Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h −0.039%

Price spread now: Phemex against Hibachi−0.022%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Hibachi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.022%, 7d avg −0.022%

Together, before fees−0.023%+ Points / potential airdropHibachi: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi SOL/USDT-P	116.62	−0.0184	get 0.0023% / 1h	14m 46s	$97K	$688K	20x
Short	Phemex SOLUSDT	116.59	0.0100	get 0.0100% / 8h	1h 14m	$45.4M	$105.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hibachi. 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 HibachibpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: $59.64
Price spread: −0.022% → −0.022%: −$0.04
Slippage, 4 orders: −$5.63
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $32.97
Costs to cover: 0.266%
Break-even: 3.1 days

Slippage from Hibachi: live order book, 29 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 Hibachi live order book, 29 min ago	0.56 bp	6.0 bp −$6	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.43 bp	7.1 bp −$7	8.8 bp −$88	16.4 bp −$1,635	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
Hibachi SOL/USDT-Plong	−0.0184%	1h	116.62	long leg	$97K	$688K	20x
Bybit SOLUSDT	−0.0113%	8h	116.58	−0.031%	$739.2M	$1.44B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.61	−0.006%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0072%	1h	116.64	+0.022%	$32.3M	$106.3M	100x	as long as short
Vest SOL-PERP	−0.0044%	1h	116.56	−0.051%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.57	−0.039%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.63	+0.010%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.58	−0.033%	$106K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0017%	1h	116.62	+0.003%	$4.3M	$23.7M	20x	as long as short
Bitget SOLUSDT	+0.0040%	8h	116.58	−0.033%	$480.5M	$459.7M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SOL	+0.0048%	1h	116.60	−0.011%	$2.2M	$16.9M	25x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.60	−0.014%	$99K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.66	+0.033%	$8.1M	$404.2M	50x	as long as short
Aster SOLUSDT	+0.0080%	8h	116.61	−0.005%	$176.6M	$170.4M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0085%	8h	116.58	−0.027%	$1.0M	$5.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0089%	1h	116.68	+0.055%	$26.4M	$21.8M	50x	as long as short
Paradex SOL-USD-PERP	+0.0092%	8h	116.58	−0.033%	$1.0M	$553K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.61	−0.005%	$13.1M	$61.1M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.60	−0.014%	$351K	$252K	20x	as long as short
SoDEX SOL-USD	+0.0099%	1h	116.60	−0.014%	$6.1M	$11.0M	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.55	−0.057%	$66K	$912K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.57	−0.035%	$5.5M	$41.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.73	+0.095%	$699.1M	$408.4M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.66	+0.036%	$15.7M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.60	−0.013%	$967.0M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.59	−0.022%	$367.5M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.57	−0.039%	$217K	$837K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.59	−0.021%	$899K	$8.7M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.74	+0.103%	$125.3M	$26.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.60	−0.014%	$850.0M	$674.5M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.61	−0.005%	$367.1M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.65	+0.028%	$133.0M	$233.6M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.57	−0.040%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.64	+0.021%	$23.1M	$37.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.55	−0.053%	$25.0M	$111.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.67	+0.049%	$93.7M	$409.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.73	+0.099%	$47.7M	$30.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.71	+0.081%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.63	+0.012%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.56	−0.048%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.61	−0.003%	$242K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.60	−0.012%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.56	−0.052%	$189K	$1.8M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.56	−0.048%	$225.7M	$50.7M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	116.59	−0.022%	$45.4M	$105.1M	50x
Extended SOL-USD	+0.0104%	1h	116.53	−0.075%	$8.0M	$38.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.60	−0.012%	—	$237.1M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.69	+0.063%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.76	+0.123%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.53	−0.074%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.55	−0.057%	$52.0M	$66.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.56	−0.045%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.65	+0.027%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0495%	1h	116.69	+0.066%	$25K	$57K	20x	as long as short