Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0251%/8h= −27.5% APRpaid last 24h +0.164%

Price spread now: Injective against Phemex−0.151%65s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Injective is 0.151% cheaper against Phemex than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.081%, so the current rate has only just turned against you. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.081% in total (about 4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	118.86	0.0100	pay 0.0100% / 8h	2h 51m	$46.4M	$99.8M	50x
Short	Injective SOL/USDC PERP	118.68	−0.0151	pay 0.0019% / 1h	51m 35s	$4K	$2K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.151%Rate

Funding earned: −$52.78
Price spread: −0.151% → 0.000%: −$15.14
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$79.94
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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, 3 min ago	1.68 bp	8.9 bp −$9	9.5 bp −$95	17.8 bp −$1,780	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Injective SOL/USDC PERPshort	−0.0151%	1h	118.68	−0.151%	$4K	$2K	12x
Derive SOL-PERP	−0.0104%	1h	118.82	−0.031%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0082%	1h	118.87	+0.008%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.89	+0.029%	$843	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0075%	1h	119.01	+0.122%	$24K	$48K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.96	+0.085%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.79	−0.059%	$4.9M	$26.8M	20x	as long as short
Perpl SOL	0.0000%	43m	118.90	+0.033%	$180K	$4.1M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	118.94	+0.068%	$26.7M	$27.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0056%	8h	118.90	+0.037%	$1.1M	$5.9M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0072%	1h	118.86	0.000%	$104K	$153K	20x	as long as short
HTX SOL-USDT	+0.0074%	8h	118.89	+0.027%	$231.7M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0081%	8h	118.74	−0.101%	$857.3M	$674.6M	100x	as long as short
KuCoin SOLUSDTM	+0.0088%	8h	118.76	−0.082%	$144.6M	$197.4M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.77	−0.079%	$13.4M	$52.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.75	−0.093%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.95	+0.078%	$353K	$746K	20x	as long as short
Bitget SOLUSDT	+0.0098%	8h	118.78	−0.067%	$495.9M	$451.4M	100x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.75	−0.097%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.85	−0.008%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.88	+0.018%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.87	+0.008%	$717.0M	$424.2M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.79	−0.062%	$179.2M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.78	−0.067%	$12.3M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.73	−0.109%	$973.2M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.80	−0.050%	$821.9M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.75	−0.093%	$368.3M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.86	0.000%	$233K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.84	−0.016%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.018%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.76	−0.084%	$469.2M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.80	−0.050%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.87	+0.008%	$24.3M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.07	+0.180%	$27.7M	$126.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.04	+0.155%	$95.6M	$395.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.13	+0.228%	$48.7M	$33.2M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.99	+0.109%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.97	+0.093%	$1.4M	$13.2M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.92	+0.050%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.92	+0.050%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.90	+0.032%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.86	−0.004%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.86	0.000%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	118.86	long leg	$46.4M	$99.8M	50x
Kalshi KXSOLPERP	+0.0100%	8h	118.96	+0.083%	$1.2M	$20.8M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	118.77	−0.074%	$8.6M	$37.4M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	+0.052%	$8.1M	$414.8M	50x	as long as short
Hibachi SOL/USDT-P	+0.0120%	1h	119.00	+0.119%	$123K	$623K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.95	+0.072%	—	$218.0M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.00	+0.118%	$6.7M	$12.5M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.85	−0.010%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.91	+0.041%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.95	+0.076%	$51.8M	$90.8M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.89	+0.022%	$36.1M	$90.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0173%	1h	118.96	+0.083%	$3.5M	—	200x	as long as short