Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0049%/8h= +5.3% APRpaid last 24h +0.042%

Price spread now: Phoenix against Phemex+0.252%73s7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.246% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 3 days (all we have)+0.334%+$33 · spread now +0.252%, 7d avg +0.083%

Together, before fees+0.686%+$69 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.169% dearer against Phemex than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.083%. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	118.85	0.0100	pay 0.0100% / 8h	2h 53m	$46.4M	$99.8M	50x
Short	Phoenix SOL	119.15	0.0149	get 0.0019% / 1h	53m 51s	$6.7M	$12.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.252%Rate

Funding earned: $10.21
Price spread: +0.252% → +0.083%: $16.94
Slippage, 4 orders: −$5.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.57
Costs to cover: 0.246%
Break-even: 5.2 days

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 5 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, 5 min ago	0.42 bp	7.2 bp −$7	11.0 bp −$110	18.8 bp −$1,875	doesn't fit
Sell Phoenix live order book, 5 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	11.8 bp −$1,182	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
Injective SOL/USDC PERP	−0.0151%	1h	118.68	−0.143%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.77	−0.068%	$2.0M	$3.2M	13x	as long as short
Aftermath Perps SOLUSD	−0.0085%	1h	119.04	+0.156%	$24K	$48K	20x	as long as short
Vest SOL-PERP	−0.0083%	1h	118.80	−0.041%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.79	−0.050%	$842	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.89	+0.034%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.87	+0.017%	$4.9M	$26.8M	20x	as long as short
Perpl SOL	0.0000%	43m	118.76	−0.075%	$184K	$4.1M	8.3x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	118.80	−0.042%	$104K	$153K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0056%	8h	118.86	+0.008%	$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
Deribit SOL_USDC-PERPETUAL	+0.0063%	1h	118.94	+0.073%	$26.7M	$27.8M	50x	as long as short
HTX SOL-USDT	+0.0070%	8h	118.81	−0.037%	$231.5M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0079%	8h	118.85	0.000%	$857.9M	$673.7M	100x	as long as short
KuCoin SOLUSDTM	+0.0086%	8h	118.94	+0.074%	$144.8M	$197.0M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.87	+0.019%	$13.4M	$52.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.87	+0.017%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.89	+0.031%	$353K	$746K	20x	as long as short
Bitget SOLUSDT	+0.0097%	8h	118.90	+0.045%	$496.4M	$451.6M	100x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	118.74	−0.090%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.81	−0.034%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.75	−0.088%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.96	+0.096%	$717.9M	$423.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.90	+0.040%	$179.5M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.88	+0.025%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.92	+0.059%	$974.8M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.95	+0.084%	$823.3M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.90	+0.042%	$368.8M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.78	−0.059%	$233K	$867K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.87	+0.014%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.09	+0.200%	$133.4M	$13.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.90	+0.042%	$471.2M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.92	+0.056%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.91	+0.050%	$24.1M	$37.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.07	+0.189%	$27.7M	$126.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.93	+0.067%	$95.5M	$395.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.07	+0.187%	$48.7M	$33.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.99	+0.118%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.10	+0.210%	$1.4M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.77	−0.067%	$360K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.81	−0.030%	$200K	$1.8M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.86	+0.005%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.83	−0.013%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.86	+0.008%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	118.85	long leg	$46.4M	$99.8M	50x
Extended SOL-USD	+0.0104%	1h	118.88	+0.029%	$8.7M	$37.4M	50x	as long as short
Kalshi KXSOLPERP	+0.0104%	8h	119.14	+0.242%	$1.2M	$20.9M	3.1x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	+0.059%	$8.1M	$414.4M	50x	as long as short
Hibachi SOL/USDT-P	+0.0120%	1h	119.02	+0.146%	$123K	$621K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.98	+0.108%	—	$217.6M	500x	as long as short
Phoenix SOLshort	+0.0149%	1h	119.15	+0.252%	$6.7M	$12.5M	25x
RISEx SOL/USDC	+0.0175%	1h	118.84	−0.008%	$1.6M	$6.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.80	−0.045%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.18	+0.278%	$52.0M	$91.2M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.90	+0.038%	$36.2M	$90.2M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0175%	1h	118.88	+0.026%	$3.5M	—	200x	as long as short