Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.015%

Price spread now: Phemex against Perpl−0.066%7-day average +0.029% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.237%+$24 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.066%, 7d avg +0.029%

Together, before fees+0.357%+ Points / potential airdropPerpl: Active · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.095% cheaper against Perpl than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.029%). If the spread goes back, that is −$10 on $10k: about 3.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl SOL	115.95	0	get 0.0000% / 43m	13m 36s	$113K	$3.7M	8.3x
Short	Phemex SOLUSDT	115.87	0.0100	get 0.0100% / 8h	2h 33m	$45.1M	$104.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Perpl. 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 PerplbpFee PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: $21
Price spread: −0.066% → +0.029%: −$9.52
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$14.32
Costs to cover: 0.258%
Break-even: 11.8 days

Slippage unknown: Perpl: no order-book sample; Phemex: live order book, 6 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	1.29 bp	7.3 bp −$7	8.5 bp −$85	21.6 bp −$2,158	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0241%	1h	115.83	−0.099%	$31.7M	$103.8M	100x	as long as short
Hibachi SOL/USDT-P	−0.0208%	1h	116.18	+0.199%	$104K	$700K	20x	as long as short
Derive SOL-PERP	−0.0125%	1h	115.75	−0.170%	$1.9M	$2.9M	13x	as long as short
Bybit SOLUSDT	−0.0116%	8h	115.73	−0.187%	$740.2M	$1.42B	100x	as long as short
BingX SOL-USDC	−0.0115%	8h	115.73	−0.191%	—	$10.6M	—	as long as short
Vest SOL-PERP	−0.0106%	1h	115.94	−0.007%	—	$625K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.06	+0.100%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	115.84	−0.092%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	115.88	−0.054%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOLlong	0.0000%	43m	115.95	long leg	$113K	$3.7M	8.3x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0008%	1h	115.80	−0.127%	$99K	$176K	20x	as long as short
dYdX SOL-USD	+0.0015%	1h	115.80	−0.127%	$4.3M	$24.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	115.85	−0.086%	$7.8M	$404.0M	50x	as long as short
Bitget SOLUSDT	+0.0069%	8h	115.78	−0.142%	$479.5M	$454.6M	100x	as long as short
Bullet SOL-USD	+0.0080%	1h	115.83	−0.101%	$146K	$1.6M	20x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	115.86	−0.071%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	115.74	−0.176%	$12.9M	$60.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	115.74	−0.179%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	115.83	−0.102%	$348K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	115.81	−0.118%	$64K	$907K	20x	as long as short
Aster SOLUSDT	+0.0099%	8h	115.75	−0.168%	$173.7M	$184.0M	100x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	115.79	−0.136%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	115.92	−0.025%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	115.82	−0.110%	$686.2M	$399.1M	20x	as long as short
Pacifica SOL	+0.0100%	1h	115.80	−0.125%	$15.5M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	115.78	−0.144%	$961.5M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	115.77	−0.153%	$360.7M	$1.73B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	115.85	−0.084%	$216K	$872K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	115.87	−0.068%	$915K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.24	+0.250%	$130.1M	$16.3M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	115.77	−0.153%	$838.3M	$666.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	115.78	−0.144%	$356.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	115.76	−0.165%	$123.5M	$229.0M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	115.82	−0.110%	$22.8M	$40.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.00	+0.043%	$24.8M	$114.4M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	115.94	−0.004%	$93.1M	$405.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.99	+0.037%	$47.5M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.00	+0.045%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.14	+0.166%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	115.84	−0.092%	$317K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	115.83	−0.103%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	115.92	−0.019%	$188K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	115.84	−0.092%	$6.0M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	115.79	−0.137%	$224.3M	$50.0M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	115.87	−0.066%	$45.1M	$104.5M	50x
Extended SOL-USD	+0.0104%	1h	115.73	−0.185%	$7.9M	$38.8M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0116%	1h	115.88	−0.056%	$26.2M	$22.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	115.91	−0.032%	—	$239.2M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.55	+0.520%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.11	+0.141%	$6.4M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	115.82	−0.112%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.16	+0.184%	$52.0M	$68.0M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	115.82	−0.106%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	115.91	−0.035%	$1.9M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0604%	1h	116.08	+0.111%	$25K	$53K	20x	as long as short