Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.019%

Price spread now: Phoenix against KuCoin+0.012%48s7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as 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−$240.244% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 7 days+0.137%+$14 · spread now +0.012%, 7d avg +0.121%

Together, before fees+0.475%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.109% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.121%). If the spread goes back, that is −$11 on $10k: about 12 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.339% in total) that is about 2.3 days. 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	KuCoin SOLUSDTM	116.16	0.0100	pay 0.0100% / 8h	16m 44s	$129.2M	$236.3M	75x
Short	Phoenix SOL	116.17	0.0130	get 0.0016% / 1h	16m 44s	$6.5M	$13.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.012%Rate

Funding earned: $6.39
Price spread: +0.012% → +0.121%: −$10.93
Slippage, 4 orders: −$5.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.92
Costs to cover: 0.244%
Break-even: 38.7 days

Slippage from KuCoin: live order book, 2 min ago; Phoenix: live order book, 2 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 KuCoin live order book, 2 min ago	0.04 bp	6.2 bp −$6	7.4 bp −$74	14.3 bp −$1,434	doesn't fit
Sell Phoenix live order book, 2 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	12.4 bp −$1,241	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
Kraken Futures PF_SOLUSD	−0.0153%	1h	116.18	+0.020%	$32.4M	$106.7M	100x	as long as short
Bybit SOLUSDT	−0.0100%	8h	116.12	−0.031%	$733.0M	$1.43B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.31	+0.130%	$1K	$8K	25x	as long as short
Hibachi SOL/USDT-P	−0.0080%	1h	116.20	+0.041%	$101K	$676K	20x	as long as short
Injective SOL/USDC PERP	−0.0055%	1h	116.36	+0.176%	$4K	$2K	12x	as long as short
Vest SOL-PERP	−0.0041%	1h	116.13	−0.020%	—	$649K	20x	as long as short
Derive SOL-PERP	−0.0026%	1h	116.08	−0.070%	$1.8M	$3.0M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.17	+0.014%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.19	+0.031%	$1.4M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.16	+0.007%	$99K	$3.5M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0004%	1h	116.17	+0.009%	$4.3M	$23.5M	20x	as long as short
Bitget SOLUSDT	+0.0023%	8h	116.11	−0.038%	$479.1M	$456.1M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.20	+0.040%	$7.8M	$398.8M	50x	as long as short
Aster SOLUSDT	+0.0051%	8h	116.13	−0.018%	$176.9M	$169.0M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0071%	8h	116.16	+0.006%	$1.0M	$6.1M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	116.17	+0.012%	$100K	$182K	20x	as long as short
Lighter RH SOL	+0.0080%	1h	116.13	−0.025%	$2.2M	$16.8M	25x	as long as short
SoDEX SOL-USD	+0.0081%	1h	116.16	+0.003%	$6.1M	$11.0M	20x	as long as short
Paradex SOL-USD-PERP	+0.0094%	8h	116.15	−0.007%	$1.0M	$554K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.15	−0.004%	$13.1M	$60.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.15	−0.006%	$350K	$256K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.12	−0.031%	$64K	$912K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.15	−0.005%	$5.4M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.24	+0.072%	$695.7M	$408.5M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.18	+0.017%	$15.6M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.14	−0.013%	$960.3M	$3.87B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.15	−0.005%	$365.8M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.15	−0.005%	$223K	$845K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.16	+0.003%	$923K	$8.5M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.21	+0.045%	$125.5M	$25.5M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.17	+0.012%	$844.0M	$668.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.13	−0.022%	$371.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTMlong	+0.0100%	8h	116.16	long leg	$129.2M	$236.3M	75x
BingX SOL-USDT	+0.0100%	8h	116.16	+0.003%	—	$374.0M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.16	+0.003%	$22.8M	$35.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.97	−0.156%	$24.8M	$107.4M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.15	−0.005%	$93.3M	$406.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.23	+0.062%	$47.6M	$29.1M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.24	+0.076%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.17	+0.012%	$1.3M	$11.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.14	−0.014%	$314K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.16	0.000%	$282K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.16	−0.001%	$26K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.14	−0.010%	$189K	$1.7M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.13	−0.026%	$224.8M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.17	+0.012%	$45.1M	$104.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.13	−0.021%	$8.2M	$37.0M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0106%	1h	116.21	+0.048%	$26.3M	$21.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.15	−0.003%	—	$236.2M	500x	as long as short
Phoenix SOLshort	+0.0130%	1h	116.17	+0.012%	$6.5M	$13.6M	25x
Reya SOLRUSDPERP	+0.0196%	1h	116.11	−0.037%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.17	+0.012%	$52.1M	$65.4M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.15	−0.005%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0455%	1h	116.18	+0.025%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0485%	1h	116.22	+0.052%	$2.1M	$4.8M	20x	as long as short