Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.034%

Price spread now: Katana Perps against Phoenix−0.252%7-day average −0.174% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.150%−$15 on $10k

Price spread, last 7 days+0.116%+$12 · spread now −0.252%, 7d avg −0.174%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.078% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.252% now, against its 7-day average of −0.174%). If the spread goes back, that is −$8 on $10k: about 5.6 days of funding at the current rate (+$1 a day). Mind the row above: over the last 4 days funding on this pair cost −0.150%, 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	119.28	0.0054	pay 0.0007% / 1h	13m 28s	$6.5M	$13.6M	25x
Short	Katana Perps SOL-USD	118.98	0.0100	get 0.0100% / 8h	1h 13m	$46K	$798K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.252%Rate

Funding earned: $9.68
Price spread: −0.252% → −0.174%: −$7.79
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$8.91
Costs to cover: 0.108%
Break-even: 13.4 days

Slippage unknown: Phoenix: live order book, 6 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 6 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.3 bp −$1,528	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin SOL-PERP	−0.0315%	1h	119.14	−0.122%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0107%	1h	119.04	−0.204%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.04	−0.198%	$844	$8K	25x	as long as short
Vest SOL-PERP	−0.0066%	1h	118.94	−0.284%	—	$722K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.98	−0.252%	$112K	—	150x	as long as short
dYdX SOL-USD	−0.0001%	1h	119.01	−0.229%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.19	−0.074%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.00	−0.236%	$177K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0048%	1h	119.18	−0.086%	$119K	$612K	20x	as long as short
Phoenix SOLlong	+0.0054%	1h	119.28	long leg	$6.5M	$13.6M	25x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0068%	8h	119.13	−0.123%	$1.1M	$5.9M	100x	as long as short
Aftermath Perps SOLUSD	+0.0069%	1h	119.21	−0.060%	$24K	$47K	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.97	−0.260%	$104K	$155K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.96	−0.268%	—	$373.7M	—	as long as short
HTX SOL-USDT	+0.0081%	8h	119.08	−0.167%	$231.8M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0090%	8h	119.01	−0.226%	$868.5M	$686.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.00	−0.231%	$13.6M	$55.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.03	−0.212%	$2.1M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.12	−0.130%	$353K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.00	−0.233%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USDshort	+0.0100%	8h	118.98	−0.252%	$46K	$798K	20x
Nado SOL-PERP	+0.0100%	1h	119.05	−0.197%	$6.1M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.03	−0.210%	$717.0M	$417.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.98	−0.250%	$178.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.04	−0.201%	$12.3M	$118.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.93	−0.292%	$982.2M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.97	−0.264%	$826.1M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.93	−0.293%	$371.8M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.98	−0.252%	$233K	$883K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.99	−0.242%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.28	+0.002%	$133.9M	$7.8M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.96	−0.268%	$454.1M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.96	−0.270%	$139.8M	$201.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.93	−0.292%	$494.6M	$455.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.14	−0.117%	$24.1M	$38.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.22	−0.050%	$27.3M	$128.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.23	−0.039%	$95.8M	$401.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.17	−0.092%	$48.8M	$31.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.19	−0.075%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.18	−0.084%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.93	−0.293%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.96	−0.266%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.15	−0.111%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.12	−0.134%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.13	−0.126%	$46.6M	$102.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.93	−0.293%	$8.7M	$36.2M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.15	−0.107%	$8.2M	$416.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.16	−0.100%	—	$224.1M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0125%	1h	119.18	−0.081%	$26.7M	$27.7M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0150%	1h	119.13	−0.124%	$32.7M	$96.0M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0170% / S −0.0072%	1h	119.13	−0.125%	$3.7M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0182%	1h	118.92	−0.303%	$1.1M	$552K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.00	−0.236%	$1.7M	$5.8M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.38	+0.084%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.20	−0.067%	$52.1M	$82.8M	125x	as long as short