Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.034%

Price spread now: Phoenix against OKX+0.161%96s7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as 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−$200.201% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.161%, 7d avg +0.138%

Together, before fees+0.335%+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.023% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.138%. The two prices were read 96 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	OKX SOL-USDT-SWAP	117.70	0.0100	pay 0.0100% / 8h	5h 11m	$365.9M	$1.64B	100x
Short	Phoenix SOL	117.89	0.0129	get 0.0016% / 1h	11m 50s	$6.5M	$13.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.161%Rate

Funding earned: $6.13
Price spread: +0.161% → +0.138%: $2.33
Slippage, 4 orders: −$3.05
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.59
Costs to cover: 0.201%
Break-even: 20.2 days

Slippage from OKX: 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 OKX live order book, 2 min ago	0.42 bp	5.4 bp −$5	5.6 bp −$56	9.0 bp −$902	20.8 bp −$10.4K
Sell Phoenix live order book, 2 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	10.8 bp −$1,082	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
Bluefin SOL-PERP	−0.0086%	1h	117.66	−0.036%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.73	+0.029%	$921	$8K	25x	as long as short
Vest SOL-PERP	−0.0070%	1h	117.65	−0.042%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.65	−0.039%	$31.5M	$98.8M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.58	−0.099%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.67	−0.026%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.73	+0.025%	$4.5M	$24.1M	20x	as long as short
Hibachi SOL/USDT-P	+0.0040%	1h	117.85	+0.123%	$105K	$696K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.71	+0.008%	$100K	$165K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.67	−0.022%	$7.9M	$403.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUAL	+0.0069%	1h	117.70	+0.001%	$26.4M	$24.9M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.66	−0.032%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.77	+0.061%	$13.2M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.72	+0.017%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.65	−0.042%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.69	−0.008%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.73	+0.029%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.73	+0.029%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.74	+0.038%	$177.3M	$180.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.76	+0.048%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.78	+0.068%	$971.0M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.74	+0.037%	$831.3M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAPlong	+0.0100%	8h	117.70	long leg	$365.9M	$1.64B	100x
Ondo Perps SOL-USD.P	+0.0100%	1h	117.80	+0.085%	$239K	$864K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.72	+0.020%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.96	+0.225%	$136.3M	$17.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.69	−0.008%	$858.2M	$654.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.69	−0.008%	$425.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.70	+0.001%	$130.7M	$213.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.73	+0.023%	$487.8M	$431.3M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.69	−0.005%	—	$363.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.65	−0.042%	$23.7M	$37.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.04	+0.291%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.86	+0.137%	$94.7M	$394.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.96	+0.221%	$48.3M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	+0.110%	$1.7M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.86	+0.136%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.67	−0.025%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.68	−0.018%	$199K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.67	−0.025%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.65	−0.042%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.81	+0.091%	$228.8M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.68	−0.017%	$45.9M	$100.5M	50x	as long as short
Kalshi KXSOLPERP	+0.0103%	8h	117.72	+0.017%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.66	−0.034%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.70	−0.001%	—	$215.6M	500x	as long as short
Phoenix SOLshort	+0.0129%	1h	117.89	+0.161%	$6.5M	$13.4M	25x
RISEx SOL/USDC	+0.0136%	1h	117.77	+0.059%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0174%	1h	117.84	+0.119%	$721.0M	$390.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.64	−0.051%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.178%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.69	−0.008%	$51.8M	$71.5M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.76	+0.049%	$127K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.68	−0.013%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0412%	1h	117.85	+0.127%	$25K	$51K	20x	as long as short