Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.002%

Price spread now: Kraken Futures against Phemex−0.011%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.011%, 7d avg −0.007%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.118%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	117.16	0.0100	pay 0.0100% / 8h	5h 38m	$45.6M	$100.2M	50x
Short	Kraken Futures PF_SOLUSD	117.15	−0.0055	pay 0.0007% / 1h	38m 21s	$31.5M	$98.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$32.62
Price spread: −0.011% → −0.007%: −$0.37
Slippage, 4 orders: −$10.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$65.84
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: 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	0.43 bp	7.9 bp −$8	8.3 bp −$83	18.1 bp −$1,810	doesn't fit
Sell Kraken Futures live order book, 6 min ago	1.70 bp	7.7 bp −$8	9.5 bp −$95	13.3 bp −$1,335	28.3 bp −$14.2K

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
Hotstuff SOL-PERP	−0.0080%	1h	117.23	+0.062%	$917	$8K	25x	as long as short
Vest SOL-PERP	−0.0060%	1h	117.11	−0.044%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSDshort	−0.0055%	1h	117.15	−0.011%	$31.5M	$98.4M	100x
Derive SOL-PERP	−0.0010%	1h	117.07	−0.080%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.15	−0.009%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.19	+0.023%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.15	−0.005%	$1.4M	$19.4M	3.1x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0011%	1h	117.18	+0.017%	$26.3M	$25.2M	50x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.15	−0.009%	$100K	$163K	20x	as long as short
HTX SOL-USDT	+0.0063%	8h	117.16	−0.003%	$227.6M	$45.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi SOL/USDT-P	+0.0064%	1h	117.21	+0.043%	$102K	$691K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.16	+0.001%	$8.0M	$402.0M	50x	as long as short
BingX SOL-USDT	+0.0074%	8h	117.16	−0.003%	—	$362.8M	—	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	117.15	−0.006%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.21	+0.043%	$13.1M	$59.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.21	+0.040%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.14	−0.018%	$343K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.12	−0.034%	$65K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.22	+0.055%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.13	−0.021%	$5.8M	$39.3M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.18	+0.020%	$176.4M	$178.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.24	+0.072%	$14.5M	$128.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.15	−0.010%	$964.2M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.17	+0.009%	$820.8M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.16	0.000%	$365.0M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.13	−0.026%	$238K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.21	+0.044%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	+0.248%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.14	−0.017%	$855.9M	$647.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.14	−0.017%	$423.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.16	+0.003%	$129.6M	$212.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.13	−0.025%	$485.5M	$432.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.14	−0.017%	$23.6M	$37.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.24	+0.070%	$24.3M	$117.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.31	+0.132%	$94.2M	$398.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.46	+0.257%	$48.1M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.39	+0.193%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.25	+0.077%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.13	−0.026%	$351K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.14	−0.015%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.35	−0.689%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.17	+0.009%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.13	−0.026%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.16	long leg	$45.6M	$100.2M	50x
Extended SOL-USD	+0.0104%	1h	117.12	−0.036%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.17	+0.008%	—	$219.0M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	+0.188%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.27	+0.098%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0160%	1h	117.27	+0.090%	$716.2M	$392.0M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.11	−0.042%	$1.1M	$526K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	+0.188%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.14	−0.017%	$51.6M	$70.9M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.23	+0.056%	$127K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.14	−0.015%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0387%	1h	117.34	+0.154%	$25K	$51K	20x	as long as short