Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0037%/8h= +4.0% APRpaid last 24h +0.024%

Price spread now: Phoenix against KuCoin−0.123%78s7-day average +0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as 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−$230.226% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$34 on $10k

Price spread, last 7 days+0.278%+$28 · spread now −0.123%, 7d avg +0.123%

Together, before fees+0.623%+$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.246% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.123%). If the spread goes back, that is −$25 on $10k: about 22 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.345% in total) that is about 5.0 days. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SOLUSDTM	116.85	0.0100	pay 0.0100% / 8h	4h 01m	$129.2M	$220.8M	75x
Short	Phoenix SOL	116.71	0.0137	get 0.0017% / 1h	1m 55s	$6.5M	$13.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.123%Rate

Funding earned: $7.73
Price spread: −0.123% → +0.123%: −$24.58
Slippage, 4 orders: −$3.6
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.46
Costs to cover: 0.226%
Break-even: 42.8 days

Slippage from KuCoin: live order book, 7 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 KuCoin live order book, 7 min ago	0.04 bp	6.4 bp −$6	8.8 bp −$88	14.1 bp −$1,412	doesn't fit
Sell Phoenix live order book, 2 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	12.1 bp −$1,207	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	−0.0168%	1h	116.85	0.000%	$103K	$698K	20x	as long as short
Vest SOL-PERP	−0.0098%	1h	116.77	−0.069%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.85	−0.003%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.85	−0.003%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.86	+0.002%	$1.5M	$18.6M	3.1x	as long as short
dYdX SOL-USD	+0.0003%	1h	116.82	−0.031%	$4.4M	$24.2M	20x	as long as short
Derive SOL-PERP	+0.0016%	1h	116.79	−0.054%	$1.9M	$2.8M	13x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	116.84	−0.012%	$99K	$172K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.89	+0.031%	$7.4M	$404.5M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.88	+0.025%	$31.1M	$99.8M	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	+0.0093%	8h	116.86	+0.005%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.87	+0.016%	$13.1M	$60.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.86	+0.002%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.86	+0.007%	$348K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.80	−0.046%	$50K	$871K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.85	0.000%	$1.0M	$549K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.78	−0.066%	$5.4M	$39.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.94	+0.074%	$706.2M	$394.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.86	+0.004%	$174.9M	$182.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.85	−0.002%	$15.7M	$129.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.85	−0.008%	$971.9M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.81	−0.038%	$782.2M	$1.35B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.87	+0.014%	$369.5M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.77	−0.072%	$231K	$836K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.84	−0.015%	$928K	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.70	−0.134%	$134.0M	$22.5M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.87	+0.014%	$842.5M	$666.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.87	+0.014%	$374.0M	$1.08B	300x	as long as short
KuCoin SOLUSDTMlong	+0.0100%	8h	116.85	long leg	$129.2M	$220.8M	75x
Bitget SOLUSDT	+0.0100%	8h	116.83	−0.024%	$480.0M	$440.9M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.83	−0.025%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.86	+0.005%	$23.3M	$39.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.60	−0.213%	$24.5M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.65	−0.177%	$93.6M	$397.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.66	−0.166%	$47.7M	$30.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.72	−0.112%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.81	−0.038%	$1.3M	$12.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.82	−0.029%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.82	−0.027%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.85	−0.001%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.81	−0.041%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.86	+0.005%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.80	−0.048%	$226.6M	$47.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.87	+0.014%	$45.8M	$102.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.81	−0.038%	$8.3M	$37.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.86	+0.001%	—	$231.3M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.72	−0.115%	$4K	$2K	12x	as long as short
Phoenix SOLshort	+0.0137%	1h	116.71	−0.123%	$6.5M	$13.4M	25x
Deribit SOL_USDC-PERPETUAL	+0.0145%	1h	116.92	+0.055%	$26.4M	$23.6M	50x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.80	−0.045%	$1.1M	$541K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.83	−0.021%	$52.0M	$67.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.84	−0.013%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0447%	43m	116.81	−0.038%	$139K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0525%	1h	116.80	−0.043%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.89	+0.029%	$1.9M	$4.8M	20x	as long as short