Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.004%

Price spread now: Kraken Futures against Phemex+0.001%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.001%, 7d avg −0.007%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.127%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.127% in total (about 6.6% 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	117.01	0.0100	pay 0.0100% / 8h	3h 46m	$45.9M	$102.9M	50x
Short	Kraken Futures PF_SOLUSD	117.01	−0.0192	pay 0.0024% / 1h	46m 14s	$31.2M	$100.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$61.41
Price spread: +0.001% → −0.007%: $0.87
Slippage, 4 orders: −$13.89
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$96.43
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Phemex live order book, 3 min ago	0.43 bp	8.4 bp −$8	10.3 bp −$103	18.2 bp −$1,823	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.57 bp	8.3 bp −$8	10.2 bp −$102	14.6 bp −$1,456	26.2 bp −$13.1K

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_SOLUSDshort	−0.0192%	1h	117.01	+0.001%	$31.2M	$100.8M	100x
Hibachi SOL/USDT-P	−0.0160%	1h	116.83	−0.155%	$103K	$699K	20x	as long as short
Vest SOL-PERP	−0.0089%	1h	116.92	−0.076%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.94	−0.058%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.02	+0.008%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.98	−0.021%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0003%	1h	116.94	−0.061%	$4.4M	$24.2M	20x	as long as short
Derive SOL-PERP	+0.0044%	1h	116.95	−0.051%	$1.9M	$2.8M	13x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.99	−0.021%	$7.5M	$405.4M	50x	as long as short
Bybit SOLUSDT	+0.0082%	8h	116.93	−0.071%	$769.3M	$1.37B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0088%	1h	117.04	+0.026%	$100K	$174K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0093%	8h	117.03	+0.013%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.01	+0.003%	$13.1M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.00	−0.009%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.00	−0.005%	$348K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.87	−0.120%	$50K	$882K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.98	−0.022%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.92	−0.079%	$5.4M	$40.1M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.11	+0.089%	$706.9M	$394.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.99	−0.017%	$175.1M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.97	−0.035%	$15.8M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.01	0.000%	$977.4M	$3.82B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.99	−0.017%	$368.2M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.74	−0.231%	$230K	$840K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.95	−0.049%	$923K	$8.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.99	−0.017%	$853.4M	$658.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.02	+0.009%	$367.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.00	−0.004%	$129.4M	$222.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.97	−0.032%	$482.0M	$443.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.96	−0.044%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.86	−0.128%	$23.1M	$39.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.95	−0.047%	$24.6M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.72	−0.248%	$93.7M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.76	−0.214%	$47.7M	$30.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.76	−0.210%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.86	−0.128%	$1.3M	$12.8M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.99	−0.017%	$323K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.01	−0.003%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.00	−0.013%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.95	−0.050%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.01	0.000%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.87	−0.119%	$226.7M	$47.8M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.01	long leg	$45.9M	$102.9M	50x
Bulk SOL-USD	+0.0100%	1h	116.90	−0.094%	$134.0M	$22.8M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.95	−0.047%	$8.3M	$37.5M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.99	−0.017%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.86	−0.126%	—	$231.3M	500x	as long as short
Phoenix SOL	+0.0151%	1h	116.88	−0.111%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0191%	1h	116.97	−0.033%	$1.1M	$541K	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0204%	1h	117.07	+0.053%	$26.4M	$23.3M	50x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.86	−0.128%	$51.9M	$67.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	117.01	+0.003%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0447%	43m	117.02	+0.004%	$138K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0521%	1h	116.93	−0.069%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0561%	1h	117.01	−0.001%	$1.9M	$4.8M	20x	as long as short