Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.034%

Price spread now: Phoenix against Orderly+0.163%66s7-day average +0.074% · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 4 days (all we have)+0.430%+$43 · spread now +0.163%, 7d avg +0.074%

Together, before fees+0.764%+$76 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.089% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.074%. The two prices were read 66 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	Orderly PERP_SOL_USDC	117.37	0.0088	pay 0.0088% / 8h	5h 44m	$1.0M	$5.8M	100x
Short	Phoenix SOL	117.56	0.0129	get 0.0016% / 1h	44m 03s	$6.5M	$13.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.163%Rate

Funding earned: $8.56
Price spread: +0.163% → +0.074%: $8.89
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.45
Costs to cover: 0.130%
Break-even: 3.4 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 5 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	11.4 bp −$1,143	doesn't fit

Orderly: 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	117.42	+0.041%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0058%	1h	117.34	−0.025%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.34	−0.021%	$31.5M	$98.1M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.27	−0.081%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.32	−0.042%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.41	+0.034%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.43	+0.049%	$1.4M	$19.5M	3.1x	as long as short
HTX SOL-USDT	+0.0047%	8h	117.27	−0.086%	$227.8M	$45.6M	75x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0056%	1h	117.39	+0.014%	$26.4M	$25.2M	50x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.39	+0.018%	$100K	$163K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.37	+0.001%	$8.0M	$402.5M	50x	as long as short
Hibachi SOL/USDT-P	+0.0072%	1h	117.49	+0.102%	$100K	$691K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.38	+0.012%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDClong	+0.0088%	8h	117.37	long leg	$1.0M	$5.8M	100x
Lighter SOL	+0.0096%	1h	117.35	−0.015%	$13.0M	$59.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.33	−0.029%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.34	−0.022%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.35	−0.016%	$67K	$835K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.43	+0.052%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.39	+0.016%	$5.7M	$39.6M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.39	+0.022%	$176.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.44	+0.064%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.40	+0.026%	$966.9M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.44	+0.060%	$820.3M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.44	+0.060%	$365.5M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.135%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.41	+0.032%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	+0.069%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.37	+0.001%	$857.6M	$646.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.40	+0.026%	$423.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.35	−0.019%	$130.0M	$212.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.41	+0.037%	$486.2M	$433.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.36	−0.008%	$23.6M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.36	−0.004%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.27	−0.087%	$94.2M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.27	−0.088%	$48.0M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.067%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.36	−0.008%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.36	−0.008%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.32	−0.042%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.33	−0.031%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.35	−0.018%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.35	−0.016%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.37	+0.001%	$45.7M	$100.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.32	−0.043%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.48	+0.092%	—	$220.8M	500x	as long as short
Phoenix SOLshort	+0.0129%	1h	117.56	+0.163%	$6.5M	$13.4M	25x
RISEx SOL/USDC	+0.0136%	1h	117.47	+0.086%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0159%	1h	117.49	+0.103%	$717.4M	$393.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.34	−0.028%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	+0.009%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.47	+0.086%	—	$70.5M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.31	−0.048%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0381%	1h	117.40	+0.027%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.40	+0.028%	$128K	$3.8M	8.3x	as long as short