeX SOLUSDC
GRVT SOL_USDT_Perp
ApeX Omni SOLUSDT
StandX SOL-USD
Polymarket Perps SOL-USD
Bullet SOL-USD
Bluefin SOL-PERP
SunX SOL-USDT
SoDEX SOL-USD
Phemex SOLUSDT
Extended SOL-USD
Coinbase International SOL-PERP-INTX
Jupiter Perps SOL-PERP
RISEx SOL/USDC
Reya SOLRUSDPERP
BloFin SOL-USDT
Kraken Futures PF_SOLUSD
GMX SOL/USD [SOL-USDC]