Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.037%

Price spread now: Phemex against Derive+0.022%7-day average +0.040% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.022%, 7d avg +0.040%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive SOL-PERP	117.71	−0.0022	get 0.0003% / 1h	32m 06s	$2.0M	$2.8M	13x
Short	Phemex SOLUSDT	117.74	0.0100	get 0.0100% / 8h	6h 32m	$45.8M	$101.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Derive. 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 DerivebpFee PhemexbpOrdersPrice spread, now +0.022%Rate

Funding earned: $25.53
Price spread: +0.022% → +0.040%: −$1.86
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $5.68
Costs to cover: 0.180%
Break-even: 5.4 days

Slippage unknown: Derive: no order-book sample; Phemex: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.43 bp	10.4 bp −$10	10.6 bp −$106	16.5 bp −$1,649	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SOL on 54 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	117.63	−0.069%	$920	$8K	25x	as long as short
Vest SOL-PERP	−0.0072%	1h	117.75	+0.032%	—	$609K	20x	as long as short
Hibachi SOL/USDT-P	−0.0064%	1h	117.62	−0.079%	$92K	$692K	20x	as long as short
ApeX Omni SOLUSDT	−0.0052%	1h	117.67	−0.041%	$1.5M	$6.1M	50x	as long as short
Derive SOL-PERPlong	−0.0022%	1h	117.71	long leg	$2.0M	$2.8M	13x
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.80	+0.073%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.83	+0.099%	$4.5M	$24.4M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.81	+0.079%	$1.4M	$21.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	117.83	+0.097%	$129K	$3.9M	8.3x	as long as short
HTX SOL-USDT	+0.0010%	8h	117.74	+0.025%	$228.9M	$45.5M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx SOL/USDC	+0.0018%	1h	117.80	+0.077%	$2.0M	$4.6M	20x	as long as short
Gate SOL_USDT	+0.0026%	8h	117.79	+0.064%	$854.5M	$659.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0040%	1h	117.82	+0.087%	$26.4M	$25.5M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.73	+0.015%	$31.5M	$98.7M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.78	+0.060%	$8.0M	$410.2M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.73	+0.015%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	117.81	+0.081%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.73	+0.014%	$13.0M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.72	+0.009%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.86	+0.124%	$103K	$164K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.80	+0.076%	$345K	$259K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.80	+0.074%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.76	+0.039%	$63K	$856K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.83	+0.098%	$5.7M	$41.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.82	+0.090%	$719.6M	$402.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.82	+0.091%	$177.0M	$180.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.82	+0.090%	$14.4M	$131.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.75	+0.028%	$971.5M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.74	+0.023%	$821.0M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.73	+0.013%	$365.9M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.57	−0.123%	$238K	$891K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.83	+0.099%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.55	−0.137%	$134.7M	$14.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.73	+0.013%	$427.7M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.80	+0.075%	$131.8M	$210.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.70	−0.009%	$487.2M	$442.2M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.75	+0.030%	$23.7M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.66	−0.049%	$24.4M	$128.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.62	−0.077%	$94.5M	$405.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.77	+0.047%	$48.2M	$29.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.60	−0.097%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.84	+0.107%	$359K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.81	+0.081%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.81	+0.078%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.78	+0.054%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.77	+0.047%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.74	+0.022%	$45.8M	$101.9M	50x
Phoenix SOL	+0.0101%	1h	117.33	−0.326%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.77	+0.043%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.73	+0.013%	—	$227.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.82	+0.093%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.413%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0172%	1h	117.81	+0.078%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0314%	1h	117.72	+0.005%	$25K	$51K	20x	as long as short