Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Phemex against Bybit−0.042%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.157%−$16 · spread now −0.042%, 7d avg 0.000%

Together, before fees−0.131%−$13 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: Phemex is 0.042% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	119.44	0.0100	pay 0.0100% / 8h	1h 53m	$824.8M	$1.27B	100x
Short	Phemex SOLUSDT	119.39	0.0100	get 0.0100% / 8h	1h 53m	$46.7M	$102.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → 0.000%: −$4.22
Slippage, 4 orders: −$3.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.71
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Phemex: 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 Bybit live order book, 5 min ago	0.42 bp	5.9 bp −$6	7.0 bp −$70	11.0 bp −$1,095	19.8 bp −$9,916
Sell Phemex live order book, 5 min ago	0.42 bp	8.2 bp −$8	10.3 bp −$103	18.3 bp −$1,834	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
Derive SOL-PERP	−0.0094%	1h	119.34	−0.082%	$2.0M	$3.1M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.52	+0.069%	$847	$8K	25x	as long as short
Vest SOL-PERP	−0.0063%	1h	119.40	−0.035%	—	$724K	20x	as long as short
dYdX SOL-USD	−0.0007%	1h	119.50	+0.050%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.44	0.000%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.47	+0.029%	$1.2M	$20.7M	3.1x	as long as short
Hibachi SOL/USDT-P	0.0000%	1h	119.52	+0.067%	$120K	$625K	20x	as long as short
Perpl SOL	0.0000%	43m	119.47	+0.028%	$179K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	119.45	+0.008%	$26.8M	$27.6M	50x	as long as short
Aftermath Perps SOLUSD	+0.0057%	1h	119.31	−0.110%	$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
Orderly PERP_SOL_USDC	+0.0064%	8h	119.44	−0.003%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0069%	8h	119.37	−0.062%	$232.5M	$44.7M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.43	−0.011%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0094%	8h	119.39	−0.042%	$869.4M	$675.3M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.37	−0.057%	$13.6M	$54.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.36	−0.064%	$2.1M	$16.7M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	119.52	+0.067%	$104K	$153K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.39	−0.038%	$354K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.43	−0.005%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.45	+0.008%	$46K	$791K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.48	+0.033%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.48	+0.033%	$720.9M	$413.2M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.42	−0.017%	$179.0M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.54	+0.085%	$12.4M	$116.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.41	−0.021%	$978.9M	$3.79B	100x	as long as short
Bybit SOLUSDTlong	+0.0100%	8h	119.44	long leg	$824.8M	$1.27B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	119.40	−0.033%	$372.6M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.44	0.000%	$233K	$877K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.56	+0.098%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.05	−0.323%	$133.5M	$10.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.44	0.000%	$436.6M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.44	+0.003%	$140.9M	$199.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.40	−0.031%	$496.2M	$455.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.39	−0.042%	$24.1M	$38.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.31	−0.105%	$27.4M	$127.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.12	−0.266%	$95.7M	$396.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.21	−0.194%	$48.8M	$32.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.13	−0.260%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.53	+0.075%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.45	+0.008%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.42	−0.014%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.44	−0.001%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.42	−0.020%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.40	−0.033%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	119.39	−0.042%	$46.7M	$102.2M	50x
Extended SOL-USD	+0.0104%	1h	119.38	−0.050%	$8.7M	$36.6M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.42	−0.020%	$8.2M	$416.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.53	+0.079%	—	$222.4M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.38	−0.048%	$32.8M	$94.8M	100x	as long as short
Phoenix SOL	+0.0154%	1h	119.37	−0.059%	$6.6M	$13.6M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.44	+0.001%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.43	−0.010%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.52	+0.065%	$1.6M	$6.0M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.41	−0.025%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.48	+0.033%	$52.0M	$87.2M	125x	as long as short