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 −0.039%

Price spread now: SunX against Phoenix−0.107%69s7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as 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−$520.519% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.265%−$27 on $10k

Price spread, last 3 days (all we have)−0.495%−$50 · spread now −0.107%, 7d avg −0.105%

Together, before fees−0.760%−$76 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.105%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 69 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	56m 07s	$6.7M	$12.5M	25x
Short	SunX SOL-USDT	119.02	0.0100	get 0.0100% / 8h	2h 56m	$193K	$1.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$10.21
Price spread: −0.107% → −0.105%: −$0.18
Slippage, 4 orders: −$36.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$62.33
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; SunX: live order book, 10 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 −$1,507	doesn't fit
Sell SunX live order book, 10 min ago	4.20 bp	20.5 bp −$21	31.5 bp −$315	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	118.68	−0.394%	$4K	$2K	12x	as long as short
Aftermath Perps SOLUSD	−0.0084%	1h	119.04	−0.096%	$24K	$48K	20x	as long as short
Vest SOL-PERP	−0.0084%	1h	118.92	−0.195%	—	$731K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.04	−0.092%	$844	$8K	25x	as long as short
Derive SOL-PERP	−0.0065%	1h	118.94	−0.179%	$2.0M	$3.2M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.00	−0.129%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	119.13	−0.018%	$4.9M	$26.8M	20x	as long as short
Perpl SOL	0.0000%	43m	118.97	−0.154%	$191K	$4.1M	8.3x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	118.95	−0.168%	$104K	$152K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0055%	8h	119.03	−0.102%	$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
HTX SOL-USDT	+0.0068%	8h	118.91	−0.197%	$231.7M	$43.7M	75x	as long as short
ApeX Omni SOLUSDT	+0.0079%	1h	119.08	−0.055%	$1.5M	$6.2M	50x	as long as short
Gate SOL_USDT	+0.0081%	8h	119.02	−0.109%	$858.5M	$673.0M	100x	as long as short
KuCoin SOLUSDTM	+0.0085%	8h	119.03	−0.097%	$144.4M	$197.0M	75x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0088%	1h	119.12	−0.028%	$26.7M	$27.9M	50x	as long as short
Lighter SOL	+0.0096%	1h	119.03	−0.097%	$13.5M	$52.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.03	−0.105%	$2.0M	$16.6M	25x	as long as short
Bitget SOLUSDT	+0.0096%	8h	119.03	−0.102%	$496.7M	$451.1M	100x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.03	−0.100%	$354K	$746K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	118.97	−0.155%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.96	−0.159%	$47K	$781K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.97	−0.155%	$5.6M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.11	−0.034%	$718.7M	$443.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.04	−0.092%	$179.7M	$175.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.07	−0.067%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.03	−0.100%	$977.3M	$3.76B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.05	−0.084%	$823.4M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.01	−0.117%	$368.1M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.97	−0.151%	$233K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.03	−0.097%	$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	119.03	−0.101%	$471.1M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	119.02	−0.113%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.07	−0.067%	$24.2M	$38.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.33	+0.148%	$27.8M	$126.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.13	−0.018%	$95.7M	$394.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.06	−0.072%	$48.7M	$33.5M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.06	−0.076%	$1.4M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.96	−0.159%	$361K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.96	−0.159%	$201K	$1.8M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.01	−0.116%	$37K	$15K	25x	as long as short
SunX SOL-USDTshort	+0.0100%	8h	119.02	−0.107%	$193K	$1.9M	30x
SoDEX SOL-USD	+0.0100%	1h	119.03	−0.101%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.02	−0.109%	$46.4M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.03	−0.102%	$8.7M	$37.3M	50x	as long as short
Kalshi KXSOLPERP	+0.0108%	8h	119.11	−0.033%	$1.2M	$20.9M	3.1x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.08	−0.060%	$8.1M	$414.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.05	−0.080%	—	$217.9M	500x	as long as short
Hibachi SOL/USDT-P	+0.0128%	1h	118.97	−0.148%	$123K	$619K	20x	as long as short
Phoenix SOLlong	+0.0149%	1h	119.15	long leg	$6.7M	$12.5M	25x
RISEx SOL/USDC	+0.0175%	1h	118.97	−0.147%	$1.6M	$6.3M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.95	−0.165%	$1.1M	$558K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.99	−0.134%	$51.9M	$91.1M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.08	−0.062%	$36.1M	$90.0M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0174%	1h	118.99	−0.131%	$3.5M	—	200x	as long as short