Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.034%

Price spread now: Phoenix against Phemex+0.202%47s7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.249% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.202%, 7d avg +0.080%

Together, before fees+0.272%+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.122% dearer against Phemex than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.080%. The two prices were read 47 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	Phemex SOLUSDT	118.68	0.0100	pay 0.0100% / 8h	25m 19s	$46.4M	$102.9M	50x
Short	Phoenix SOL	118.92	0.0100	get 0.0013% / 1h	25m 19s	$6.6M	$13.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.202%Rate

Funding earned: $0.09
Price spread: +0.202% → +0.080%: $12.24
Slippage, 4 orders: −$5.89
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.56
Costs to cover: 0.249%
Break-even: 988.2 days

Slippage from Phemex: 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 Phemex live order book, 4 min ago	0.42 bp	7.9 bp −$8	8.7 bp −$87	17.2 bp −$1,716	doesn't fit
Sell Phoenix live order book, 4 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	12.0 bp −$1,198	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	118.62	−0.047%	$841	$8K	25x	as long as short
Vest SOL-PERP	−0.0075%	1h	118.49	−0.162%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0073%	1h	118.58	−0.081%	$2.0M	$2.8M	13x	as long as short
dYdX SOL-USD	−0.0015%	1h	118.43	−0.211%	$4.8M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.55	−0.110%	$112K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.72	+0.030%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.51	−0.145%	$175K	$4.0M	8.3x	as long as short
ApeX Omni SOLUSDT	+0.0019%	1h	118.84	+0.135%	$1.5M	$6.2M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0026%	1h	118.71	+0.029%	$26.6M	$26.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0075%	8h	118.55	−0.110%	$1.0M	$5.9M	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	+0.0080%	1h	118.49	−0.160%	$103K	$158K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.49	−0.162%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0081%	8h	118.48	−0.169%	$860.0M	$681.6M	100x	as long as short
HTX SOL-USDT	+0.0084%	8h	118.57	−0.091%	$230.8M	$45.1M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.44	−0.200%	$13.4M	$56.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.50	−0.148%	$2.2M	$17.0M	25x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	118.72	+0.036%	$119K	$629K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.54	−0.120%	$351K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.69	+0.005%	$8.1M	$415.5M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.43	−0.211%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.38	−0.253%	$45K	$798K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.49	−0.156%	$5.7M	$40.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.55	−0.110%	$717.5M	$412.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.50	−0.153%	$177.4M	$177.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.48	−0.166%	$12.2M	$121.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.51	−0.147%	$978.0M	$3.83B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.53	−0.125%	$822.3M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.53	−0.126%	$367.8M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.38	−0.253%	$232K	$872K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.47	−0.174%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.93	+0.211%	$133.7M	$5.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.51	−0.143%	$428.7M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.44	−0.198%	$137.8M	$205.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.47	−0.174%	$491.2M	$460.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.65	−0.025%	$24.2M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.69	+0.010%	$27.1M	$129.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.84	+0.138%	$95.5M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.79	+0.090%	$48.6M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.73	+0.042%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.48	−0.169%	$361K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.53	−0.126%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.53	−0.127%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.66	−0.014%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.66	−0.017%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	118.68	long leg	$46.4M	$102.9M	50x
Phoenix SOLshort	+0.0100%	1h	118.92	+0.202%	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	118.41	−0.228%	$8.7M	$36.1M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.65	−0.025%	$32.5M	$97.2M	100x	as long as short
Aftermath Perps SOLUSD	+0.0111%	1h	118.88	+0.165%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.66	−0.016%	—	$226.2M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0168% / S −0.0066%	1h	118.54	−0.116%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	118.91	+0.194%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0184%	1h	118.48	−0.171%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.76	+0.067%	$52.3M	$80.4M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	118.45	−0.190%	$1.6M	$5.2M	20x	as long as short