Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0091%/8h= +9.9% APRpaid last 24h +0.010%

Price spread now: BloFin against Phoenix−0.136%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.574%−$57 · spread now −0.136%, 7d avg −0.084%

Together, before fees−0.660%−$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.052% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of −0.084%). If the spread goes back, that is −$5 on $10k: about 46 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.086%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	118.08	0.0129	pay 0.0016% / 1h	16m 46s	$6.5M	$13.4M	25x
Short	BloFin SOL-USDT	117.92	0.0220	get 0.0220% / 8h	5h 16m	$51.7M	$71.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.136%Rate

Funding earned: $19.07
Price spread: −0.136% → −0.084%: −$5.16
Slippage, 4 orders: −$3.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$9
Costs to cover: 0.229%
Break-even: 10.3 days

Slippage from Phoenix: live order book, 2 min ago; BloFin: live order book, 2 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, 2 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,518	doesn't fit
Sell BloFin live order book, 2 min ago	0.85 bp	6.8 bp −$7	6.8 bp −$68	8.3 bp −$830	12.2 bp −$6,092

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
Bluefin SOL-PERP	−0.0134%	1h	117.88	−0.170%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.91	−0.147%	$922	$8K	25x	as long as short
Vest SOL-PERP	−0.0067%	1h	117.83	−0.208%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.92	−0.135%	$31.6M	$98.6M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.84	−0.204%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.92	−0.136%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.98	−0.088%	$4.5M	$24.1M	20x	as long as short
Hibachi SOL/USDT-P	+0.0056%	1h	117.89	−0.160%	$105K	$696K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.91	−0.144%	$100K	$165K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.93	−0.129%	$8.0M	$404.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0090%	8h	117.92	−0.133%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.97	−0.090%	$13.2M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.94	−0.116%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.90	−0.157%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.88	−0.169%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.91	−0.141%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.87	−0.176%	$5.8M	$38.9M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.97	−0.093%	$177.7M	$180.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.00	−0.065%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.98	−0.085%	$972.0M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.01	−0.059%	$831.8M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.98	−0.085%	$367.1M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.95	−0.110%	$239K	$856K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.89	−0.160%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.59	−0.417%	$135.8M	$17.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.94	−0.119%	$859.5M	$653.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.95	−0.110%	$425.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.97	−0.095%	$130.2M	$212.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.95	−0.113%	$488.5M	$431.0M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.96	−0.099%	—	$362.8M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.96	−0.102%	$23.7M	$36.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.98	−0.082%	$24.4M	$115.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.94	−0.120%	$94.7M	$393.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.97	−0.094%	$48.3M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.02	−0.053%	$1.7M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.94	−0.119%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.90	−0.152%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.91	−0.141%	$199K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.90	−0.153%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.90	−0.152%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.91	−0.145%	$229.0M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.93	−0.127%	$46.0M	$100.3M	50x	as long as short
Kalshi KXSOLPERP	+0.0101%	8h	117.92	−0.139%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.91	−0.148%	$8.2M	$36.1M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0110%	1h	117.96	−0.105%	$26.5M	$24.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.90	−0.156%	—	$215.7M	500x	as long as short
Phoenix SOLlong	+0.0129%	1h	118.08	long leg	$6.5M	$13.4M	25x
RISEx SOL/USDC	+0.0136%	1h	117.95	−0.107%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0176%	1h	118.06	−0.017%	$722.2M	$389.8M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.87	−0.176%	$1.1M	$536K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.500%	$4K	$2K	12x	as long as short
BloFin SOL-USDTshort	+0.0220%	8h	117.92	−0.136%	$51.7M	$71.7M	125x
Perpl SOL	+0.0223%	43m	117.90	−0.154%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	117.92	−0.139%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0405%	1h	117.90	−0.155%	$25K	$51K	20x	as long as short