Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.037%

Price spread now: Phoenix against Binance+0.209%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.209%, 7d avg +0.130%

Together, before fees+0.277%+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.079% dearer against Binance than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.130%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SOLUSDT	119.50	0.0100	pay 0.0100% / 8h	2h 16m	$979.6M	$3.78B	100x
Short	Phoenix SOL	119.75	0.0154	get 0.0019% / 1h	16m 41s	$6.6M	$12.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.209%Rate

Funding earned: $11.4
Price spread: +0.209% → +0.130%: $7.91
Slippage, 4 orders: −$3.01
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.7
Costs to cover: 0.200%
Break-even: 7.4 days

Slippage from Binance: live order book, 12 min ago; Phoenix: live order book, 8 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 Binance live order book, 12 min ago	0.42 bp	5.4 bp −$5	5.4 bp −$54	9.0 bp −$897	19.0 bp −$9,488
Sell Phoenix live order book, 8 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	−0.293%	$4K	$2K	12x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.70	+0.166%	$849	$8K	25x	as long as short
Vest SOL-PERP	−0.0074%	1h	119.60	+0.083%	—	$724K	20x	as long as short
Derive SOL-PERP	−0.0056%	1h	119.53	+0.024%	$2.0M	$3.2M	13x	as long as short
dYdX SOL-USD	−0.0004%	1h	119.57	+0.061%	$5.0M	$27.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.63	+0.109%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.72	+0.186%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.66	+0.135%	$180K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	119.65	+0.124%	$26.8M	$27.7M	50x	as long as short
Aftermath Perps SOLUSD	+0.0025%	1h	119.65	+0.125%	$24K	$47K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SOL-USDT	+0.0052%	8h	119.57	+0.058%	$232.9M	$44.6M	75x	as long as short
Orderly PERP_SOL_USDC	+0.0062%	8h	119.63	+0.105%	$1.1M	$5.9M	100x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	119.79	+0.242%	$120K	$622K	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.67	+0.142%	$105K	$152K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.52	+0.014%	—	$373.8M	—	as long as short
Gate SOL_USDT	+0.0091%	8h	119.51	+0.008%	$872.6M	$687.6M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.51	+0.008%	$13.6M	$55.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.51	+0.007%	$2.1M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.60	+0.083%	$355K	$747K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.48	−0.020%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.72	+0.184%	$49K	$788K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.68	+0.153%	$6.3M	$41.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.61	+0.092%	$722.2M	$414.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.52	+0.017%	$179.9M	$176.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.54	+0.031%	$12.4M	$115.5M	20x	as long as short
Binance SOLUSDTlong	+0.0100%	8h	119.50	long leg	$979.6M	$3.78B	100x
Bybit SOLUSDT	+0.0100%	8h	119.52	+0.015%	$826.7M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.48	−0.017%	$372.0M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.48	−0.017%	$235K	$872K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.56	+0.049%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.66	+0.132%	$134.1M	$11.3M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.50	0.000%	$435.2M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.51	+0.012%	$141.1M	$197.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.47	−0.021%	$499.2M	$452.2M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.56	+0.050%	$24.3M	$38.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.82	+0.266%	$27.5M	$127.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.86	+0.301%	$96.3M	$401.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.72	+0.186%	$49.0M	$33.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.75	+0.205%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.80	+0.251%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.62	+0.100%	$370K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.62	+0.097%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.61	+0.094%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.58	+0.063%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.57	+0.059%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.58	+0.067%	$46.7M	$101.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.46	−0.033%	$8.8M	$36.8M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.63	+0.110%	$8.2M	$417.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.62	+0.101%	—	$220.9M	500x	as long as short
Phoenix SOLshort	+0.0154%	1h	119.75	+0.209%	$6.6M	$12.5M	25x
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0092%	1h	119.63	+0.111%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.53	+0.023%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.58	+0.068%	$1.1M	$562K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.57	+0.059%	$51.7M	$86.9M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.58	+0.066%	$35.6M	$91.2M	100x	as long as short