Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.050%

Price spread now: GRVT against Phoenix−0.045%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

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

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.319%−$32 on $10k

Price spread, last 7 days−0.088%−$9 · spread now −0.045%, 7d avg −0.111%

Together, before fees−0.407%+ Points / potential airdropGRVT: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.066% dearer against Phoenix than usual: you sell high and buy low (spread −0.045% now, against its 7-day average of −0.111%): +$7 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.319% in total) that is about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	118.62	0.0114	pay 0.0014% / 1h	46m 15s	$6.6M	$13.6M	25x
Short	GRVT SOL_USDT_Perp	118.57	0.0100	get 0.0100% / 8h	7h 46m	$48.6M	$30.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$3.01
Price spread: −0.045% → −0.111%: $6.63
Slippage, 4 orders: −$3.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$16.23
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; GRVT: 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 Phoenix live order book, 3 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.1 bp −$1,512	doesn't fit
Sell GRVT live order book, 3 min ago	0.42 bp	4.9 bp −$5	4.9 bp −$49	9.3 bp −$925	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	118.64	+0.021%	$841	$8K	25x	as long as short
Vest SOL-PERP	−0.0077%	1h	118.50	−0.103%	—	$610K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.45	−0.146%	$2.0M	$2.8M	13x	as long as short
ApeX Omni SOLUSDT	−0.0031%	1h	118.54	−0.067%	$1.5M	$6.1M	50x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.52	−0.085%	$32.3M	$96.8M	100x	as long as short
dYdX SOL-USD	−0.0008%	1h	118.60	−0.017%	$4.8M	$27.4M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.53	−0.078%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.60	−0.017%	$1.2M	$20.5M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.53	−0.080%	$158K	$3.9M	8.3x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	118.57	−0.042%	$103K	$158K	20x	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	+0.0057%	1h	118.58	−0.030%	$26.6M	$25.1M	50x	as long as short
Hibachi SOL/USDT-P	+0.0072%	1h	118.63	+0.012%	$121K	$634K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0079%	8h	118.54	−0.067%	$1.0M	$5.9M	100x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.53	−0.077%	—	$10.5M	—	as long as short
HTX SOL-USDT	+0.0083%	8h	118.48	−0.116%	$230.6M	$44.6M	75x	as long as short
Gate SOL_USDT	+0.0086%	8h	118.51	−0.093%	$857.9M	$660.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.56	−0.052%	$8.1M	$413.0M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.53	−0.080%	$14.0M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.52	−0.083%	$2.1M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.55	−0.056%	$347K	$328K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.66	+0.037%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.58	−0.034%	$47K	$787K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.53	−0.079%	$5.8M	$41.1M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.62	0.000%	$718.1M	$404.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.53	−0.076%	$178.1M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.67	+0.044%	$12.2M	$123.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.54	−0.067%	$976.9M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.57	−0.042%	$821.6M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.54	−0.067%	$370.4M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.56	−0.051%	$232K	$871K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.65	+0.027%	$1.9M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.55	−0.059%	$133.5M	$4.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.53	−0.076%	$425.9M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.55	−0.062%	$137.7M	$207.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.53	−0.075%	$491.8M	$447.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.54	−0.067%	$24.1M	$37.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.61	−0.011%	$26.9M	$128.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.53	−0.078%	$95.2M	$404.7M	75x	as long as short
GRVT SOL_USDT_Perpshort	+0.0100%	8h	118.57	−0.045%	$48.6M	$30.3M	20x
StandX SOL-USD	+0.0100%	1h	118.58	−0.034%	$1.3M	$13.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.51	−0.093%	$358K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.50	−0.099%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.53	−0.076%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.62	−0.001%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.53	−0.076%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.54	−0.067%	$46.4M	$101.5M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.51	−0.096%	$8.7M	$35.3M	50x	as long as short
Phoenix SOLlong	+0.0114%	1h	118.62	long leg	$6.6M	$13.6M	25x
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.65	+0.026%	—	$223.0M	500x	as long as short
Aftermath Perps SOLUSD	+0.0142%	1h	118.63	+0.007%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.59	−0.028%	$1.8M	$4.7M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0166% / S −0.0066%	1h	118.52	−0.086%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	+0.034%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0185%	1h	118.49	−0.107%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.61	−0.008%	$51.9M	$79.2M	125x	as long as short