Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.033%

Price spread now: Phoenix against Bullet+0.361%62s7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.212% of the position

Long on Bullet Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.128%+$13 on $10k

Price spread, last 7 days−0.208%−$21 · spread now +0.361%, 7d avg +0.108%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.253% dearer against Bullet than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of +0.108%. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet SOL-USD	118.95	0.0100	pay 0.0013% / 1h	33m 52s	$202K	$1.7M	20x
Short	Phoenix SOL	119.38	0.0100	get 0.0013% / 1h	33m 52s	$6.6M	$13.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bullet. 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 BulletbpFee PhoenixbpOrdersPrice spread, now +0.361%Rate

Funding earned: $0.09
Price spread: +0.361% → +0.108%: $25.3
Slippage, 4 orders: −$6.22
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.17
Costs to cover: 0.212%
Break-even: from the start

Slippage from Bullet: live order book, just now; 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 Bullet live order book, just now	0.04 bp	5.1 bp −$5	8.0 bp −$80	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	12.3 bp −$1,227	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
Hotstuff SOL-PERP	−0.0080%	1h	119.00	+0.039%	$844	$8K	25x	as long as short
Derive SOL-PERP	−0.0073%	1h	118.89	−0.054%	$2.0M	$2.8M	13x	as long as short
Vest SOL-PERP	−0.0072%	1h	118.95	−0.003%	—	$723K	20x	as long as short
dYdX SOL-USD	−0.0017%	1h	119.03	+0.068%	$4.9M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.98	+0.027%	$112K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.09	+0.116%	$1.3M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.99	+0.036%	$177K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0028%	1h	119.02	+0.059%	$26.6M	$26.0M	50x	as long as short
ApeX Omni SOLUSDT	+0.0034%	1h	119.18	+0.193%	$1.5M	$6.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0075%	8h	118.98	+0.023%	$1.0M	$5.9M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0080%	1h	118.99	+0.033%	$104K	$158K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.95	+0.002%	—	$10.5M	—	as long as short
HTX SOL-USDT	+0.0088%	8h	118.98	+0.024%	$231.6M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0090%	8h	118.96	+0.008%	$864.0M	$678.7M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.98	+0.023%	$13.6M	$55.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.95	−0.003%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.95	+0.002%	$352K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	119.00	+0.037%	$8.1M	$416.8M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.02	+0.057%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.98	+0.024%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.95	−0.001%	$6.1M	$40.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.06	+0.092%	$720.7M	$411.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.97	+0.016%	$178.6M	$176.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.09	+0.117%	$12.3M	$120.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.96	+0.009%	$981.4M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.98	+0.027%	$825.6M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.95	−0.001%	$372.8M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.98	+0.024%	$233K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.08	+0.109%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.35	+0.335%	$134.1M	$6.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.96	+0.008%	$456.1M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.99	+0.031%	$138.7M	$205.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.94	−0.008%	$493.3M	$460.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.00	+0.041%	$24.2M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.09	+0.118%	$27.2M	$129.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.23	+0.233%	$95.8M	$402.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.09	+0.117%	$48.8M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.10	+0.125%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.96	+0.008%	$365K	$2.4M	20x	as long as short
Bullet SOL-USDlong	+0.0100%	1h	118.95	long leg	$202K	$1.7M	20x
Bluefin SOL-PERP	+0.0100%	1h	118.98	+0.025%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.94	−0.010%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.96	+0.008%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.00	+0.041%	$46.5M	$102.8M	50x	as long as short
Phoenix SOLshort	+0.0100%	1h	119.38	+0.361%	$6.6M	$13.7M	25x
Aftermath Perps SOLUSD	+0.0102%	1h	119.25	+0.253%	$24K	$47K	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.94	−0.006%	$8.7M	$36.0M	50x	as long as short
Hibachi SOL/USDT-P	+0.0104%	1h	119.06	+0.088%	$121K	$626K	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.96	+0.011%	$32.6M	$97.1M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.05	+0.082%	—	$225.3M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0169% / S −0.0068%	1h	118.98	+0.021%	$3.8M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	119.60	+0.546%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0183%	1h	118.93	−0.014%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.99	+0.033%	$52.2M	$82.3M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	119.02	+0.059%	$1.7M	$5.2M	20x	as long as short