Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.019%

Price spread now: Phemex against Deribit−0.086%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now −0.086%, 7d avg −0.016%

Together, before fees+0.135%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of −0.016%). If the spread goes back, that is −$7 on $10k: about 4.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	117.59	0.0051	pay 0.0006% / 1h	2m 41s	$26.4M	$25.4M	50x
Short	Phemex SOLUSDT	117.49	0.0100	get 0.0100% / 8h	6h 02m	$45.7M	$100.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.086%Rate

Funding earned: $10.26
Price spread: −0.086% → −0.016%: −$7.01
Slippage, 4 orders: −$7.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$23.08
Costs to cover: 0.263%
Break-even: 22.7 days

Slippage from Deribit: live order book, 1 min ago; Phemex: live order book, 6 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 Deribit live order book, 1 min ago	0.04 bp	5.4 bp −$5	5.8 bp −$58	18.0 bp −$1,797	doesn't fit
Sell Phemex live order book, 6 min ago	0.43 bp	8.4 bp −$8	9.2 bp −$92	16.4 bp −$1,644	doesn't fit

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	117.56	−0.030%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0060%	1h	117.47	−0.102%	—	$607K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.51	−0.068%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.47	−0.104%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.62	+0.024%	$1.4M	$20.3M	3.1x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.53	−0.052%	$1.9M	$4.9M	20x	as long as short
Derive SOL-PERP	+0.0021%	1h	117.47	−0.099%	$2.0M	$2.8M	13x	as long as short
HTX SOL-USDT	+0.0036%	8h	117.47	−0.103%	$228.2M	$45.4M	75x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.55	−0.034%	$31.5M	$98.6M	100x	as long as short
Deribit SOL_USDC-PERPETUALlong	+0.0051%	1h	117.59	long leg	$26.4M	$25.4M	50x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi SOL/USDT-P	+0.0056%	1h	117.56	−0.027%	$100K	$690K	20x	as long as short
Gate SOL_USDT	+0.0071%	8h	117.45	−0.120%	$847.8M	$668.2M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.55	−0.032%	$8.0M	$405.1M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.46	−0.109%	—	$367.7M	—	as long as short
ApeX Omni SOLUSDT	+0.0083%	1h	117.49	−0.084%	$1.5M	$6.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.55	−0.032%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.46	−0.109%	$13.0M	$60.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.45	−0.123%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.54	−0.044%	$100K	$161K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.53	−0.052%	$344K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.49	−0.086%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.47	−0.103%	$67K	$840K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.59	+0.003%	$5.8M	$40.3M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.44	−0.129%	$176.3M	$177.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.48	−0.094%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.46	−0.112%	$968.3M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.47	−0.102%	$820.1M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.47	−0.103%	$366.1M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.42	−0.146%	$238K	$852K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.48	−0.094%	$2.0M	$9.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.47	−0.103%	$423.6M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.46	−0.108%	$130.4M	$211.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.46	−0.110%	$486.9M	$436.0M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.46	−0.112%	$23.7M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.52	−0.057%	$24.3M	$120.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.48	−0.091%	$94.4M	$404.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.43	−0.135%	$48.1M	$28.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.57	−0.018%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.49	−0.086%	$354K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.47	−0.101%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.54	−0.044%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.50	−0.078%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.55	−0.035%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.49	−0.086%	$45.7M	$100.7M	50x
Bulk SOL-USD	+0.0100%	1h	117.46	−0.115%	$134.5M	$14.2M	20x	as long as short
Phoenix SOL	+0.0101%	1h	117.52	−0.061%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.44	−0.132%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.49	−0.090%	—	$222.2M	500x	as long as short
Hyperliquid SOL	+0.0120%	1h	117.59	−0.001%	$717.2M	$395.0M	20x	as long as short
Reya SOLRUSDPERP	+0.0189%	1h	117.47	−0.105%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.45	−0.120%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0174%	1h	117.48	−0.096%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0351%	1h	117.53	−0.056%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.56	−0.029%	$128K	$3.8M	8.3x	as long as short