Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.001%

Price spread now: Lighter RH against Phemex−0.120%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)+0.692%+$69 · spread now −0.120%, 7d avg +0.004%

Together, before fees+0.736%+ Points / potential airdropLighter RH: Points live · farm board+$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.124% cheaper against Phemex than usual: you would sell low and buy high (spread −0.120% now, against its 7-day average of +0.004%). If the spread goes back, that is −$12 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	117.16	0.0060	pay 0.0060% / 8h	7h 16m	$45.5M	$102.7M	50x
Short	Lighter RH SOL	117.02	0.0096	get 0.0012% / 1h	16m 14s	$2.2M	$14.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.120%Rate

Funding earned: $7.48
Price spread: −0.120% → +0.004%: −$12.41
Slippage, 4 orders: −$7.79
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$24.72
Costs to cover: 0.198%
Break-even: 30.1 days

Slippage from Phemex: live order book, 3 min ago; Lighter RH: live order book, 3 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, 3 min ago	0.43 bp	10.9 bp −$11	11.7 bp −$117	17.8 bp −$1,776	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.07 bp	1.3 bp −$1	1.8 bp −$18	17.1 bp −$1,710	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
Hotstuff SOL-PERP	−0.0080%	1h	117.06	−0.082%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0065%	1h	115.82	−1.140%	$1.8M	$2.9M	13x	as long as short
Kraken Futures PF_SOLUSD	−0.0057%	1h	117.19	+0.023%	$32.6M	$99.8M	100x	as long as short
Bybit SOLUSDT	−0.0044%	8h	117.18	+0.017%	$731.6M	$1.32B	100x	as long as short
Vest SOL-PERP	−0.0002%	1h	117.08	−0.065%	—	$516K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.03	−0.108%	$43K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.02	−0.118%	$1.3M	$18.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.97	−0.164%	$99K	$3.0M	8.3x	as long as short
Bitget SOLUSDT	+0.0022%	8h	117.17	+0.013%	$483.5M	$425.6M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0040%	1h	117.22	+0.049%	$7.9M	$386.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SOLUSDT	+0.0052%	8h	117.21	+0.043%	$177.9M	$165.0M	100x	as long as short
Phemex SOLUSDTlong	+0.0060%	8h	117.16	long leg	$45.5M	$102.7M	50x
Orderly PERP_SOL_USDC	+0.0066%	8h	117.18	+0.020%	$1.0M	$5.5M	100x	as long as short
dYdX SOL-USD	+0.0069%	1h	117.07	−0.075%	$8.2M	$22.5M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0085%	1h	117.25	+0.073%	$26.4M	$20.4M	50x	as long as short
Lighter SOL	+0.0096%	1h	117.18	+0.015%	$13.3M	$56.7M	25x	as long as short
Lighter RH SOLshort	+0.0096%	1h	117.02	−0.120%	$2.2M	$14.9M	25x
Aevo SOL-PERP	+0.0096%	1h	117.20	+0.036%	$353K	$240K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	117.04	−0.104%	$1.0M	$554K	50x	as long as short
SoDEX SOL-USD	+0.0099%	1h	117.18	+0.017%	$6.2M	$11.1M	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.03	−0.111%	$48K	$857K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.15	−0.007%	$5.4M	$40.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.24	+0.068%	$710.8M	$391.7M	20x	as long as short
Pacifica SOL	+0.0100%	1h	117.09	−0.057%	$15.7M	$127.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.21	+0.043%	$966.9M	$3.66B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.18	+0.017%	$366.6M	$1.66B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.97	−0.162%	$219K	$828K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.09	−0.059%	$944K	$8.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.93	−0.198%	$126.5M	$25.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.13	−0.026%	$849.1M	$621.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.16	0.000%	$417.2M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.12	−0.036%	$131.5M	$232.7M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	117.14	−0.013%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.03	−0.111%	$23.2M	$36.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.76	−0.343%	$25.0M	$103.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.78	−0.327%	$93.8M	$406.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.83	−0.282%	$47.8M	$27.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.73	−0.369%	$1.2M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.93	−0.196%	$1.3M	$10.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.16	0.000%	$322K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.18	+0.020%	$284K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.20	+0.035%	$27K	$34K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.20	+0.037%	$190K	$1.6M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.16	−0.003%	$226.8M	$47.4M	75x	as long as short
Extended SOL-USD	+0.0104%	1h	117.14	−0.015%	$8.4M	$35.1M	50x	as long as short
01 Exchange SOLUSD	+0.0104%	1h	117.12	−0.034%	$101K	$180K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	117.08	−0.067%	—	$217.4M	500x	as long as short
Phoenix SOL	+0.0124%	1h	117.06	−0.085%	$6.6M	$13.4M	25x	as long as short
Hibachi SOL/USDT-P	+0.0128%	1h	117.01	−0.132%	$104K	$656K	20x	as long as short
Injective SOL/USDC PERP	+0.0179%	1h	116.34	−0.700%	$4K	$124	12x	as long as short
Reya SOLRUSDPERP	+0.0197%	1h	116.91	−0.210%	$1.1M	$541K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.99	−0.145%	$52.3M	$60.4M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	117.03	−0.111%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0415%	1h	116.78	−0.323%	$25K	$52K	20x	as long as short
RISEx SOL/USDC	+0.0480%	1h	117.03	−0.107%	$2.2M	$4.7M	20x	as long as short