Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.020%

Price spread now: Deribit against Phemex−0.023%57s7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as 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−$270.273% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.023%, 7d avg +0.016%

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.039% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.016%). Swap the legs. The two prices were read 57 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	Phemex SOLUSDT	117.99	0.0100	pay 0.0100% / 8h	5h 15m	$46.0M	$100.3M	50x
Short	Deribit SOL_USDC-PERPETUAL	117.96	0.0041	get 0.0005% / 1h	15m 15s	$26.5M	$24.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$12.42
Price spread: −0.023% → +0.016%: −$3.87
Slippage, 4 orders: −$8.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$43.56
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Deribit: 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	0.42 bp	7.7 bp −$8	8.7 bp −$87	18.2 bp −$1,821	doesn't fit
Sell Deribit live order book, 4 min ago	0.30 bp	4.5 bp −$5	5.3 bp −$53	12.9 bp −$1,287	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
Bluefin SOL-PERP	−0.0116%	1h	117.90	−0.075%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.03	+0.031%	$923	$8K	25x	as long as short
Vest SOL-PERP	−0.0067%	1h	117.87	−0.099%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.93	−0.053%	$31.6M	$98.8M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.84	−0.124%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.91	−0.068%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.94	−0.042%	$4.5M	$24.1M	20x	as long as short
Deribit SOL_USDC-PERPETUALshort	+0.0041%	1h	117.96	−0.023%	$26.5M	$24.9M	50x
Hibachi SOL/USDT-P	+0.0048%	1h	118.05	+0.050%	$105K	$696K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.94	−0.042%	$100K	$165K	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	117.94	−0.044%	$7.9M	$404.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.93	−0.050%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.92	−0.062%	$13.2M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.92	−0.056%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.90	−0.076%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.94	−0.042%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.95	−0.034%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.89	−0.081%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.94	−0.042%	$177.7M	$180.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.96	−0.024%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.90	−0.075%	$971.4M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.94	−0.046%	$832.5M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.91	−0.068%	$366.8M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.93	−0.051%	$239K	$857K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.95	−0.037%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.59	−0.341%	$135.8M	$17.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.92	−0.059%	$860.0M	$653.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.91	−0.068%	$426.6M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.95	−0.036%	$130.2M	$212.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.91	−0.071%	$488.5M	$431.2M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	117.91	−0.069%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.01	+0.017%	$23.7M	$36.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.04	+0.044%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.86	−0.109%	$94.7M	$394.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.96	−0.026%	$48.3M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	−0.136%	$1.7M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.98	−0.008%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.90	−0.076%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.91	−0.065%	$199K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.90	−0.077%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.92	−0.059%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.91	−0.069%	$229.0M	$45.5M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.99	long leg	$46.0M	$100.3M	50x
Kalshi KXSOLPERP	+0.0102%	8h	118.02	+0.024%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.89	−0.086%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	118.01	+0.021%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	118.03	+0.034%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.99	+0.004%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0176%	1h	118.02	+0.025%	$722.0M	$389.9M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.87	−0.098%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.424%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.92	−0.059%	$51.7M	$71.7M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.96	−0.027%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	117.91	−0.067%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0408%	1h	117.94	−0.044%	$25K	$51K	20x	as long as short