Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h +0.040%

Price spread now: Phemex against dYdX−0.069%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.069%, 7d avg −0.008%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.060% cheaper against dYdX than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of −0.008%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.088% in total) that is about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX SOL-USD	116.71	0.0001	pay 0.0000% / 1h	27m 50s	$4.4M	$24.2M	20x
Short	Phemex SOLUSDT	116.63	0.0100	get 0.0100% / 8h	4h 27m	$45.6M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.069%Rate

Funding earned: $20.74
Price spread: −0.069% → −0.008%: −$6.04
Slippage, 4 orders: −$15.62
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.92
Costs to cover: 0.376%
Break-even: 14.7 days

Slippage from dYdX: live order book, 1 min ago; Phemex: live order book, 6 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 dYdX live order book, 1 min ago	2.57 bp	14.9 bp −$15	27.3 bp −$273	30.1 bp −$3,013	43.5 bp −$21.7K
Sell Phemex live order book, 6 min ago	0.43 bp	7.9 bp −$8	8.1 bp −$81	16.4 bp −$1,635	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
Hibachi SOL/USDT-P	−0.0112%	1h	116.88	+0.150%	$103K	$701K	20x	as long as short
Vest SOL-PERP	−0.0097%	1h	116.67	−0.034%	—	$602K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.88	+0.146%	$914	$8K	25x	as long as short
Derive SOL-PERP	−0.0014%	1h	116.52	−0.164%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.62	−0.075%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.76	+0.042%	$1.5M	$18.7M	3.1x	as long as short
dYdX SOL-USDlong	+0.0001%	1h	116.71	long leg	$4.4M	$24.2M	20x
01 Exchange SOLUSD	+0.0048%	1h	116.71	0.000%	$99K	$171K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.62	−0.080%	$7.5M	$404.7M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.61	−0.086%	$31.0M	$100.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUAL	+0.0082%	1h	116.64	−0.061%	$26.3M	$25.4M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0091%	8h	116.61	−0.087%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.60	−0.092%	$13.1M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.59	−0.100%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.59	−0.102%	$347K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.66	−0.043%	$51K	$868K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.79	+0.064%	$1.0M	$549K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.71	+0.004%	$5.4M	$39.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.75	+0.034%	$704.8M	$396.2M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.61	−0.084%	$174.8M	$182.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.73	+0.014%	$15.7M	$130.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.66	−0.043%	$968.8M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.59	−0.104%	$783.2M	$1.35B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.69	−0.017%	$369.5M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.65	−0.051%	$231K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.71	+0.002%	$927K	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.223%	$133.2M	$20.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.67	−0.034%	$842.5M	$661.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.66	−0.043%	$391.6M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.66	−0.047%	$127.3M	$218.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.66	−0.041%	$479.5M	$441.3M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.62	−0.075%	—	$365.0M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.60	−0.094%	$23.1M	$38.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.77	+0.055%	$24.4M	$114.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.76	+0.039%	$93.7M	$398.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.89	+0.150%	$47.8M	$29.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.60	−0.093%	$1.2M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.92	+0.180%	$1.3M	$12.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.68	−0.026%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.66	−0.043%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.58	−0.109%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.59	−0.102%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.60	−0.094%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.60	−0.094%	$226.3M	$47.1M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	116.63	−0.069%	$45.6M	$102.0M	50x
Extended SOL-USD	+0.0104%	1h	116.61	−0.088%	$8.3M	$37.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.69	−0.021%	—	$231.1M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.56	−0.129%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.94	+0.197%	$6.5M	$13.4M	25x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.67	−0.032%	$1.1M	$540K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.97	+0.223%	$51.9M	$71.4M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0236% / S −0.0180%	1h	116.63	−0.067%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.72	+0.010%	$140K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0528%	1h	116.74	+0.027%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.76	+0.042%	$1.9M	$4.9M	20x	as long as short