Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.020%

Price spread now: Orderly against Phoenix−0.186%66s7-day average −0.081% · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.309%−$31 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.186%, 7d avg −0.081%

Together, before fees−0.325%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.104% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.081%). Swap the legs. The two prices were read 66 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	116.81	0.0103	pay 0.0013% / 1h	49m 56s	$6.7M	$11.6M	25x
Short	Orderly PERP_SOL_USDC	116.59	0.0039	get 0.0039% / 8h	4h 49m	$961K	$5.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.186%Rate

Funding earned: −$13.43
Price spread: −0.186% → −0.081%: −$10.44
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$36.87
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 2 min ago; Orderly: 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, 2 min ago	0.86 bp	4.6 bp −$5	5.7 bp −$57	15.3 bp −$1,532	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 exchanges

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	−0.0184%	1h	116.60	−0.180%	$99K	$646K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.10	+0.245%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0047%	8h	116.56	−0.215%	$725.1M	$1.22B	100x	as long as short
Derive SOL-PERP	−0.0036%	1h	116.53	−0.242%	$1.8M	$2.5M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.73	−0.068%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.71	−0.081%	$1.3M	$15.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.65	−0.139%	$97K	$2.6M	8.3x	as long as short
Vest SOL-PERP	+0.0015%	1h	116.67	−0.122%	—	$272K	20x	as long as short
Bitget SOLUSDT	+0.0017%	8h	116.47	−0.293%	$478.5M	$390.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0024%	1h	116.53	−0.237%	$8.5M	$360.1M	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SOL/USDC PERP	+0.0033%	1h	116.85	+0.034%	$4K	$113	12x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0036%	1h	116.63	−0.153%	$26.3M	$17.6M	50x	as long as short
Orderly PERP_SOL_USDCshort	+0.0039%	8h	116.59	−0.186%	$961K	$5.0M	100x
Aster SOLUSDT	+0.0044%	8h	116.55	−0.218%	$175.9M	$156.1M	100x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	116.72	−0.077%	$101K	$183K	20x	as long as short
SoDEX SOL-USD	+0.0061%	1h	116.61	−0.171%	$6.0M	$11.2M	20x	as long as short
Aevo SOL-PERP	+0.0064%	1h	116.56	−0.214%	$341K	$259K	20x	as long as short
Binance SOLUSDT	+0.0065%	8h	116.58	−0.197%	$967.3M	$3.39B	100x	as long as short
MEXC SOL_USDT	+0.0065%	8h	116.52	−0.248%	$464.7M	$948.5M	300x	as long as short
Gate SOL_USDT	+0.0093%	8h	116.59	−0.188%	$836.9M	$571.0M	100x	as long as short
ApeX Omni SOLUSDT	+0.0096%	1h	116.77	−0.032%	$1.1M	$6.5M	50x	as long as short
Lighter SOL	+0.0096%	1h	116.56	−0.212%	$12.9M	$54.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.50	−0.269%	$2.2M	$12.8M	25x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.62	−0.163%	$49K	$891K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.60	−0.180%	$1.0M	$554K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.56	−0.210%	$5.5M	$38.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.65	−0.137%	$718.2M	$364.1M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.61	−0.175%	$15.8M	$116.0M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.49	−0.274%	$358.2M	$1.53B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.52	−0.248%	$219K	$728K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.70	−0.095%	$1.2M	$7.7M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.54	−0.228%	$132.9M	$224.3M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.54	−0.235%	—	$331.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.56	−0.214%	$23.1M	$35.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.53	−0.236%	$24.9M	$94.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.72	−0.076%	$93.8M	$355.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.72	−0.079%	$47.8M	$25.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.62	−0.163%	$1.3M	$9.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.70	−0.094%	$324K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.74	−0.063%	$284K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.60	−0.181%	$26K	$34K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.53	−0.237%	$189K	$1.4M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.51	−0.256%	$225.3M	$39.8M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.54	−0.231%	$45.3M	$98.6M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.75	−0.051%	$127.3M	$9.4M	20x	as long as short
dYdX SOL-USD	+0.0100%	1h	116.61	−0.172%	$9.1M	$17.9M	20x	as long as short
Phoenix SOLlong	+0.0103%	1h	116.81	long leg	$6.7M	$11.6M	25x
Extended SOL-USD	+0.0104%	1h	116.44	−0.321%	$8.4M	$32.6M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.71	−0.084%	—	$210.9M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0129%	1h	116.56	−0.218%	$33.2M	$91.9M	100x	as long as short
BloFin SOL-USDT	+0.0185%	8h	116.57	−0.205%	$51.6M	$55.6M	125x	as long as short
Reya SOLRUSDPERP	+0.0201%	1h	116.66	−0.128%	$1.1M	$90K	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0181%	1h	116.74	−0.062%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	116.71	−0.089%	$2.2M	$3.7M	20x	as long as short
Aftermath Perps SOLUSD	+0.0423%	1h	116.77	−0.033%	$25K	$45K	20x	as long as short