Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h −0.033%

Price spread now: BingX against Phoenix−0.055%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.315%−$32 on $10k

Price spread, last 7 days−0.101%−$10 · spread now −0.055%, 7d avg −0.129%

Together, before fees−0.416%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.074% dearer against Phoenix than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.129%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.315% in total) that is about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	116.36	0.0151	pay 0.0019% / 1h	1m 22s	$6.5M	$13.8M	25x
Short	BingX SOL-USDT	116.30	0.0100	get 0.0100% / 8h	3h 01m	—	$365.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$10.63
Price spread: −0.055% → −0.129%: $7.41
Slippage, 4 orders: −$3.86
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$24.08
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; BingX: live order book, 8 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 Phoenix live order book, 3 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	15.3 bp −$1,532	doesn't fit
Sell BingX live order book, 8 min ago	0.82 bp	5.8 bp −$6	5.8 bp −$58	7.2 bp −$716	11.1 bp −$5,572

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
Hibachi SOL/USDT-P	−0.0232%	1h	116.30	−0.052%	$105K	$705K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0194%	1h	116.30	−0.052%	$31.6M	$103.2M	100x	as long as short
Vest SOL-PERP	−0.0113%	1h	116.28	−0.070%	—	$601K	20x	as long as short
Bybit SOLUSDT	−0.0094%	8h	116.24	−0.103%	$746.4M	$1.40B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.32	−0.035%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0025%	1h	116.25	−0.092%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.32	−0.034%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.35	−0.007%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.31	−0.044%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.29	−0.059%	$7.6M	$404.4M	50x	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	+0.0064%	1h	116.35	−0.009%	$99K	$175K	20x	as long as short
Bullet SOL-USD	+0.0069%	1h	116.30	−0.049%	$147K	$1.6M	20x	as long as short
Bitget SOLUSDT	+0.0085%	8h	116.31	−0.046%	$480.7M	$448.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.33	−0.028%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.31	−0.039%	$13.1M	$60.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.31	−0.046%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.34	−0.018%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.28	−0.069%	$60K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.33	−0.025%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.32	−0.033%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.42	+0.052%	$700.6M	$395.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.30	−0.054%	$174.2M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.35	−0.010%	$15.8M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.31	−0.045%	$969.9M	$3.84B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.31	−0.043%	$366.7M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.34	−0.017%	$214K	$862K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.36	+0.003%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.27	−0.081%	$131.6M	$15.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.33	−0.026%	$858.1M	$672.5M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.36	0.000%	$375.3M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.32	−0.038%	$123.2M	$227.0M	75x	as long as short
BingX SOL-USDTshort	+0.0100%	8h	116.30	−0.055%	—	$365.1M	—
Backpack SOL_USDC_PERP	+0.0100%	1h	116.27	−0.077%	$23.0M	$39.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.35	−0.005%	$25.1M	$114.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.34	−0.013%	$93.4M	$402.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.43	+0.060%	$47.6M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.29	−0.060%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.33	−0.026%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.32	−0.034%	$320K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.30	−0.051%	$25K	$32K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.29	−0.064%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.28	−0.069%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.30	−0.052%	$225.4M	$48.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.30	−0.052%	$45.3M	$103.5M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.28	−0.070%	$8.3M	$37.9M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.50	+0.120%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.33	−0.029%	—	$236.0M	500x	as long as short
Phoenix SOLlong	+0.0151%	1h	116.36	long leg	$6.5M	$13.8M	25x
Deribit SOL_USDC-PERPETUAL	+0.0152%	1h	116.35	−0.011%	$26.2M	$23.1M	50x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.30	−0.048%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.24	−0.103%	$51.8M	$67.1M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0179%	1h	116.32	−0.038%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.33	−0.026%	$115K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.41	+0.040%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0567%	1h	116.40	+0.039%	$25K	$52K	20x	as long as short