Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.039%

Price spread now: Paradex against Phoenix−0.154%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.155%−$15 on $10k

Price spread, last 4 days (all we have)−0.708%−$71 · spread now −0.154%, 7d avg −0.137%

Together, before fees−0.863%+ Points / potential airdropParadex: Active · farm board−$86 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.137%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	118.92	0.0154	pay 0.0019% / 1h	45m 24s	$6.7M	$12.5M	25x
Short	Paradex SOL-USD-PERP	118.74	0.0099	get 0.0099% / 8h	2h 45m	$1.0M	$525K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.154%Rate

Funding earned: −$11.68
Price spread: −0.154% → −0.137%: −$1.7
Slippage, 4 orders: −$4.21
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$28.59
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Paradex: live order book, 4 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	0.42 bp	3.9 bp −$4	3.9 bp −$39	14.3 bp −$1,428	doesn't fit
Sell Paradex live order book, 4 min ago	1.68 bp	3.7 bp −$4	9.4 bp −$94	doesn't fit	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
Injective SOL/USDC PERP	−0.0151%	1h	118.89	−0.025%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.62	−0.248%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0080%	1h	118.73	−0.161%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.77	−0.124%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0049%	1h	118.89	−0.023%	$24K	$48K	20x	as long as short
dYdX SOL-USD	−0.0006%	1h	118.80	−0.101%	$4.9M	$26.8M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.76	−0.135%	$48K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.88	−0.034%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.81	−0.095%	$179K	$4.1M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0009%	1h	118.73	−0.158%	$26.6M	$27.7M	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	+0.0058%	8h	118.72	−0.168%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.81	−0.092%	$105K	$153K	20x	as long as short
HTX SOL-USDT	+0.0074%	8h	118.80	−0.104%	$231.5M	$43.6M	75x	as long as short
ApeX Omni SOLUSDT	+0.0074%	1h	118.90	−0.017%	$1.5M	$6.2M	50x	as long as short
Gate SOL_USDT	+0.0083%	8h	118.75	−0.143%	$857.4M	$676.6M	100x	as long as short
KuCoin SOLUSDTM	+0.0093%	8h	118.76	−0.137%	$143.8M	$196.5M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.77	−0.124%	$13.4M	$53.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.77	−0.129%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.68	−0.200%	$353K	$741K	20x	as long as short
Paradex SOL-USD-PERPshort	+0.0099%	8h	118.74	−0.154%	$1.0M	$525K	50x
Katana Perps SOL-USD	+0.0100%	8h	118.78	−0.118%	$46K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.76	−0.134%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.85	−0.059%	$716.7M	$424.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.75	−0.144%	$179.0M	$173.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.78	−0.118%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.73	−0.160%	$970.6M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.71	−0.175%	$820.4M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.67	−0.210%	$370.0M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.92	0.000%	$233K	$862K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.82	−0.087%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	−0.032%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.73	−0.160%	$466.2M	$1.07B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.66	−0.223%	$495.2M	$448.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.75	−0.140%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.81	−0.092%	$24.3M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.85	−0.063%	$27.6M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	−0.009%	$95.5M	$397.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.83	−0.077%	$48.6M	$33.0M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.88	−0.034%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.76	−0.135%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.73	−0.162%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.72	−0.169%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.74	−0.148%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.65	−0.227%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.82	−0.084%	$46.4M	$100.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.67	−0.214%	$8.6M	$37.2M	50x	as long as short
Hibachi SOL/USDT-P	+0.0112%	1h	118.87	−0.041%	$123K	$606K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0048%	1h	118.77	−0.124%	—	$218.1M	500x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.72	−0.172%	$8.0M	$413.3M	50x	as long as short
Phoenix SOLlong	+0.0154%	1h	118.92	long leg	$6.7M	$12.5M	25x
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.76	−0.138%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.80	−0.097%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.75	−0.144%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.81	−0.092%	$51.7M	$87.1M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.68	−0.204%	$36.0M	$89.8M	100x	as long as short