Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.038%

Price spread now: BingX against Phoenix−0.229%64s7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$210.208% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.229%, 7d avg −0.130%

Together, before fees−0.245%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.098% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.130%). Swap the legs. The two prices were read 64 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	Phoenix SOL	117.66	0.0101	pay 0.0013% / 1h	10m 19s	$6.5M	$13.5M	25x
Short	BingX SOL-USDT	117.39	0.0080	get 0.0080% / 8h	6h 10m	—	$369.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.229%Rate

Funding earned: −$4.49
Price spread: −0.229% → −0.130%: −$9.82
Slippage, 4 orders: −$3.82
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$35.13
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; BingX: live order book, 14 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 Phoenix live order book, 4 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,520	doesn't fit
Sell BingX live order book, 14 min ago	0.81 bp	5.8 bp −$6	5.8 bp −$58	8.3 bp −$827	12.1 bp −$6,031

SOL on 54 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	117.55	−0.091%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0061%	1h	117.40	−0.224%	—	$607K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.38	−0.237%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.44	−0.188%	$4.5M	$24.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.58	−0.070%	$1.4M	$20.8M	3.1x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	117.42	−0.202%	$26.4M	$25.5M	50x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.45	−0.174%	$2.0M	$4.8M	20x	as long as short
Derive SOL-PERP	+0.0023%	1h	117.32	−0.292%	$2.0M	$2.8M	13x	as long as short
Hibachi SOL/USDT-P	+0.0032%	1h	117.63	−0.029%	$100K	$691K	20x	as long as short
Gate SOL_USDT	+0.0042%	8h	117.39	−0.229%	$847.5M	$665.5M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.40	−0.225%	$31.5M	$98.8M	100x	as long as short
HTX SOL-USDT	+0.0051%	8h	117.50	−0.133%	$228.3M	$45.5M	75x	as long as short
ApeX Omni SOLUSDT	+0.0065%	1h	117.57	−0.075%	$1.5M	$6.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.39	−0.229%	$8.0M	$407.3M	50x	as long as short
BingX SOL-USDTshort	+0.0080%	8h	117.39	−0.229%	—	$369.5M	—
Orderly PERP_SOL_USDC	+0.0088%	8h	117.39	−0.226%	$1.1M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.44	−0.185%	$13.0M	$60.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.50	−0.139%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.42	−0.204%	$103K	$156K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.38	−0.236%	$344K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.47	−0.163%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.41	−0.212%	$67K	$856K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.46	−0.166%	$5.8M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.42	−0.208%	$176.2M	$179.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.49	−0.148%	$14.4M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.38	−0.234%	$967.5M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.39	−0.229%	$818.4M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.40	−0.221%	$365.8M	$1.66B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.41	−0.212%	$238K	$864K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.44	−0.187%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.53	−0.114%	$134.5M	$13.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.40	−0.221%	$424.2M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.42	−0.204%	$130.2M	$211.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.38	−0.235%	$486.4M	$440.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.58	−0.068%	$23.7M	$37.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.49	−0.141%	$24.3M	$121.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.50	−0.135%	$94.4M	$405.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.61	−0.040%	$48.2M	$28.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.50	−0.136%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.40	−0.221%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.40	−0.224%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.39	−0.230%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.39	−0.226%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.39	−0.229%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.60	−0.051%	$45.8M	$101.3M	50x	as long as short
Phoenix SOLlong	+0.0101%	1h	117.66	long leg	$6.5M	$13.5M	25x
Extended SOL-USD	+0.0104%	1h	117.36	−0.254%	$8.1M	$36.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.41	−0.215%	—	$225.3M	500x	as long as short
Hyperliquid SOL	+0.0112%	1h	117.51	−0.123%	$718.7M	$401.5M	20x	as long as short
Reya SOLRUSDPERP	+0.0189%	1h	117.38	−0.241%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.87	+0.178%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0174%	1h	117.38	−0.236%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0342%	1h	117.61	−0.043%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.46	−0.169%	$128K	$3.9M	8.3x	as long as short