SOL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0033%/8h= +3.6% APRnext payment +$0.04 per $10,000 · paid last 24h +0.025%

Price spread now: Phoenix against Lighter+0.093%104s7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs+$20as 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−$110.105% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.302%+$30 on $10k

Price spread, last 7 days+0.058%+$6 · spread now +0.093%, 7d avg +0.125%

Together, before fees+0.360%+ Points / potential airdropLighter: Season 3 · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.031% cheaper against Lighter than usual: you would sell low and buy high (spread +0.093% now, against its 7-day average of +0.125%). If the spread goes back, that is −$3 on $10k: about 3.1 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.302% in total) that is about 17 hours. The two prices were read 104 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	Lighter SOL	116.66	0.0096	pay 0.0012% / 1h	53m 38s	$13.0M	$59.5M	25x
Short	Phoenix SOL	116.77	0.0129	get 0.0016% / 1h	53m 38s	$6.5M	$13.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.093%Rate

Funding earned: $6.97
Price spread: +0.093% → +0.125%: −$3.12
Slippage, 4 orders: −$3.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.68
Costs to cover: 0.105%
Break-even: 13.7 days

Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 6 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 Lighter live order book, 5 min ago	0.39 bp	0.5 bp $0	1.9 bp −$19	7.5 bp −$747	22.5 bp −$11.3K
Sell Phoenix live order book, 6 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	11.4 bp −$1,144	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
ApeX Omni SOLUSDT	−0.0435%	1h	116.33	−0.284%	$1.7M	$6.0M	50x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.68	+0.018%	$912	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	116.63	−0.023%	—	$602K	20x	as long as short
Hibachi SOL/USDT-P	−0.0008%	1h	116.68	+0.018%	$103K	$700K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.67	+0.009%	$54K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	116.69	+0.025%	$4.4M	$24.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.68	+0.015%	$1.4M	$18.7M	3.1x	as long as short
Derive SOL-PERP	+0.0012%	1h	116.59	−0.062%	$1.9M	$2.8M	13x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.71	+0.042%	$100K	$168K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.70	+0.033%	$7.6M	$404.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.69	+0.029%	$30.8M	$100.0M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0080%	1h	116.73	+0.058%	$26.3M	$25.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0091%	8h	116.65	−0.008%	$1.0M	$5.8M	100x	as long as short
Lighter SOLlong	+0.0096%	1h	116.66	long leg	$13.0M	$59.5M	25x
Lighter RH SOL	+0.0096%	1h	116.67	+0.008%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.62	−0.034%	$342K	$229K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.70	+0.037%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.65	−0.009%	$50K	$845K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.66	0.000%	$5.5M	$39.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.76	+0.085%	$707.5M	$394.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.66	−0.002%	$175.2M	$181.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.70	+0.031%	$15.5M	$130.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.65	−0.009%	$961.8M	$3.77B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.60	−0.050%	$794.8M	$1.32B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.66	−0.001%	$364.9M	$1.66B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.61	−0.044%	$232K	$849K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.69	+0.028%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.66	−0.003%	$133.8M	$20.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.65	−0.009%	$848.5M	$651.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.66	−0.001%	$415.6M	$1.05B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.65	−0.006%	$126.5M	$216.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.63	−0.027%	$481.6M	$438.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.62	−0.033%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.66	−0.001%	$23.3M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.68	+0.013%	$24.4M	$115.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.36	−0.256%	$93.5M	$396.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.56	−0.084%	$47.6M	$29.2M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.62	−0.035%	$1.3M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.67	+0.008%	$332K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.65	−0.008%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.62	−0.033%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.65	−0.007%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.67	+0.008%	$6.0M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.65	−0.012%	$226.4M	$46.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.72	+0.051%	$45.6M	$101.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.61	−0.042%	$8.0M	$36.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.71	+0.041%	—	$221.3M	500x	as long as short
Phoenix SOLshort	+0.0129%	1h	116.77	+0.093%	$6.5M	$13.4M	25x
Injective SOL/USDC PERP	+0.0137%	1h	117.56	+0.771%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.65	−0.006%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.62	−0.035%	$51.8M	$71.9M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	116.67	+0.011%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.73	+0.059%	$128K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0457%	1h	116.79	+0.111%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.76	+0.086%	$1.9M	$4.9M	20x	as long as short