Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0122%/8h= −13.3% APRpaid last 24h −0.037%

Price spread now: Derive against Phemex−0.022%7-day average −0.040% · you buy dearer than you sell

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

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.022%, 7d avg −0.040%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$4 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	117.74	0.0100	pay 0.0100% / 8h	6h 31m	$45.8M	$101.9M	50x
Short	Derive SOL-PERP	117.71	−0.0022	pay 0.0003% / 1h	31m 44s	$2.0M	$2.8M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.022%Rate

Funding earned: −$25.53
Price spread: −0.022% → −0.040%: $1.86
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$41.68
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Derive: no order-book sample. 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 Phemex live order book, 2 min ago	0.43 bp	8.9 bp −$9	9.9 bp −$99	17.7 bp −$1,774	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 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	117.63	−0.091%	$920	$8K	25x	as long as short
Vest SOL-PERP	−0.0072%	1h	117.75	+0.010%	—	$609K	20x	as long as short
Hibachi SOL/USDT-P	−0.0064%	1h	117.62	−0.100%	$92K	$692K	20x	as long as short
ApeX Omni SOLUSDT	−0.0052%	1h	117.67	−0.063%	$1.5M	$6.1M	50x	as long as short
Derive SOL-PERPshort	−0.0022%	1h	117.71	−0.022%	$2.0M	$2.8M	13x
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.80	+0.051%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.83	+0.077%	$4.5M	$24.4M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.81	+0.057%	$1.4M	$21.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	117.83	+0.076%	$129K	$3.9M	8.3x	as long as short
HTX SOL-USDT	+0.0010%	8h	117.74	+0.003%	$228.9M	$45.5M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx SOL/USDC	+0.0018%	1h	117.80	+0.055%	$2.0M	$4.6M	20x	as long as short
Gate SOL_USDT	+0.0026%	8h	117.75	+0.008%	$854.2M	$660.0M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0040%	1h	117.82	+0.065%	$26.4M	$25.5M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.73	−0.007%	$31.5M	$98.7M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.78	+0.038%	$8.0M	$410.2M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.76	+0.019%	—	$369.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	117.81	+0.059%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.73	−0.008%	$13.0M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.71	−0.026%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.86	+0.102%	$103K	$164K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.80	+0.054%	$345K	$259K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.80	+0.053%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.76	+0.017%	$63K	$856K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.83	+0.076%	$5.7M	$41.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.82	+0.068%	$719.6M	$402.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.76	+0.017%	$176.9M	$180.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.82	+0.068%	$14.4M	$131.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.75	+0.008%	$971.5M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.74	0.000%	$820.9M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.73	−0.008%	$365.9M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.57	−0.144%	$238K	$891K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.83	+0.077%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.55	−0.159%	$134.7M	$14.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.75	+0.008%	$428.0M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.77	+0.021%	$131.7M	$210.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.71	−0.028%	$487.2M	$442.2M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.75	+0.008%	$23.7M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.66	−0.071%	$24.4M	$128.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.62	−0.099%	$94.5M	$405.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.77	+0.025%	$48.2M	$29.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.60	−0.119%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.84	+0.085%	$359K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.81	+0.059%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.81	+0.056%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.78	+0.032%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.77	+0.025%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.74	long leg	$45.8M	$101.9M	50x
Phoenix SOL	+0.0101%	1h	117.33	−0.348%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.71	−0.022%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.73	−0.009%	—	$227.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.82	+0.071%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.391%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0172%	1h	117.81	+0.056%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0314%	1h	117.72	−0.017%	$25K	$51K	20x	as long as short