Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.164%

Price spread now: Phemex against Injective−0.518%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.518% cheaper against Injective than usual: you would sell low and buy high (−$52 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SOL/USDC PERP	119.60	0.0170	pay 0.0021% / 1h	31m 02s	$4K	$2K	12x
Short	Phemex SOLUSDT	118.98	0.0100	get 0.0100% / 8h	31m 02s	$46.5M	$102.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.518%Rate

Funding earned: −$14.77
Price spread: −0.518% → 0.000%: −$51.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$78.63
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.42 bp	8.1 bp −$8	8.1 bp −$81	16.2 bp −$1,618	doesn't fit

Injective: 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 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
Hotstuff SOL-PERP	−0.0080%	1h	118.98	−0.514%	$844	$8K	25x	as long as short
Vest SOL-PERP	−0.0075%	1h	118.95	−0.541%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0073%	1h	118.91	−0.574%	$2.0M	$2.8M	13x	as long as short
dYdX SOL-USD	−0.0016%	1h	119.03	−0.475%	$4.9M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	119.03	−0.477%	$112K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.99	−0.512%	$1.3M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.02	−0.488%	$177K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0033%	1h	119.01	−0.491%	$26.6M	$26.0M	50x	as long as short
ApeX Omni SOLUSDT	+0.0038%	1h	118.99	−0.510%	$1.5M	$6.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0075%	8h	119.00	−0.498%	$1.0M	$5.9M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0080%	1h	119.04	−0.468%	$104K	$158K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.93	−0.559%	—	$372.1M	—	as long as short
HTX SOL-USDT	+0.0087%	8h	118.93	−0.563%	$231.5M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0090%	8h	118.93	−0.560%	$863.4M	$679.5M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.95	−0.541%	$13.6M	$55.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.95	−0.544%	$2.2M	$16.9M	25x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	119.04	−0.472%	$121K	$627K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.94	−0.549%	$352K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.98	−0.522%	$8.1M	$416.6M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.96	−0.533%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.98	−0.518%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.99	−0.506%	$6.1M	$40.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.05	−0.463%	$720.6M	$412.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.93	−0.560%	$178.1M	$176.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.03	−0.479%	$12.3M	$120.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.94	−0.552%	$983.0M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.95	−0.542%	$825.3M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.91	−0.577%	$372.1M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.93	−0.560%	$233K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.04	−0.472%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.35	−0.209%	$134.1M	$6.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.93	−0.560%	$434.9M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.97	−0.526%	$138.7M	$205.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.91	−0.574%	$493.1M	$460.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.97	−0.527%	$24.3M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.01	−0.492%	$27.2M	$129.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.97	−0.531%	$95.6M	$403.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.98	−0.522%	$48.7M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.04	−0.468%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.00	−0.502%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.00	−0.500%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.00	−0.498%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.98	−0.521%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.96	−0.535%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	118.98	−0.518%	$46.5M	$102.8M	50x
Phoenix SOL	+0.0100%	1h	119.08	−0.435%	$6.6M	$13.7M	25x	as long as short
Aftermath Perps SOLUSD	+0.0104%	1h	119.14	−0.384%	$24K	$47K	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.90	−0.585%	$8.7M	$36.0M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.98	−0.521%	$32.6M	$97.1M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.99	−0.506%	—	$225.3M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0168% / S −0.0068%	1h	119.02	−0.485%	$3.8M	—	200x	as long as short
Injective SOL/USDC PERPlong	+0.0170%	1h	119.60	long leg	$4K	$2K	12x
Reya SOLRUSDPERP	+0.0183%	1h	118.98	−0.516%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.95	−0.543%	$52.2M	$81.7M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	119.05	−0.459%	$1.7M	$5.2M	20x	as long as short