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 −0.005%

Price spread now: Phemex against Hyperliquid−0.101%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now −0.101%, 7d avg −0.050%

Together, before fees−0.146%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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 0.051% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	119.38	0.0100	pay 0.0013% / 1h	1m 47s	$720.1M	$410.1M	20x
Short	Phemex SOLUSDT	119.26	0.0100	get 0.0100% / 8h	1h 01m	$46.6M	$102.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.050%: −$5.09
Slippage, 4 orders: −$3.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.42
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Phemex: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.42 bp	4.9 bp −$5	4.9 bp −$49	6.8 bp −$681	doesn't fit
Sell Phemex live order book, 2 min ago	0.42 bp	6.9 bp −$7	7.4 bp −$74	14.5 bp −$1,448	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	−0.0178%	1h	119.25	−0.107%	$37K	$17K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.27	−0.095%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0064%	1h	119.20	−0.150%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0052%	1h	119.20	−0.151%	$2.0M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	119.29	−0.077%	$115K	—	150x	as long as short
dYdX SOL-USD	−0.0001%	1h	119.26	−0.098%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.28	−0.083%	$1.2M	$20.6M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.27	−0.094%	$177K	$4.0M	8.3x	as long as short
Phoenix SOL	+0.0054%	1h	119.23	−0.126%	$6.5M	$13.6M	25x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	119.26	−0.101%	$104K	$156K	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	+0.0070%	8h	119.28	−0.088%	$1.1M	$5.9M	100x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.26	−0.100%	—	$10.5M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	119.21	−0.142%	$118K	$608K	20x	as long as short
HTX SOL-USDT	+0.0082%	8h	119.20	−0.148%	$232.0M	$45.0M	75x	as long as short
Aftermath Perps SOLUSD	+0.0083%	1h	119.16	−0.181%	$24K	$47K	20x	as long as short
Gate SOL_USDT	+0.0088%	8h	119.25	−0.109%	$870.4M	$690.5M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.28	−0.086%	$13.6M	$56.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.24	−0.119%	$2.2M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.16	−0.180%	$353K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.24	−0.117%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.25	−0.109%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.27	−0.092%	$6.1M	$41.6M	40x	as long as short
Hyperliquid SOLlong	+0.0100%	1h	119.38	long leg	$720.1M	$410.1M	20x
Aster SOLUSDT	+0.0100%	8h	119.30	−0.068%	$178.6M	$175.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.28	−0.084%	$12.3M	$119.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.25	−0.111%	$982.3M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.27	−0.092%	$829.3M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.23	−0.126%	$372.6M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.18	−0.168%	$233K	$876K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.29	−0.076%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.85	−0.444%	$133.1M	$7.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.25	−0.109%	$453.9M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.31	−0.061%	$139.8M	$202.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.28	−0.080%	$496.7M	$455.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.28	−0.084%	$24.2M	$37.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.17	−0.177%	$27.5M	$128.4M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.16	−0.188%	$95.7M	$401.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.21	−0.142%	$48.8M	$31.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.00	−0.318%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.20	−0.151%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.26	−0.101%	$369K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.27	−0.090%	$203K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.27	−0.096%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.27	−0.092%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	119.26	−0.101%	$46.6M	$102.2M	50x
Extended SOL-USD	+0.0104%	1h	119.26	−0.099%	$8.7M	$36.1M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.30	−0.065%	$8.3M	$416.8M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0116%	1h	119.33	−0.044%	$26.7M	$27.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.25	−0.111%	—	$224.8M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.28	−0.084%	$32.6M	$96.8M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0169% / S −0.0071%	1h	119.28	−0.081%	$3.7M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0182%	1h	119.24	−0.117%	$1.1M	$549K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.28	−0.086%	$1.7M	$5.5M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.02	−0.302%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.20	−0.151%	$52.0M	$84.0M	125x	as long as short