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 +0.028%

Price spread now: Phoenix against Paradex−0.101%46s7-day average +0.151% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.171% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.151%+$15 on $10k

Price spread, last 7 days+0.174%+$17 · spread now −0.101%, 7d avg +0.151%

Together, before fees+0.326%+ Points / potential airdropParadex: Active · farm board+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.252% cheaper against Paradex than usual: you would sell low and buy high (spread −0.101% now, against its 7-day average of +0.151%). If the spread goes back, that is −$25 on $10k: about 29 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.151% in total) that is about 6.3 days. The two prices were read 46 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	Paradex SOL-USD-PERP	118.01	0.0100	pay 0.0100% / 8h	5h 10m	$1.0M	$516K	50x
Short	Phoenix SOL	117.89	0.0129	get 0.0016% / 1h	10m 23s	$6.5M	$13.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.101%Rate

Funding earned: $6.15
Price spread: −0.101% → +0.151%: −$25.18
Slippage, 4 orders: −$6.11
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.14
Costs to cover: 0.171%
Break-even: 48.1 days

Slippage from Paradex: live order book, 4 min ago; Phoenix: 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 Paradex live order book, 4 min ago	1.95 bp	4.0 bp −$4	10.0 bp −$100	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 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
Hotstuff SOL-PERP	−0.0080%	1h	118.00	−0.012%	$923	$8K	25x	as long as short
Bluefin SOL-PERP	−0.0071%	1h	117.83	−0.151%	$25K	$28K	25x	as long as short
Vest SOL-PERP	−0.0071%	1h	117.82	−0.159%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.86	−0.130%	$31.6M	$98.9M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.79	−0.189%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.86	−0.127%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.99	−0.019%	$4.5M	$24.1M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0022%	1h	117.90	−0.090%	$26.5M	$24.9M	50x	as long as short
Hibachi SOL/USDT-P	+0.0032%	1h	117.86	−0.126%	$105K	$696K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	118.00	−0.007%	$100K	$165K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.89	−0.098%	$7.9M	$404.7M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.87	−0.119%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.96	−0.039%	$13.2M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.95	−0.047%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.84	−0.143%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.97	−0.033%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERPlong	+0.0100%	8h	118.01	long leg	$1.0M	$516K	50x
Nado SOL-PERP	+0.0100%	1h	117.95	−0.046%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.96	−0.043%	$177.6M	$180.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.99	−0.015%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.87	−0.121%	$971.7M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.89	−0.101%	$831.4M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.86	−0.126%	$366.7M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.91	−0.084%	$234K	$864K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.99	−0.013%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.96	−0.038%	$136.3M	$17.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.96	−0.041%	$861.5M	$654.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.87	−0.118%	$425.6M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.98	−0.028%	$131.0M	$213.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.84	−0.141%	$488.4M	$431.6M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	117.88	−0.109%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.93	−0.067%	$23.7M	$37.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.77	−0.201%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.84	−0.146%	$94.6M	$391.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.69	−0.271%	$48.2M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	−0.152%	$1.7M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.80	−0.177%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.91	−0.084%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.86	−0.123%	$200K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.85	−0.133%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.86	−0.126%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.81	−0.171%	$228.8M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.92	−0.075%	$46.0M	$100.5M	50x	as long as short
Kalshi KXSOLPERP	+0.0102%	8h	117.81	−0.168%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.82	−0.161%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.97	−0.037%	—	$215.6M	500x	as long as short
Phoenix SOLshort	+0.0129%	1h	117.89	−0.101%	$6.5M	$13.4M	25x
RISEx SOL/USDC	+0.0136%	1h	118.06	+0.041%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0174%	1h	117.99	−0.016%	$721.9M	$390.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.84	−0.146%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.440%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.85	−0.135%	$52.0M	$71.6M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.92	−0.072%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.86	−0.130%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0402%	1h	117.85	−0.133%	$25K	$52K	20x	as long as short