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% APRnext payment −$0.00 per $10,000 · paid last 24h −0.030%

Price spread now: Hyperliquid against Phoenix+0.202%61s7-day average −0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as 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−$190.190% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.301%−$30 on $10k

Price spread, last 7 days−0.332%−$33 · spread now +0.202%, 7d avg −0.101%

Together, before fees−0.632%+ Points / potential airdropHyperliquid: Season 2 · farm board−$63 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: Hyperliquid is 0.303% dearer against Phoenix than usual: you sell high and buy low, +$30 on $10k if it goes back to its 7-day average of −0.101%. The two prices were read 61 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	Phoenix SOL	118.64	0.0100	pay 0.0013% / 1h	4m 08s	$6.6M	$13.7M	25x
Short	Hyperliquid SOL	118.88	0.0100	get 0.0013% / 1h	4m 08s	$718.9M	$407.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.202%Rate

Funding earned: −$0.09
Price spread: +0.202% → −0.101%: $30.33
Slippage, 4 orders: −$3.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $11.21
Costs to cover: 0.190%
Break-even: from the start

Slippage from Phoenix: live order book, 5 min ago; Hyperliquid: live order book, 10 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, 5 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.1 bp −$1,511	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.42 bp	4.9 bp −$5	5.2 bp −$52	7.8 bp −$775	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
Derive SOL-PERP	−0.0100%	1h	118.68	+0.037%	$2.0M	$2.8M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.66	+0.019%	$841	$8K	25x	as long as short
Vest SOL-PERP	−0.0079%	1h	118.67	+0.021%	—	$723K	20x	as long as short
dYdX SOL-USD	−0.0019%	1h	118.70	+0.049%	$4.8M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.79	+0.125%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.65	+0.008%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.76	+0.099%	$175K	$3.9M	8.3x	as long as short
ApeX Omni SOLUSDT	+0.0007%	1h	118.55	−0.076%	$1.5M	$6.1M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0064%	1h	118.81	+0.140%	$26.6M	$25.7M	50x	as long as short
Gate SOL_USDT	+0.0065%	8h	118.76	+0.101%	$860.0M	$689.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0077%	8h	118.78	+0.120%	$1.0M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0078%	8h	118.69	+0.041%	$230.7M	$45.1M	75x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	118.78	+0.118%	$104K	$158K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.72	+0.067%	—	$10.6M	—	as long as short
Hibachi SOL/USDT-P	+0.0088%	1h	118.58	−0.052%	$122K	$641K	20x	as long as short
Lighter SOL	+0.0096%	1h	118.75	+0.094%	$13.4M	$56.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.74	+0.087%	$2.1M	$17.1M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.79	+0.126%	$352K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.79	+0.130%	$8.1M	$416.4M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.72	+0.067%	$1.0M	$521K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.73	+0.076%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.76	+0.102%	$5.8M	$40.9M	40x	as long as short
Hyperliquid SOLshort	+0.0100%	1h	118.88	+0.202%	$718.9M	$407.3M	20x
Aster SOLUSDT	+0.0100%	8h	118.76	+0.104%	$178.4M	$177.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.75	+0.096%	$12.2M	$122.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.77	+0.110%	$979.9M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.81	+0.143%	$823.7M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.77	+0.110%	$370.8M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.44	−0.169%	$230K	$871K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.78	+0.121%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.65	+0.006%	$133.6M	$4.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.78	+0.118%	$426.5M	$1.14B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.77	+0.112%	$137.4M	$206.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.77	+0.112%	$492.8M	$458.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.81	+0.143%	$24.1M	$38.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.48	−0.136%	$27.0M	$128.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.60	−0.035%	$95.3M	$403.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.64	0.000%	$48.6M	$30.8M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.58	−0.051%	$1.3M	$13.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.76	+0.101%	$361K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.76	+0.104%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.76	+0.105%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.76	+0.098%	$192K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.75	+0.093%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.75	+0.093%	$46.5M	$102.5M	50x	as long as short
Phoenix SOLlong	+0.0100%	1h	118.64	long leg	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	118.73	+0.078%	$8.6M	$36.0M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.76	+0.103%	$32.6M	$97.1M	100x	as long as short
Aftermath Perps SOLUSD	+0.0116%	1h	118.64	+0.003%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.70	+0.047%	—	$225.7M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0166% / S −0.0070%	1h	118.78	+0.115%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	118.66	+0.017%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0185%	1h	118.74	+0.085%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.59	−0.042%	$51.8M	$80.0M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	118.75	+0.095%	$1.8M	$4.8M	20x	as long as short