SOL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0344%/8h= +37.7% APRnext payment +$0.43 per $10,000 · paid last 24h +0.029%

Price spread now: Phoenix against Kraken Futures+0.128%71s7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now +0.128%, 7d avg +0.088%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phoenix is 0.040% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.088%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.43 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SOLUSD	116.45	−0.0193	get 0.0024% / 1h	11m 57s	$31.4M	$102.4M	100x
Short	Phoenix SOL	116.60	0.0151	get 0.0019% / 1h	11m 57s	$6.5M	$13.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Kraken Futures. 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 Kraken FuturesbpFee PhoenixbpOrdersPrice spread, now +0.128%Rate

Funding earned: $72.23
Price spread: +0.128% → +0.088%: $4.04
Slippage, 4 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $51.27
Costs to cover: 0.250%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 2 min ago; Phoenix: 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 Kraken Futures live order book, 2 min ago	1.72 bp	7.4 bp −$7	8.4 bp −$84	12.4 bp −$1,238	29.8 bp −$14.9K
Sell Phoenix live order book, 2 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	12.3 bp −$1,230	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	−0.0216%	1h	116.50	+0.046%	$105K	$703K	20x	as long as short
Kraken Futures PF_SOLUSDlong	−0.0193%	1h	116.45	long leg	$31.4M	$102.4M	100x
Vest SOL-PERP	−0.0107%	1h	116.38	−0.058%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.47	+0.017%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0059%	8h	116.36	−0.074%	$750.5M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.35	−0.083%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.42	−0.026%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.50	+0.040%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.49	+0.033%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	+0.013%	$7.6M	$404.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0060%	1h	116.40	−0.046%	$146K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.44	−0.009%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0091%	8h	116.42	−0.026%	$480.5M	$447.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.44	−0.007%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.44	−0.010%	$13.1M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.43	−0.019%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.44	−0.007%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.43	−0.018%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.48	+0.022%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.44	−0.008%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.54	+0.077%	$702.1M	$395.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.44	−0.010%	$174.4M	$183.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.50	+0.045%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.46	+0.010%	$971.3M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.46	+0.008%	$367.4M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.44	−0.009%	$227K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.48	+0.028%	$919K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	+0.008%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.46	+0.008%	$855.5M	$668.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.46	+0.008%	$367.8M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.45	+0.002%	$128.7M	$224.2M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.43	−0.017%	—	$364.9M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.45	0.000%	$23.0M	$40.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.48	+0.029%	$24.4M	$113.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.58	+0.111%	$93.6M	$401.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.51	+0.049%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.71	+0.223%	$1.3M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.50	+0.043%	$1.3M	$12.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.40	−0.043%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.43	−0.019%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.42	−0.022%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	−0.009%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.40	−0.047%	$225.6M	$48.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.42	−0.026%	$45.3M	$103.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.40	−0.042%	$8.2M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.214%	$4K	$2K	12x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0110%	1h	116.49	+0.033%	$26.3M	$23.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.47	+0.018%	—	$235.7M	500x	as long as short
Phoenix SOLshort	+0.0151%	1h	116.60	+0.128%	$6.5M	$13.8M	25x
Reya SOLRUSDPERP	+0.0192%	1h	116.39	−0.055%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.50	+0.043%	$51.8M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.41	−0.033%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.48	+0.024%	$131K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.52	+0.063%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0576%	1h	116.57	+0.100%	$25K	$52K	20x	as long as short