Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against Phemex+0.034%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$160.155% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now +0.034%, 7d avg +0.009%

Together, before fees+0.155%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.025% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	116.42	0.0100	pay 0.0100% / 8h	3h 11m	$45.3M	$103.4M	50x
Short	Lighter SOL	116.46	0.0096	get 0.0012% / 1h	11m 40s	$13.1M	$60.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$0.84
Price spread: +0.034% → +0.009%: $2.52
Slippage, 4 orders: −$3.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.86
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Lighter: live order book, 7 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, 2 min ago	0.43 bp	7.2 bp −$7	8.1 bp −$81	14.6 bp −$1,460	doesn't fit
Sell Lighter live order book, 7 min ago	0.34 bp	0.5 bp $0	1.6 bp −$16	5.5 bp −$548	20.6 bp −$10.3K

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
Hibachi SOL/USDT-P	−0.0216%	1h	116.50	+0.072%	$105K	$703K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.45	+0.026%	$31.4M	$102.4M	100x	as long as short
Vest SOL-PERP	−0.0107%	1h	116.38	−0.032%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.47	+0.043%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0062%	8h	116.37	−0.043%	$750.4M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.35	−0.057%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.42	0.000%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.50	+0.066%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.43	+0.008%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	+0.040%	$7.6M	$404.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0060%	1h	116.40	−0.020%	$146K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.44	+0.017%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0090%	8h	116.42	+0.003%	$480.5M	$447.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.44	+0.019%	$1.0M	$5.9M	100x	as long as short
Lighter SOLshort	+0.0096%	1h	116.46	+0.034%	$13.1M	$60.5M	25x
Lighter RH SOL	+0.0096%	1h	116.44	+0.021%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.44	+0.019%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.43	+0.009%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.47	+0.042%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.44	+0.018%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.56	+0.120%	$702.1M	$395.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.44	+0.017%	$174.4M	$183.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.49	+0.060%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.47	+0.039%	$971.4M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.46	+0.034%	$367.4M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.45	+0.026%	$224K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.48	+0.050%	$918K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	+0.034%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.46	+0.034%	$855.5M	$668.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.47	+0.043%	$367.9M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.48	+0.052%	$128.8M	$224.2M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.44	+0.015%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.45	+0.026%	$23.0M	$40.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.48	+0.056%	$24.4M	$113.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.58	+0.137%	$93.6M	$401.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.51	+0.075%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.71	+0.249%	$1.3M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.50	+0.069%	$1.3M	$12.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.40	−0.017%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.43	+0.007%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.42	+0.004%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	+0.017%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.40	−0.020%	$225.6M	$48.3M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	116.42	long leg	$45.3M	$103.4M	50x
Extended SOL-USD	+0.0104%	1h	116.40	−0.016%	$8.2M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.241%	$4K	$2K	12x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0110%	1h	116.49	+0.059%	$26.3M	$23.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.47	+0.045%	—	$235.7M	500x	as long as short
Phoenix SOL	+0.0151%	1h	116.60	+0.155%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.39	−0.029%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.50	+0.069%	$51.8M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.41	−0.007%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.48	+0.050%	$131K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.52	+0.089%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0576%	1h	116.57	+0.126%	$25K	$52K	20x	as long as short