Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0049%/8h= −5.3% APRpaid last 24h −0.038%

Price spread now: Phemex against Phoenix−0.252%73s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as 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−$250.246% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.347%−$35 on $10k

Price spread, last 3 days (all we have)−0.335%−$34 · spread now −0.252%, 7d avg −0.083%

Together, before fees−0.682%−$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.169% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.083%). Swap the legs. The two prices were read 73 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	119.15	0.0149	pay 0.0019% / 1h	53m 40s	$6.7M	$12.5M	25x
Short	Phemex SOLUSDT	118.85	0.0100	get 0.0100% / 8h	2h 53m	$46.4M	$99.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.252%Rate

Funding earned: −$10.21
Price spread: −0.252% → −0.083%: −$16.88
Slippage, 4 orders: −$5.58
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$51.67
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Phemex: live order book, 6 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	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.1 bp −$1,507	doesn't fit
Sell Phemex live order book, 6 min ago	0.42 bp	8.2 bp −$8	15.2 bp −$152	24.4 bp −$2,439	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	118.68	−0.394%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.77	−0.320%	$2.0M	$3.2M	13x	as long as short
Aftermath Perps SOLUSD	−0.0085%	1h	119.04	−0.096%	$24K	$48K	20x	as long as short
Vest SOL-PERP	−0.0083%	1h	118.80	−0.293%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.79	−0.302%	$842	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.89	−0.218%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.90	−0.210%	$4.9M	$26.8M	20x	as long as short
Perpl SOL	0.0000%	43m	118.76	−0.326%	$184K	$4.1M	8.3x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	118.80	−0.294%	$104K	$153K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0056%	8h	118.86	−0.243%	$1.1M	$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
Deribit SOL_USDC-PERPETUAL	+0.0063%	1h	118.94	−0.179%	$26.7M	$27.8M	50x	as long as short
HTX SOL-USDT	+0.0070%	8h	118.81	−0.289%	$231.5M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0079%	8h	118.92	−0.193%	$858.5M	$673.8M	100x	as long as short
KuCoin SOLUSDTM	+0.0086%	8h	118.94	−0.178%	$144.8M	$197.0M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.87	−0.233%	$13.4M	$52.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.87	−0.235%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.89	−0.221%	$353K	$746K	20x	as long as short
Bitget SOLUSDT	+0.0097%	8h	118.92	−0.191%	$496.4M	$451.6M	100x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	118.74	−0.342%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.81	−0.285%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.75	−0.340%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.03	−0.101%	$718.2M	$423.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.93	−0.185%	$179.5M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.88	−0.227%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.86	−0.239%	$974.3M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.95	−0.170%	$823.3M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.91	−0.201%	$368.9M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.78	−0.311%	$233K	$867K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.87	−0.238%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.09	−0.053%	$133.4M	$13.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.90	−0.210%	$471.2M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.92	−0.196%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.91	−0.201%	$24.1M	$37.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.07	−0.063%	$27.7M	$126.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.93	−0.185%	$95.5M	$395.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.07	−0.066%	$48.7M	$33.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.99	−0.134%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.10	−0.042%	$1.4M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.77	−0.319%	$360K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.81	−0.282%	$200K	$1.8M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.86	−0.247%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.83	−0.265%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.86	−0.243%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	118.85	−0.252%	$46.4M	$99.8M	50x
Extended SOL-USD	+0.0104%	1h	118.88	−0.223%	$8.7M	$37.4M	50x	as long as short
Kalshi KXSOLPERP	+0.0104%	8h	119.14	−0.010%	$1.2M	$20.9M	3.1x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	−0.193%	$8.1M	$414.4M	50x	as long as short
Hibachi SOL/USDT-P	+0.0120%	1h	119.02	−0.106%	$123K	$621K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.98	−0.144%	—	$217.6M	500x	as long as short
Phoenix SOLlong	+0.0149%	1h	119.15	long leg	$6.7M	$12.5M	25x
RISEx SOL/USDC	+0.0175%	1h	118.84	−0.260%	$1.6M	$6.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.80	−0.297%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.18	+0.025%	$52.0M	$91.2M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.90	−0.214%	$36.2M	$90.2M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0175%	1h	118.88	−0.226%	$3.5M	—	200x	as long as short