Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h +0.034%

Price spread now: Phoenix against Variational Omni+0.066%7-day average +0.122% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.140%+$14 on $10k

Price spread, last 7 days+0.113%+$11 · spread now +0.066%, 7d avg +0.122%

Together, before fees+0.253%+ Points / potential airdropVariational Omni: Active · farm board+$25 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 Phoenix is 0.056% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.122%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.140%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOL	119.76	0.0100	pay 0.0100% / 8h	1h 39m	$27.8M	$127.8M	—
Short	Phoenix SOL	119.84	0.0054	get 0.0007% / 1h	39m 07s	$6.6M	$13.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$9.72
Price spread: +0.066% → +0.122%: −$5.63
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$22.35
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Phoenix: live order book, 5 min ago. 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 Variational Omni RFQ quote, 5 min ago	1.21 bp	doesn't fit	1.5 bp −$15	7.5 bp −$749	doesn't fit
Sell Phoenix live order book, 5 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	11.7 bp −$1,172	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
Bluefin SOL-PERP	−0.0358%	1h	119.58	−0.151%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0095%	1h	119.49	−0.229%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.58	−0.147%	$848	$8K	25x	as long as short
Vest SOL-PERP	−0.0062%	1h	119.58	−0.153%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0002%	1h	119.62	−0.114%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.61	−0.124%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.65	−0.090%	$1.2M	$20.6M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.61	−0.126%	$178K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0010%	1h	119.64	−0.103%	$26.8M	$27.6M	50x	as long as short
Hibachi SOL/USDT-P	+0.0016%	1h	119.81	+0.039%	$120K	$611K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix SOLshort	+0.0054%	1h	119.84	+0.066%	$6.6M	$13.6M	25x
Aftermath Perps SOLUSD	+0.0065%	1h	119.56	−0.170%	$24K	$47K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0066%	8h	119.60	−0.135%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0077%	8h	119.56	−0.167%	$232.9M	$44.6M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.58	−0.149%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0089%	8h	119.59	−0.143%	$871.9M	$680.0M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.62	−0.115%	$13.6M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.59	−0.143%	$2.1M	$16.7M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	119.62	−0.118%	$105K	$153K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.56	−0.171%	$354K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.56	−0.172%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.58	−0.151%	$45K	$790K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.58	−0.155%	$6.2M	$41.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.71	−0.043%	$721.7M	$414.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.62	−0.118%	$179.1M	$175.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.63	−0.108%	$12.4M	$117.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.62	−0.118%	$989.5M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.64	−0.101%	$827.0M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.62	−0.118%	$372.6M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.74	−0.018%	$234K	$889K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.64	−0.103%	$2.0M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.61	−0.126%	$458.2M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.61	−0.126%	$141.3M	$200.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.60	−0.133%	$496.5M	$454.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.62	−0.118%	$24.2M	$38.7M	50x	as long as short
Variational Omni SOLlong	+0.0100%	8h	119.76	long leg	$27.8M	$127.8M	—
edgeX SOLUSDC	+0.0100%	4h	119.71	−0.044%	$96.1M	$398.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.74	−0.016%	$49.0M	$31.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.73	−0.027%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.78	+0.016%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.58	−0.151%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.59	−0.140%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.56	−0.167%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.60	−0.135%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.64	−0.101%	$46.7M	$101.7M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.75	−0.011%	$134.3M	$8.4M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	119.55	−0.179%	$8.7M	$36.2M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.64	−0.101%	$8.2M	$415.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.64	−0.100%	—	$222.2M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.61	−0.127%	$32.6M	$95.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.60	−0.137%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.58	−0.149%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.61	−0.126%	$1.7M	$6.0M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.13	−0.527%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.62	−0.118%	$52.1M	$82.9M	125x	as long as short