Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Phemex against Bulk−0.372%7-day average −0.016% · 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−$66as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.397%+$40 · spread now −0.372%, 7d avg −0.016%

Together, before fees+0.400%+$40 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.357% cheaper against Bulk than usual: you would sell low and buy high, −$36 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk SOL-USD	118.00	0.0100	pay 0.0013% / 1h	19m 53s	$135.1M	$14.3M	20x
Short	Phemex SOLUSDT	117.56	0.0100	get 0.0100% / 8h	6h 19m	$45.8M	$101.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.372%Rate

Funding earned: $0
Price spread: −0.372% → −0.016%: −$35.68
Slippage, 4 orders: −$11.56
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.23
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Phemex: 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 Bulk live order book, 4 min ago	4.24 bp	7.7 bp −$8	7.7 bp −$77	12.7 bp −$1,267	15.5 bp −$7,754
Sell Phemex live order book, 4 min ago	0.42 bp	7.7 bp −$8	8.8 bp −$88	16.6 bp −$1,662	doesn't fit

SOL on 54 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
Hotstuff SOL-PERP	−0.0080%	1h	117.76	−0.199%	$921	$8K	25x	as long as short
Vest SOL-PERP	−0.0066%	1h	117.57	−0.367%	—	$607K	20x	as long as short
Derive SOL-PERP	−0.0027%	1h	117.51	−0.416%	$2.0M	$2.8M	13x	as long as short
Hibachi SOL/USDT-P	−0.0008%	1h	117.78	−0.183%	$100K	$691K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.58	−0.356%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.66	−0.291%	$4.5M	$24.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.59	−0.350%	$1.4M	$20.8M	3.1x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.61	−0.326%	$2.0M	$4.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0030%	1h	117.91	−0.075%	$1.5M	$6.0M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0039%	1h	117.60	−0.337%	$26.4M	$25.5M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.55	−0.381%	$31.5M	$98.8M	100x	as long as short
HTX SOL-USDT	+0.0051%	8h	117.54	−0.392%	$228.4M	$45.5M	75x	as long as short
Gate SOL_USDT	+0.0057%	8h	117.58	−0.355%	$851.3M	$663.4M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.58	−0.356%	$8.0M	$408.7M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.72	−0.233%	—	$370.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0087%	8h	117.59	−0.344%	$1.1M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.56	−0.372%	$13.1M	$60.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.55	−0.382%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.62	−0.321%	$103K	$159K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.56	−0.375%	$344K	$258K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.64	−0.308%	$1.0M	$519K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.56	−0.372%	$64K	$855K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.62	−0.321%	$5.7M	$41.5M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.57	−0.364%	$176.4M	$179.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.65	−0.296%	$14.4M	$128.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.73	−0.228%	$970.4M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.75	−0.211%	$821.0M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.71	−0.245%	$365.7M	$1.67B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.61	−0.330%	$239K	$891K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.61	−0.329%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USDlong	+0.0100%	1h	118.00	long leg	$135.1M	$14.3M	20x
MEXC SOL_USDT	+0.0100%	8h	117.71	−0.245%	$425.9M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.71	−0.248%	$131.3M	$210.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.71	−0.249%	$487.5M	$441.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.66	−0.288%	$23.8M	$37.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.74	−0.217%	$24.4M	$122.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.93	−0.056%	$94.7M	$404.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.96	−0.032%	$48.3M	$28.8M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.96	−0.033%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.58	−0.355%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.57	−0.364%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.58	−0.351%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.60	−0.341%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.56	−0.372%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.56	−0.372%	$45.8M	$101.4M	50x
Phoenix SOL	+0.0101%	1h	118.11	+0.094%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.67	−0.276%	$8.1M	$36.2M	50x	as long as short
Hyperliquid SOL	+0.0105%	1h	117.69	−0.262%	$719.6M	$400.1M	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.59	−0.349%	—	$226.2M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.56	−0.371%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.87	−0.110%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0174%	1h	117.57	−0.361%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0338%	1h	117.86	−0.119%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.63	−0.313%	$129K	$3.9M	8.3x	as long as short