Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.037%

Price spread now: Phoenix against MEXC+0.135%77s7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as 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−$110.107% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 7 days+0.023%+$2 · spread now +0.135%, 7d avg +0.132%

Together, before fees+0.361%+$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.132%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 77 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	MEXC SOL_USDT	118.84	0.0100	pay 0.0100% / 8h	2h 51m	$469.9M	$1.07B	300x
Short	Phoenix SOL	119.00	0.0154	get 0.0019% / 1h	51m 56s	$6.7M	$12.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.135%Rate

Funding earned: $11.4
Price spread: +0.135% → +0.132%: $0.25
Slippage, 4 orders: −$1.68
Fee MEXC: 1 bp × 2 orders: −$2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $0.97
Costs to cover: 0.107%
Break-even: 6.4 days

Slippage from MEXC: 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 MEXC live order book, 2 min ago	0.42 bp	1.4 bp −$1	1.4 bp −$14	2.4 bp −$236	4.8 bp −$2,401
Sell Phoenix live order book, 2 min ago	0.42 bp	3.9 bp −$4	3.9 bp −$39	9.7 bp −$972	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
Injective SOL/USDC PERP	−0.0151%	1h	118.68	−0.135%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.82	−0.015%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0082%	1h	118.87	+0.025%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.94	+0.083%	$843	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0075%	1h	119.01	+0.139%	$24K	$48K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.96	+0.102%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.98	+0.117%	$4.9M	$26.8M	20x	as long as short
Perpl SOL	0.0000%	43m	118.90	+0.050%	$180K	$4.1M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	118.94	+0.085%	$26.7M	$27.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0056%	8h	118.90	+0.054%	$1.1M	$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	+0.0072%	1h	118.92	+0.067%	$105K	$153K	20x	as long as short
HTX SOL-USDT	+0.0074%	8h	118.89	+0.044%	$231.7M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0081%	8h	118.86	+0.017%	$858.3M	$674.4M	100x	as long as short
KuCoin SOLUSDTM	+0.0088%	8h	118.89	+0.044%	$144.7M	$197.4M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.86	+0.013%	$13.4M	$52.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.86	+0.021%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.95	+0.095%	$353K	$746K	20x	as long as short
Bitget SOLUSDT	+0.0098%	8h	118.79	−0.045%	$495.9M	$451.5M	100x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.90	+0.052%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.88	+0.034%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.88	+0.035%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.93	+0.076%	$717.6M	$423.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.88	+0.031%	$179.4M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.94	+0.087%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.81	−0.027%	$973.9M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.87	+0.024%	$822.5M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.81	−0.025%	$368.8M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.86	+0.017%	$233K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.95	+0.091%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.09	+0.208%	$133.4M	$13.4M	20x	as long as short
MEXC SOL_USDTlong	+0.0100%	8h	118.84	long leg	$469.9M	$1.07B	300x
BingX SOL-USDC	+0.0100%	8h	118.91	+0.058%	—	$10.4M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.87	+0.025%	$24.3M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.07	+0.197%	$27.7M	$126.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.04	+0.171%	$95.6M	$395.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.13	+0.245%	$48.7M	$33.2M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.99	+0.126%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.97	+0.109%	$1.4M	$13.2M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.92	+0.067%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.92	+0.067%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.90	+0.049%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.86	+0.013%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.86	+0.017%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.86	+0.017%	$46.4M	$99.8M	50x	as long as short
Kalshi KXSOLPERP	+0.0100%	8h	118.96	+0.100%	$1.2M	$20.8M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	118.76	−0.069%	$8.6M	$37.4M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	+0.069%	$8.1M	$414.8M	50x	as long as short
Hibachi SOL/USDT-P	+0.0120%	1h	119.00	+0.136%	$123K	$623K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.95	+0.089%	—	$218.0M	500x	as long as short
Phoenix SOLshort	+0.0154%	1h	119.00	+0.135%	$6.7M	$12.5M	25x
RISEx SOL/USDC	+0.0175%	1h	118.93	+0.078%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.91	+0.058%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.95	+0.093%	$51.8M	$90.8M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.89	+0.038%	$36.1M	$90.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0173%	1h	118.96	+0.100%	$3.5M	—	200x	as long as short