Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.010%

Price spread now: GMX against Phemex+0.004%7-day average +0.031% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)+0.341%+$34 · spread now +0.004%, 7d avg +0.031%

Together, before fees+0.410%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.027% cheaper against Phemex than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.031%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	117.48	0.0100	pay 0.0100% / 8h	5h 07m	$45.9M	$100.4M	50x
Short	GMX SOL/USD [SOL-USDC]	117.48	L +0.0232% / S −0.0170%	get 0.0021% / 1h	7m 06s	$3.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $14.73
Price spread: +0.004% → +0.031%: −$2.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$12.01
Costs to cover: 0.240%
Break-even: 12.7 days

Slippage unknown: Phemex: live order book, 2 min ago; GMX: 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, 2 min ago	0.43 bp	7.1 bp −$7	7.3 bp −$73	16.1 bp −$1,613	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Hotstuff SOL-PERP	−0.0080%	1h	117.58	+0.081%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0072%	1h	117.45	−0.028%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.44	−0.032%	$31.5M	$98.6M	100x	as long as short
Bluefin SOL-PERP	−0.0043%	1h	117.47	−0.008%	$25K	$28K	25x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.41	−0.062%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.50	+0.017%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.56	+0.065%	$4.5M	$24.1M	20x	as long as short
Hibachi SOL/USDT-P	+0.0032%	1h	117.64	+0.138%	$104K	$696K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0048%	1h	117.50	+0.021%	$26.4M	$24.9M	50x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.49	+0.009%	$100K	$166K	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	117.46	−0.015%	$7.9M	$403.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.50	+0.017%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.45	−0.026%	$13.2M	$60.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.44	−0.037%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.46	−0.017%	$344K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.48	0.000%	$56K	$840K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.58	+0.084%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.52	+0.030%	$5.8M	$38.7M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.45	−0.024%	$176.7M	$179.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.57	+0.074%	$14.5M	$128.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.45	−0.026%	$967.8M	$3.71B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.46	−0.016%	$826.7M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.42	−0.051%	$365.0M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.51	+0.026%	$234K	$861K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.53	+0.038%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.96	+0.412%	$136.3M	$17.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.44	−0.034%	$858.0M	$655.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.45	−0.026%	$425.2M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.45	−0.026%	$130.3M	$213.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.39	−0.074%	$486.3M	$431.6M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.42	−0.049%	—	$363.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.44	−0.034%	$23.6M	$37.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.77	+0.249%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.75	+0.232%	$94.6M	$391.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.66	+0.154%	$48.2M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.69	+0.179%	$1.7M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.63	+0.128%	$1.3M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.46	−0.017%	$351K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.48	0.000%	$200K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.57	+0.079%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.45	−0.026%	$6.2M	$10.7M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.46	−0.020%	$228.1M	$45.3M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.48	long leg	$45.9M	$100.4M	50x
Kalshi KXSOLPERP	+0.0102%	8h	117.50	+0.017%	$1.3M	$18.4M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.42	−0.052%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.51	+0.029%	—	$215.3M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.99	+0.434%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.58	+0.081%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0169%	1h	117.54	+0.051%	$719.0M	$387.9M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.45	−0.027%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.56	+0.068%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.45	−0.026%	$51.7M	$71.4M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.49	+0.012%	$127K	$3.7M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]short	L +0.0232% / S −0.0170%	1h	117.48	+0.004%	$3.6M	—	200x
Aftermath Perps SOLUSD	+0.0409%	1h	117.76	+0.235%	$25K	$50K	20x	as long as short