Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.032%

Price spread now: Phoenix against HTX+0.064%48s7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs+$7as 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−$230.228% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.299%+$30 on $10k

Price spread, last 3 days (all we have)+0.087%+$9 · spread now +0.064%, 7d avg +0.091%

Together, before fees+0.386%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.026% cheaper against HTX than usual: you would sell low and buy high (spread +0.064% now, against its 7-day average of +0.091%). If the spread goes back, that is −$3 on $10k: about 7.9 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.299% in total) that is about 15 hours. The two prices were read 48 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	HTX SOL-USDT	119.54	0.0089	pay 0.0089% / 8h	49m 28s	$232.7M	$45.0M	75x
Short	Phoenix SOL	119.62	0.0100	get 0.0013% / 1h	49m 28s	$6.6M	$13.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.064%Rate

Funding earned: $2.31
Price spread: +0.064% → +0.091%: −$2.61
Slippage, 4 orders: −$3.81
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$23.11
Costs to cover: 0.228%
Break-even: 77.2 days

Slippage from HTX: live order book, 5 min ago; Phoenix: live order book, 5 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 HTX live order book, 5 min ago	0.00 bp	7.6 bp −$8	9.5 bp −$95	17.1 bp −$1,711	44.5 bp −$22.3K
Sell Phoenix live order book, 5 min ago	0.83 bp	4.6 bp −$5	5.7 bp −$57	12.4 bp −$1,244	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
Hotstuff SOL-PERP	−0.0080%	1h	119.55	+0.009%	$848	$8K	25x	as long as short
Vest SOL-PERP	−0.0066%	1h	119.51	−0.029%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0052%	1h	119.45	−0.076%	$2.0M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	119.55	+0.006%	$113K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	119.61	+0.059%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.64	+0.080%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.57	+0.021%	$177K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0045%	1h	119.58	+0.031%	$26.7M	$26.0M	50x	as long as short
ApeX Omni SOLUSDT	+0.0060%	1h	119.63	+0.073%	$1.5M	$6.2M	50x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	119.58	+0.031%	$104K	$157K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0071%	8h	119.50	−0.038%	$1.1M	$5.9M	100x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.52	−0.023%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0089%	8h	119.52	−0.019%	$870.9M	$674.4M	100x	as long as short
HTX SOL-USDTlong	+0.0089%	8h	119.54	long leg	$232.7M	$45.0M	75x
Lighter SOL	+0.0096%	1h	119.56	+0.010%	$13.7M	$55.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.59	+0.038%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.51	−0.025%	$354K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	119.56	+0.011%	$8.3M	$418.4M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.52	−0.022%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.55	+0.006%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.57	+0.026%	$6.1M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.64	+0.084%	$725.0M	$410.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.53	−0.008%	$179.0M	$175.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.60	+0.048%	$12.4M	$120.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.52	−0.021%	$986.3M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.51	−0.028%	$831.1M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.48	−0.053%	$373.0M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.66	+0.098%	$234K	$875K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.58	+0.032%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.65	+0.090%	$134.3M	$6.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.54	−0.002%	$447.1M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.54	−0.002%	$139.6M	$203.7M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.53	−0.010%	$497.8M	$456.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.54	−0.002%	$24.2M	$37.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.65	+0.090%	$27.4M	$128.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.66	+0.096%	$96.1M	$402.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.63	+0.077%	$49.0M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.62	+0.064%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.54	−0.002%	$370K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.54	−0.007%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.55	+0.009%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.56	+0.017%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.52	−0.019%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.51	−0.028%	$46.7M	$102.6M	50x	as long as short
Aftermath Perps SOLUSD	+0.0100%	1h	119.60	+0.049%	$24K	$47K	20x	as long as short
Phoenix SOLshort	+0.0100%	1h	119.62	+0.064%	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	119.51	−0.026%	$8.7M	$35.9M	50x	as long as short
Hibachi SOL/USDT-P	+0.0104%	1h	119.69	+0.127%	$122K	$639K	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	119.53	−0.011%	$32.6M	$96.9M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.56	+0.010%	—	$224.7M	500x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	119.02	−0.437%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0183%	1h	119.52	−0.020%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.64	+0.081%	$52.0M	$84.5M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	119.58	+0.029%	$1.7M	$5.2M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0241% / S −0.0181%	1h	119.55	+0.009%	$3.8M	—	200x	as long as short