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% APRpaid last 24h +0.052%

Price spread now: Phoenix against GRVT+0.075%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 7 days+0.049%+$5 · spread now +0.075%, 7d avg +0.112%

Together, before fees+0.371%+ Points / potential airdropGRVT: Active · farm board+$37 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 0.037% cheaper against GRVT than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT SOL_USDT_Perp	118.68	0.0100	pay 0.0100% / 8h	11m 47s	$48.6M	$31.2M	20x
Short	Phoenix SOL	118.77	0.0100	get 0.0013% / 1h	11m 47s	$6.6M	$13.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. 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 GRVTbpFee PhoenixbpOrdersPrice spread, now +0.075%Rate

Funding earned: $0.09
Price spread: +0.075% → +0.112%: −$3.74
Slippage, 4 orders: −$3.84
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$23.49
Costs to cover: 0.198%
Break-even: 1841.6 days

Slippage from GRVT: live order book, 2 min ago; Phoenix: live order book, 7 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 GRVT live order book, 2 min ago	0.42 bp	5.7 bp −$6	5.8 bp −$58	11.5 bp −$1,147	doesn't fit
Sell Phoenix live order book, 7 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	12.3 bp −$1,226	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	−0.0100%	1h	118.47	−0.180%	$2.0M	$2.8M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.54	−0.120%	$840	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	118.53	−0.124%	—	$723K	20x	as long as short
dYdX SOL-USD	−0.0020%	1h	118.49	−0.158%	$4.8M	$28.0M	20x	as long as short
ApeX Omni SOLUSDT	−0.0015%	1h	118.62	−0.051%	$1.5M	$6.2M	50x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.58	−0.087%	$113K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.60	−0.072%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.61	−0.061%	$175K	$3.9M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0044%	1h	118.60	−0.070%	$26.6M	$25.8M	50x	as long as short
Gate SOL_USDT	+0.0075%	8h	118.56	−0.102%	$865.1M	$686.4M	100x	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	+0.0076%	8h	118.57	−0.095%	$1.0M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0078%	8h	118.51	−0.147%	$230.7M	$45.2M	75x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	118.61	−0.060%	$103K	$158K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.49	−0.158%	—	$373.2M	—	as long as short
Lighter SOL	+0.0096%	1h	118.48	−0.168%	$13.4M	$56.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.49	−0.163%	$2.1M	$17.1M	25x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	118.62	−0.048%	$120K	$632K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.54	−0.121%	$351K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.57	−0.094%	$8.1M	$416.0M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.52	−0.139%	$1.0M	$521K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.58	−0.085%	$45K	$802K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.61	−0.056%	$5.7M	$40.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.61	−0.060%	$717.2M	$411.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.51	−0.144%	$178.2M	$177.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.54	−0.122%	$12.2M	$121.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.51	−0.144%	$976.7M	$3.83B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.51	−0.145%	$821.8M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.47	−0.178%	$369.4M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.58	−0.085%	$229K	$876K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.53	−0.126%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.73	+0.039%	$133.6M	$4.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.50	−0.152%	$425.5M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.52	−0.136%	$137.5M	$206.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.48	−0.165%	$491.5M	$459.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.57	−0.094%	$24.1M	$38.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.70	+0.014%	$27.0M	$129.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.65	−0.030%	$95.3M	$404.0M	75x	as long as short
GRVT SOL_USDT_Perplong	+0.0100%	8h	118.68	long leg	$48.6M	$31.2M	20x
StandX SOL-USD	+0.0100%	1h	118.57	−0.094%	$1.3M	$13.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.58	−0.085%	$360K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.57	−0.094%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.57	−0.097%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.55	−0.114%	$192K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.54	−0.119%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.56	−0.102%	$46.3M	$102.7M	50x	as long as short
Phoenix SOLshort	+0.0100%	1h	118.77	+0.075%	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	118.57	−0.091%	$8.6M	$36.0M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0106%	1h	118.55	−0.112%	$32.5M	$97.2M	100x	as long as short
Aftermath Perps SOLUSD	+0.0110%	1h	118.64	−0.032%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.54	−0.121%	—	$226.2M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0167% / S −0.0064%	1h	118.58	−0.085%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	118.91	+0.193%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0184%	1h	118.55	−0.109%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.55	−0.110%	$51.8M	$80.3M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	118.56	−0.098%	$1.8M	$4.9M	20x	as long as short