Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.030%

Price spread now: Phoenix against Aster−0.035%45s7-day average +0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as 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−$170.174% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 7 days+0.198%+$20 · spread now −0.035%, 7d avg +0.126%

Together, before fees+0.520%+ Points / potential airdropAster: Stage 5 · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.162% cheaper against Aster than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.126%). If the spread goes back, that is −$16 on $10k: about 38 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.322% in total) that is about 3.5 days. The two prices were read 45 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	Aster SOLUSDT	119.32	0.0100	pay 0.0100% / 8h	7h 10m	$180.4M	$176.5M	100x
Short	Phoenix SOL	119.28	0.0114	get 0.0014% / 1h	10m 37s	$6.6M	$13.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.035%Rate

Funding earned: $3.01
Price spread: −0.035% → +0.126%: −$16.17
Slippage, 4 orders: −$2.42
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$30.58
Costs to cover: 0.174%
Break-even: 78.1 days

Slippage from Aster: live order book, 4 min ago; Phoenix: 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 Aster live order book, 4 min ago	0.42 bp	5.2 bp −$5	5.2 bp −$52	7.1 bp −$714	26.9 bp −$13.5K
Sell Phoenix live order book, 4 min ago	0.42 bp	3.9 bp −$4	3.9 bp −$39	12.4 bp −$1,240	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
Derive SOL-PERP	−0.0082%	1h	119.08	−0.201%	$2.0M	$2.7M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.19	−0.113%	$932	$8K	25x	as long as short
Vest SOL-PERP	−0.0079%	1h	119.17	−0.127%	—	$608K	20x	as long as short
Hibachi SOL/USDT-P	−0.0040%	1h	119.30	−0.021%	$109K	$670K	20x	as long as short
HTX SOL-USDT	−0.0026%	8h	119.14	−0.153%	$231.8M	$44.2M	75x	as long as short
dYdX SOL-USD	−0.0018%	1h	119.36	+0.032%	$4.9M	$25.5M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	119.16	−0.137%	$32.4M	$97.1M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.19	−0.115%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.20	−0.099%	$1.2M	$20.0M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.25	−0.062%	$125K	$3.9M	8.3x	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	+0.0032%	1h	119.23	−0.077%	$104K	$160K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0055%	1h	119.21	−0.095%	$26.7M	$24.8M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.29	−0.024%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	119.19	−0.115%	$1.0M	$5.9M	100x	as long as short
Bluefin SOL-PERP	+0.0085%	1h	119.18	−0.123%	$37K	$17K	25x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	119.20	−0.105%	$8.1M	$409.9M	50x	as long as short
Gate SOL_USDT	+0.0094%	8h	119.34	+0.015%	$857.0M	$672.4M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.39	+0.054%	$14.0M	$56.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.37	+0.040%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.15	−0.145%	$349K	$253K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.37	+0.037%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.33	+0.007%	$46K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.17	−0.128%	$6.1M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.45	+0.107%	$731.6M	$399.5M	20x	as long as short
Aster SOLUSDTlong	+0.0100%	8h	119.32	long leg	$180.4M	$176.5M	100x
Pacifica SOL	+0.0100%	1h	119.41	+0.074%	$12.3M	$125.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.40	+0.065%	$983.2M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.42	+0.084%	$829.6M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.31	−0.010%	$373.4M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.29	−0.027%	$234K	$833K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.29	−0.029%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.76	−0.473%	$137.0M	$12.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.37	+0.040%	$434.0M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.37	+0.043%	$139.3M	$203.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.33	+0.002%	$495.2M	$438.2M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.16	−0.136%	$24.0M	$36.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.19	−0.115%	$24.9M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.20	−0.102%	$95.7M	$404.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.13	−0.158%	$48.8M	$29.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.26	−0.052%	$1.5M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.18	−0.119%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.22	−0.086%	$361K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.17	−0.125%	$203K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.20	−0.100%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.16	−0.136%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.18	−0.119%	$46.7M	$99.5M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.28	−0.037%	$8.6M	$34.9M	50x	as long as short
Phoenix SOLshort	+0.0114%	1h	119.28	−0.035%	$6.6M	$13.6M	25x
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.25	−0.062%	—	$226.5M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	119.35	+0.019%	$1.8M	$4.5M	20x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	119.01	−0.262%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	119.20	−0.104%	$1.1M	$524K	25x	as long as short
Aftermath Perps SOLUSD	+0.0219%	1h	119.22	−0.087%	$25K	$51K	20x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.15	−0.144%	$51.9M	$74.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	119.18	−0.120%	$3.7M	—	200x	as long as short