Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.032%

Price spread now: Katana Perps against Phoenix−0.134%50s7-day average −0.172% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.151%−$15 on $10k

Price spread, last 7 days+0.005%$0 · spread now −0.134%, 7d avg −0.172%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.038% dearer against Phoenix than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.172%. The two prices were read 50 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	119.08	0.0100	pay 0.0013% / 1h	30m 00s	$6.6M	$13.7M	25x
Short	Katana Perps SOL-USD	118.92	0.0100	get 0.0100% / 8h	30m 00s	$45K	$797K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$0.13
Price spread: −0.134% → −0.172%: $3.79
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.15
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 4 min ago; Katana Perps: no order-book sample. Net counts fees only.

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	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.3 bp −$1,530	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	118.89	−0.163%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0075%	1h	118.87	−0.180%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0073%	1h	118.82	−0.221%	$2.0M	$2.8M	13x	as long as short
dYdX SOL-USD	−0.0018%	1h	118.90	−0.149%	$4.9M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.92	−0.135%	$112K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.94	−0.114%	$1.3M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.90	−0.151%	$177K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0006%	1h	118.94	−0.116%	$26.6M	$26.0M	50x	as long as short
ApeX Omni SOLUSDT	+0.0038%	1h	118.99	−0.076%	$1.5M	$6.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0075%	8h	118.91	−0.142%	$1.0M	$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
01 Exchange SOLUSD	+0.0080%	1h	118.96	−0.101%	$104K	$158K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.86	−0.182%	—	$10.5M	—	as long as short
HTX SOL-USDT	+0.0087%	8h	118.83	−0.209%	$231.3M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0088%	8h	118.84	−0.202%	$862.6M	$679.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.87	−0.173%	$13.6M	$55.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.86	−0.186%	$2.2M	$16.9M	25x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	119.04	−0.038%	$120K	$628K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.89	−0.160%	$352K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.91	−0.147%	$8.1M	$416.4M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.87	−0.177%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USDshort	+0.0100%	8h	118.92	−0.134%	$45K	$797K	20x
Nado SOL-PERP	+0.0100%	1h	118.91	−0.147%	$6.1M	$40.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.96	−0.101%	$720.0M	$412.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.86	−0.184%	$178.0M	$176.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.92	−0.133%	$12.3M	$120.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.86	−0.183%	$982.3M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.88	−0.165%	$825.0M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.87	−0.176%	$371.9M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.88	−0.168%	$233K	$872K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.94	−0.119%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.93	−0.126%	$133.7M	$5.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.88	−0.168%	$433.9M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.87	−0.179%	$138.6M	$205.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.85	−0.197%	$492.7M	$460.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.90	−0.151%	$24.2M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.01	−0.058%	$27.2M	$129.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.97	−0.096%	$95.6M	$403.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.98	−0.088%	$48.7M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.04	−0.034%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.89	−0.160%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.90	−0.155%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.90	−0.149%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.94	−0.121%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.88	−0.168%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.91	−0.143%	$46.5M	$102.8M	50x	as long as short
Phoenix SOLlong	+0.0100%	1h	119.08	long leg	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	118.86	−0.186%	$8.7M	$36.0M	50x	as long as short
Aftermath Perps SOLUSD	+0.0105%	1h	119.10	+0.020%	$24K	$47K	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.88	−0.164%	$32.5M	$97.2M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.96	−0.097%	—	$225.4M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0168% / S −0.0068%	1h	118.91	−0.144%	$3.8M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	119.60	+0.437%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0183%	1h	118.88	−0.170%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.95	−0.109%	$52.2M	$81.7M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	118.95	−0.113%	$1.7M	$5.2M	20x	as long as short