Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0008%/8h= +0.8% APRpaid last 24h +0.020%

Price spread now: Phemex against Deribit−0.068%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.068%, 7d avg −0.016%

Together, before fees+0.130%+$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 0.052% cheaper against Deribit than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	118.07	0.0092	pay 0.0012% / 1h	15m 36s	$26.5M	$24.9M	50x
Short	Phemex SOLUSDT	117.99	0.0100	get 0.0100% / 8h	5h 15m	$46.0M	$100.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $1.62
Price spread: −0.068% → −0.016%: −$5.2
Slippage, 4 orders: −$8.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.85
Costs to cover: 0.273%
Break-even: 140.4 days

Slippage from Deribit: live order book, 4 min ago; Phemex: live order book, 4 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 Deribit live order book, 4 min ago	0.30 bp	5.2 bp −$5	5.9 bp −$59	15.0 bp −$1,497	doesn't fit
Sell Phemex live order book, 4 min ago	0.42 bp	9.9 bp −$10	10.8 bp −$108	19.6 bp −$1,963	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
Bluefin SOL-PERP	−0.0126%	1h	118.00	−0.061%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.03	−0.037%	$923	$8K	25x	as long as short
Vest SOL-PERP	−0.0067%	1h	117.87	−0.167%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	118.03	−0.038%	$31.7M	$98.7M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.95	−0.100%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.04	−0.026%	$58K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.94	−0.110%	$4.5M	$24.1M	20x	as long as short
Hibachi SOL/USDT-P	+0.0048%	1h	118.05	−0.018%	$105K	$696K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.94	−0.110%	$100K	$165K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	118.04	−0.026%	$8.0M	$405.0M	50x	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	+0.0090%	8h	118.04	−0.029%	$1.0M	$5.8M	100x	as long as short
Deribit SOL_USDC-PERPETUALlong	+0.0092%	1h	118.07	long leg	$26.5M	$24.9M	50x
Lighter SOL	+0.0096%	1h	117.92	−0.130%	$13.2M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.92	−0.124%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.02	−0.045%	$346K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.94	−0.110%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.95	−0.101%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.89	−0.148%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.94	−0.110%	$177.7M	$180.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.96	−0.092%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.91	−0.133%	$971.5M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.95	−0.098%	$832.6M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.90	−0.144%	$366.8M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.93	−0.119%	$239K	$857K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.95	−0.105%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.59	−0.409%	$135.8M	$17.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.91	−0.136%	$860.0M	$653.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.93	−0.119%	$426.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.93	−0.120%	$130.2M	$212.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.91	−0.140%	$488.5M	$431.2M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.93	−0.116%	—	$363.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.01	−0.051%	$23.7M	$36.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.04	−0.024%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.86	−0.177%	$94.7M	$394.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.96	−0.094%	$48.3M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	−0.203%	$1.7M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.98	−0.076%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.90	−0.144%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.05	−0.021%	$200K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.95	−0.102%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.01	−0.051%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.91	−0.137%	$229.0M	$45.5M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.99	−0.068%	$46.0M	$100.3M	50x
Kalshi KXSOLPERP	+0.0102%	8h	118.02	−0.044%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.89	−0.149%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.95	−0.098%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	118.03	−0.034%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.99	−0.064%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0176%	1h	118.02	−0.043%	$722.0M	$389.9M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.87	−0.166%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.491%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.92	−0.127%	$51.7M	$71.7M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.96	−0.095%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	118.04	−0.029%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0406%	1h	117.92	−0.128%	$25K	$51K	20x	as long as short