Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0225%/8h= −24.7% APRpaid last 24h −0.034%

Price spread now: Derive against Phemex−0.051%7-day average −0.041% · you buy dearer than you sell

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

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.051%, 7d avg −0.041%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.041%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	116.15	0.0100	pay 0.0100% / 8h	2h 35m	$45.2M	$104.3M	50x
Short	Derive SOL-PERP	116.09	−0.0125	pay 0.0016% / 1h	35m 18s	$1.9M	$2.9M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Phemex. 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 PhemexbpFee DerivebpOrdersPrice spread, now −0.051%Rate

Funding earned: −$47.33
Price spread: −0.051% → −0.041%: −$0.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$66.3
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Derive: no order-book sample. 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 Phemex live order book, 4 min ago	1.29 bp	9.4 bp −$9	13.2 bp −$132	20.5 bp −$2,046	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.0240%	1h	116.18	+0.028%	$31.8M	$103.8M	100x	as long as short
Hibachi SOL/USDT-P	−0.0216%	1h	116.01	−0.122%	$104K	$706K	20x	as long as short
Derive SOL-PERPshort	−0.0125%	1h	116.09	−0.051%	$1.9M	$2.9M	13x
Bybit SOLUSDT	−0.0116%	8h	116.09	−0.049%	$741.7M	$1.42B	100x	as long as short
Vest SOL-PERP	−0.0109%	1h	116.12	−0.022%	—	$625K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.37	+0.186%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.17	+0.020%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.19	+0.032%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.18	+0.023%	$113K	$3.7M	8.3x	as long as short
01 Exchange SOLUSD	+0.0008%	1h	116.16	+0.009%	$99K	$177K	20x	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	+0.0013%	1h	116.13	−0.016%	$4.3M	$24.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.18	+0.025%	$7.8M	$405.2M	50x	as long as short
Bitget SOLUSDT	+0.0070%	8h	116.15	+0.003%	$481.0M	$454.9M	100x	as long as short
Bullet SOL-USD	+0.0078%	1h	116.17	+0.013%	$147K	$1.6M	20x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.20	+0.044%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.15	+0.003%	$13.0M	$60.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.14	−0.008%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.18	+0.026%	$349K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.10	−0.043%	$65K	$906K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	116.21	+0.048%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.13	−0.020%	$5.3M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.23	+0.069%	$688.8M	$398.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.15	0.000%	$174.3M	$184.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.19	+0.032%	$15.6M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.17	+0.013%	$964.7M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.13	−0.017%	$361.7M	$1.73B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.07	−0.069%	$216K	$874K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.19	+0.030%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.24	+0.075%	$130.1M	$16.3M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.14	−0.009%	$840.3M	$665.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.19	+0.034%	$358.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.13	−0.018%	$123.9M	$229.0M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.11	−0.033%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.10	−0.043%	$22.9M	$40.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.00	−0.132%	$24.8M	$114.4M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	115.94	−0.179%	$93.1M	$405.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.99	−0.138%	$47.5M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.00	−0.130%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	115.96	−0.164%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.14	−0.009%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.17	+0.013%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.18	+0.030%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.18	+0.026%	$6.0M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.14	−0.005%	$225.0M	$50.0M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	116.15	long leg	$45.2M	$104.3M	50x
Extended SOL-USD	+0.0104%	1h	116.13	−0.018%	$7.9M	$38.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.16	+0.004%	—	$239.1M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0123%	1h	116.24	+0.077%	$26.3M	$22.0M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.55	+0.344%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.11	−0.034%	$6.4M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.14	−0.010%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.16	+0.009%	$52.0M	$68.0M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.17	+0.017%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.21	+0.050%	$2.0M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0600%	1h	116.15	−0.001%	$25K	$52K	20x	as long as short