Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.003%

Price spread now: Coinbase International against Phemex+0.011%7-day average +0.013% · 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−$28as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)−0.005%$0 · spread now +0.011%, 7d avg +0.013%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	118.83	0.0100	pay 0.0100% / 8h	2h 49m	$46.4M	$99.9M	50x
Short	Coinbase International SOL-PERP-INTX	118.84	0.0112	get 0.0014% / 1h	49m 58s	$8.1M	$414.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.011%Rate

Funding earned: $2.52
Price spread: +0.011% → +0.013%: −$0.19
Slippage, 4 orders: −$5.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$25.21
Costs to cover: 0.275%
Break-even: 77.0 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	1.68 bp	8.9 bp −$9	9.5 bp −$95	17.8 bp −$1,780	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.04 bp	5.5 bp −$6	7.8 bp −$78	17.2 bp −$1,725	183.8 bp −$91.9K

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	−0.126%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.74	−0.078%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0082%	1h	118.79	−0.032%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.81	−0.020%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0067%	1h	118.96	+0.107%	$24K	$48K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.85	+0.014%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.91	+0.067%	$4.9M	$26.8M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.90	+0.056%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.90	+0.059%	$180K	$4.1M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0017%	1h	118.85	+0.020%	$26.7M	$27.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni SOLUSDT	+0.0042%	1h	118.93	+0.081%	$1.5M	$6.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0057%	8h	118.83	−0.003%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.88	+0.042%	$104K	$153K	20x	as long as short
HTX SOL-USDT	+0.0074%	8h	118.74	−0.072%	$231.4M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0080%	8h	118.78	−0.042%	$857.9M	$675.0M	100x	as long as short
KuCoin SOLUSDTM	+0.0089%	8h	118.82	−0.011%	$144.3M	$197.6M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.80	−0.029%	$13.4M	$53.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.79	−0.036%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.85	+0.015%	$353K	$746K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.86	+0.027%	$1.0M	$524K	50x	as long as short
Bitget SOLUSDT	+0.0099%	8h	118.85	+0.014%	$496.1M	$451.5M	100x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.88	+0.042%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.83	−0.003%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.90	+0.059%	$717.2M	$424.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.77	−0.050%	$179.1M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.90	+0.063%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.82	−0.008%	$974.0M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.86	+0.026%	$821.1M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.84	+0.008%	$368.3M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.86	+0.025%	$233K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.92	+0.077%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.043%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.81	−0.017%	$467.0M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.78	−0.042%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.82	−0.008%	$24.2M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.86	+0.022%	$28.3M	$126.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	+0.067%	$95.5M	$396.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.13	+0.253%	$48.7M	$33.2M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	+0.025%	$1.4M	$13.2M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.89	+0.050%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.80	−0.025%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.83	−0.002%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.88	+0.039%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.79	−0.034%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	118.83	long leg	$46.4M	$99.9M	50x
Extended SOL-USD	+0.0104%	1h	118.78	−0.038%	$8.6M	$37.4M	50x	as long as short
Coinbase International SOL-PERP-INTXshort	+0.0112%	1h	118.84	+0.011%	$8.1M	$414.5M	50x
Hibachi SOL/USDT-P	+0.0120%	1h	118.85	+0.014%	$123K	$622K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.91	+0.063%	—	$218.7M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.00	+0.143%	$6.7M	$12.5M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.89	+0.053%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.82	−0.010%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.81	−0.017%	$51.7M	$90.6M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.80	−0.021%	$36.1M	$90.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0173%	1h	118.82	−0.005%	$3.5M	—	200x	as long as short