Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.019%

Price spread now: BloFin against Phoenix−0.153%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.556%−$56 · spread now −0.153%, 7d avg −0.092%

Together, before fees−0.616%−$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.061% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.153% now, against its 7-day average of −0.092%). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.059%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	117.64	0.0124	pay 0.0015% / 1h	0m 05s	$6.5M	$13.4M	25x
Short	BloFin SOL-USDT	117.46	0.0220	get 0.0220% / 8h	7h 00m	$51.9M	$59.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.153%Rate

Funding earned: $20.21
Price spread: −0.153% → −0.092%: −$6.11
Slippage, 4 orders: −$3.06
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$7.95
Costs to cover: 0.221%
Break-even: 9.8 days

Slippage from Phoenix: live order book, 4 min ago; BloFin: 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 Phoenix live order book, 4 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,521	doesn't fit
Sell BloFin live order book, 4 min ago	0.43 bp	6.4 bp −$6	6.8 bp −$68	8.2 bp −$823	12.0 bp −$6,016

SOL on 54 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	117.53	−0.095%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0057%	1h	117.57	−0.061%	$32.5M	$98.9M	100x	as long as short
Bybit SOLUSDT	−0.0051%	8h	117.48	−0.136%	$736.5M	$1.31B	100x	as long as short
Phemex SOLUSDT	−0.0010%	8h	117.53	−0.094%	$45.7M	$101.6M	50x	as long as short
Vest SOL-PERP	−0.0008%	1h	117.52	−0.099%	—	$288K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.56	−0.071%	$40K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.51	−0.108%	$1.3M	$17.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	117.57	−0.056%	$100K	$2.9M	8.3x	as long as short
Bitget SOLUSDT	+0.0025%	8h	117.49	−0.128%	$484.3M	$427.7M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0040%	1h	117.57	−0.062%	$8.2M	$386.2M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SOLUSDT	+0.0051%	8h	117.52	−0.102%	$178.7M	$164.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0063%	8h	117.53	−0.089%	$999K	$5.5M	100x	as long as short
dYdX SOL-USD	+0.0072%	1h	117.52	−0.104%	$8.2M	$20.7M	20x	as long as short
SoDEX SOL-USD	+0.0078%	1h	117.53	−0.094%	$6.2M	$11.1M	20x	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	117.57	−0.060%	$98K	$653K	20x	as long as short
Lighter SOL	+0.0096%	1h	117.53	−0.092%	$13.1M	$57.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.53	−0.094%	$2.2M	$15.0M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.58	−0.051%	$102K	$182K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.53	−0.093%	$358K	$236K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	117.49	−0.128%	$1.0M	$555K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.54	−0.085%	$44K	$838K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.45	−0.160%	$5.5M	$40.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.65	+0.009%	$715.3M	$386.6M	20x	as long as short
Pacifica SOL	+0.0100%	1h	117.56	−0.072%	$15.9M	$122.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.49	−0.124%	$972.7M	$3.62B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.47	−0.145%	$365.1M	$1.66B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.49	−0.128%	$221K	$809K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.55	−0.077%	$938K	$8.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.54	−0.085%	$856.7M	$635.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.52	−0.102%	$423.2M	$1.09B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.52	−0.105%	$134.1M	$232.2M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	117.45	−0.164%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.52	−0.102%	$23.2M	$36.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.40	−0.201%	$25.3M	$101.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.80	+0.132%	$94.6M	$409.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.73	+0.075%	$48.2M	$26.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.75	+0.094%	$1.1M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.59	−0.043%	$1.3M	$10.8M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.52	−0.102%	$323K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.56	−0.069%	$285K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.52	−0.105%	$27K	$34K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.53	−0.096%	$191K	$1.6M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.51	−0.113%	$227.4M	$46.5M	75x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.65	+0.006%	$127.3M	$25.1M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	117.50	−0.121%	$8.4M	$34.4M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	117.54	−0.083%	—	$214.7M	500x	as long as short
Phoenix SOLlong	+0.0124%	1h	117.64	long leg	$6.5M	$13.4M	25x
Deribit SOL_USDC-PERPETUAL	+0.0136%	1h	117.61	−0.024%	$26.5M	$20.1M	50x	as long as short
Injective SOL/USDC PERP	+0.0179%	1h	116.34	−1.105%	$4K	$124	12x	as long as short
Reya SOLRUSDPERP	+0.0198%	1h	117.48	−0.137%	$1.1M	$541K	25x	as long as short
BloFin SOL-USDTshort	+0.0220%	8h	117.46	−0.153%	$51.9M	$59.8M	125x
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0170%	1h	117.55	−0.080%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0409%	1h	117.60	−0.030%	$25K	$53K	20x	as long as short
RISEx SOL/USDC	+0.0480%	1h	117.58	−0.052%	$2.2M	$4.8M	20x	as long as short