Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.051%

Price spread now: Phemex against Hotstuff−0.047%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Phemex is 0.047% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.047% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 21 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff SOL-PERP	116.39	−0.0080	get 0.0010% / 1h	53m 43s	$1K	$8K	25x
Short	Phemex SOLUSDT	116.33	0.0100	get 0.0100% / 8h	2h 53m	$45.3M	$103.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: $37.8
Price spread: −0.047% → 0.000%: −$4.73
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $16.07
Costs to cover: 0.170%
Break-even: 4.0 days

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 5 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	0.43 bp	7.9 bp −$8	9.6 bp −$96	17.0 bp −$1,703	doesn't fit

Hotstuff: 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
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.36	−0.019%	$31.6M	$103.1M	100x	as long as short
Hibachi SOL/USDT-P	−0.0232%	1h	116.31	−0.060%	$105K	$705K	20x	as long as short
Vest SOL-PERP	−0.0122%	1h	116.29	−0.083%	—	$601K	20x	as long as short
Bybit SOLUSDT	−0.0106%	8h	116.32	−0.056%	$745.0M	$1.41B	100x	as long as short
Hotstuff SOL-PERPlong	−0.0080%	1h	116.39	long leg	$1K	$8K	25x
Derive SOL-PERP	−0.0025%	1h	116.27	−0.101%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.34	−0.040%	$42K	—	150x	as long as short
01 Exchange SOLUSD	0.0000%	1h	116.39	+0.004%	$99K	$175K	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.48	+0.081%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0005%	1h	116.35	−0.030%	$4.4M	$24.2M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0044%	1h	116.30	−0.070%	$147K	$1.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.35	−0.027%	$7.8M	$405.0M	50x	as long as short
Bitget SOLUSDT	+0.0079%	8h	116.34	−0.039%	$480.6M	$449.2M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.35	−0.027%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.37	−0.010%	$13.0M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.37	−0.014%	$2.2M	$16.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.34	−0.035%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.30	−0.073%	$60K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.40	+0.011%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.34	−0.039%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.46	+0.064%	$698.9M	$393.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.36	−0.019%	$174.4M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.42	+0.030%	$15.8M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.38	−0.003%	$969.4M	$3.85B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.37	−0.013%	$366.7M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.32	−0.056%	$211K	$871K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.41	+0.025%	$916K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.27	−0.103%	$131.6M	$15.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.36	−0.021%	$849.7M	$658.0M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.37	−0.013%	$362.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.37	−0.014%	$123.9M	$227.3M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.32	−0.053%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.35	−0.030%	$22.9M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.34	−0.035%	$25.0M	$114.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.30	−0.072%	$93.4M	$402.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.44	+0.046%	$47.7M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.45	+0.053%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.34	−0.039%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.30	−0.073%	$320K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.31	−0.061%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.34	−0.037%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.35	−0.030%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.29	−0.077%	$225.3M	$48.5M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	116.33	−0.047%	$45.3M	$103.7M	50x
Extended SOL-USD	+0.0104%	1h	116.31	−0.068%	$8.1M	$38.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.34	−0.041%	—	$236.6M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0144%	1h	116.43	+0.035%	$26.2M	$22.9M	50x	as long as short
Phoenix SOL	+0.0151%	1h	116.45	+0.056%	$6.5M	$13.7M	25x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.50	+0.099%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.28	−0.089%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.40	+0.013%	$52.1M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0169%	1h	116.32	−0.052%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.33	−0.045%	$112K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.45	+0.053%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0569%	1h	116.40	+0.013%	$25K	$52K	20x	as long as short