Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Bybit against Phemex+0.009%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now +0.009%, 7d avg −0.002%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	117.36	0.0100	pay 0.0100% / 8h	6h 08m	$45.7M	$101.2M	50x
Short	Bybit SOLUSDT	117.37	0.0100	get 0.0100% / 8h	6h 08m	$818.3M	$1.27B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → −0.002%: $1.08
Slippage, 4 orders: −$4.9
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.82
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: 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 Phemex live order book, 6 min ago	1.27 bp	7.7 bp −$8	8.1 bp −$81	13.9 bp −$1,386	doesn't fit
Sell Bybit live order book, 6 min ago	0.43 bp	5.9 bp −$6	6.4 bp −$64	9.9 bp −$986	21.0 bp −$10.5K

SOL on 54 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	117.36	+0.003%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0061%	1h	117.32	−0.038%	—	$607K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.35	−0.009%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.37	+0.009%	$4.5M	$24.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.37	+0.009%	$1.4M	$20.8M	3.1x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	117.40	+0.033%	$26.4M	$25.5M	50x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.35	−0.008%	$2.0M	$4.8M	20x	as long as short
Derive SOL-PERP	+0.0023%	1h	117.28	−0.068%	$2.0M	$2.8M	13x	as long as short
Hibachi SOL/USDT-P	+0.0040%	1h	117.43	+0.055%	$100K	$690K	20x	as long as short
HTX SOL-USDT	+0.0043%	8h	117.27	−0.076%	$227.9M	$45.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SOL_USDT	+0.0048%	8h	117.35	−0.009%	$847.0M	$665.9M	100x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.35	−0.005%	$31.5M	$98.8M	100x	as long as short
ApeX Omni SOLUSDT	+0.0056%	1h	117.47	+0.094%	$1.5M	$6.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.36	+0.003%	$8.0M	$406.9M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.34	−0.020%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.38	+0.014%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.36	−0.001%	$13.0M	$60.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.36	−0.003%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.36	0.000%	$103K	$156K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.36	+0.001%	$344K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.37	+0.009%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.30	−0.051%	$67K	$851K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.36	0.000%	$5.7M	$41.3M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.37	+0.007%	$176.2M	$179.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.39	+0.027%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.36	+0.004%	$967.3M	$3.79B	100x	as long as short
Bybit SOLUSDTshort	+0.0100%	8h	117.37	+0.009%	$818.3M	$1.27B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	117.38	+0.017%	$366.0M	$1.65B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.31	−0.043%	$238K	$863K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.41	+0.042%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.53	+0.141%	$134.5M	$13.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.37	+0.009%	$423.6M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.38	+0.014%	$130.3M	$211.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.34	−0.014%	$486.3M	$438.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.35	−0.009%	$23.7M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.49	+0.115%	$24.3M	$121.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.52	+0.137%	$94.4M	$403.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.53	+0.143%	$48.1M	$28.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.40	+0.034%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.32	−0.034%	$354K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.33	−0.023%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.35	−0.012%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.35	−0.005%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.36	0.000%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.36	long leg	$45.7M	$101.2M	50x
Phoenix SOL	+0.0101%	1h	117.64	+0.239%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.35	−0.008%	$8.1M	$36.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.35	−0.005%	—	$225.1M	500x	as long as short
Hyperliquid SOL	+0.0115%	1h	117.48	+0.102%	$718.4M	$393.5M	20x	as long as short
Reya SOLRUSDPERP	+0.0189%	1h	117.34	−0.020%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.87	+0.435%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0174%	1h	117.34	−0.018%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0344%	1h	117.56	+0.172%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.34	−0.020%	$128K	$3.8M	8.3x	as long as short