Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h −0.029%

Price spread now: Gate against Phoenix−0.256%77s7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$260.258% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.365%−$37 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.256%, 7d avg −0.131%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.125% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.131%). Swap the legs. The two prices were read 77 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	117.04	0.0151	pay 0.0019% / 1h	34m 00s	$6.5M	$13.8M	25x
Short	Gate SOL_USDT	116.74	0.0100	get 0.0100% / 8h	3h 34m	$852.6M	$661.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.256%Rate

Funding earned: −$10.63
Price spread: −0.256% → −0.131%: −$12.5
Slippage, 4 orders: −$3.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$48.92
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Gate: 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 Phoenix live order book, 5 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	15.3 bp −$1,530	doesn't fit
Sell Gate live order book, 5 min ago	0.43 bp	7.9 bp −$8	10.2 bp −$102	14.6 bp −$1,456	28.2 bp −$14.1K

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
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.73	−0.264%	$31.0M	$101.0M	100x	as long as short
Hibachi SOL/USDT-P	−0.0152%	1h	116.83	−0.179%	$103K	$699K	20x	as long as short
Vest SOL-PERP	−0.0087%	1h	116.74	−0.252%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.91	−0.109%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.77	−0.235%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.87	−0.146%	$1.5M	$19.0M	3.1x	as long as short
dYdX SOL-USD	+0.0007%	1h	116.87	−0.145%	$4.4M	$24.2M	20x	as long as short
Derive SOL-PERP	+0.0011%	1h	116.68	−0.311%	$1.9M	$2.9M	13x	as long as short
Bybit SOLUSDT	+0.0040%	8h	116.67	−0.318%	$763.8M	$1.38B	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.76	−0.240%	$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
01 Exchange SOLUSD	+0.0080%	1h	116.79	−0.214%	$99K	$174K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0093%	8h	116.75	−0.248%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.73	−0.264%	$13.1M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.72	−0.270%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.76	−0.242%	$347K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.77	−0.231%	$61K	$893K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.84	−0.168%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.78	−0.224%	$5.5M	$40.2M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.84	−0.171%	$705.3M	$394.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.74	−0.256%	$174.9M	$183.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.87	−0.149%	$15.8M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.73	−0.265%	$974.5M	$3.82B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.72	−0.273%	$366.9M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.88	−0.137%	$229K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.83	−0.179%	$922K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.05	+0.008%	$134.1M	$22.4M	20x	as long as short
Gate SOL_USDTshort	+0.0100%	8h	116.74	−0.256%	$852.6M	$661.8M	100x
MEXC SOL_USDT	+0.0100%	8h	116.71	−0.282%	$366.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.74	−0.258%	$129.1M	$223.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.69	−0.299%	$481.6M	$445.5M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.75	−0.249%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.73	−0.265%	$23.1M	$39.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.73	−0.261%	$24.5M	$113.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.91	−0.115%	$93.9M	$399.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.75	−0.248%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.97	−0.057%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.88	−0.137%	$1.3M	$12.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.75	−0.248%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.75	−0.249%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.76	−0.240%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.81	−0.195%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.73	−0.265%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.74	−0.254%	$226.3M	$48.0M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.76	−0.239%	$45.8M	$103.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.67	−0.318%	$8.3M	$37.5M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.99	−0.043%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.88	−0.134%	—	$231.5M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0137%	1h	116.79	−0.217%	$26.3M	$23.3M	50x	as long as short
Phoenix SOLlong	+0.0151%	1h	117.04	long leg	$6.5M	$13.8M	25x
Reya SOLRUSDPERP	+0.0191%	1h	116.72	−0.270%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.90	−0.120%	$52.1M	$67.5M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.76	−0.242%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0447%	43m	116.82	−0.185%	$139K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0524%	1h	116.88	−0.137%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.86	−0.150%	$1.9M	$4.8M	20x	as long as short