Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.005%

Price spread now: Phemex against Hyperliquid−0.043%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.285%−$29 · spread now −0.043%, 7d avg −0.059%

Together, before fees−0.319%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.059%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	117.44	0.0212	pay 0.0026% / 1h	57m 36s	$723.5M	$366.4M	20x
Short	Phemex SOLUSDT	117.39	0.0100	get 0.0100% / 8h	5h 57m	$45.6M	$99.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$23.44
Price spread: −0.043% → −0.059%: $1.63
Slippage, 4 orders: −$7.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.83
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 5 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 Hyperliquid live order book, 10 min ago	0.43 bp	4.9 bp −$5	5.9 bp −$59	9.4 bp −$939	doesn't fit
Sell Phemex live order book, 5 min ago	1.28 bp	8.6 bp −$9	9.8 bp −$98	16.1 bp −$1,608	doesn't fit

SOL on 54 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	−0.0256%	1h	117.39	−0.041%	$100K	$647K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.44	−0.004%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0054%	8h	117.32	−0.102%	$734.0M	$1.24B	100x	as long as short
SoDEX SOL-USD	−0.0034%	1h	117.35	−0.077%	$6.1M	$11.1M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.36	−0.066%	$41K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.35	−0.077%	$9.3M	$17.9M	20x	as long as short
Perpl SOL	0.0000%	43m	117.35	−0.074%	$99K	$2.9M	8.3x	as long as short
Vest SOL-PERP	+0.0008%	1h	117.34	−0.089%	—	$272K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0018%	1h	117.41	−0.025%	$26.4M	$18.6M	50x	as long as short
Bitget SOLUSDT	+0.0029%	8h	117.30	−0.116%	$482.9M	$398.3M	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0040%	1h	117.39	−0.047%	$8.4M	$370.8M	50x	as long as short
Aster SOLUSDT	+0.0043%	8h	117.31	−0.114%	$177.9M	$155.8M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0051%	8h	117.37	−0.057%	$997K	$5.2M	100x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.34	−0.085%	$101K	$181K	20x	as long as short
Aevo SOL-PERP	+0.0080%	1h	117.28	−0.140%	$348K	$258K	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0083%	1h	117.39	−0.047%	$32.6M	$92.2M	100x	as long as short
Binance SOLUSDT	+0.0083%	8h	117.29	−0.124%	$971.6M	$3.43B	100x	as long as short
MEXC SOL_USDT	+0.0084%	8h	117.30	−0.119%	$429.3M	$910.2M	300x	as long as short
Gate SOL_USDT	+0.0092%	8h	117.32	−0.102%	$843.5M	$584.2M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.31	−0.107%	$13.2M	$54.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.31	−0.113%	$2.3M	$13.5M	25x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.37	−0.059%	$1.0M	$554K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.32	−0.102%	$45K	$879K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.33	−0.092%	$5.7M	$39.1M	40x	as long as short
Pacifica SOL	+0.0100%	1h	117.35	−0.080%	$15.9M	$116.2M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.31	−0.111%	$361.9M	$1.56B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.27	−0.145%	$223K	$761K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.39	−0.047%	$1.2M	$8.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.22	−0.189%	$127.1M	$14.8M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.30	−0.118%	$134.5M	$228.2M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.31	−0.112%	—	$333.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.36	−0.068%	$23.3M	$35.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.25	−0.164%	$25.1M	$100.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.24	−0.172%	$94.1M	$381.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.35	−0.077%	$48.0M	$25.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.37	−0.061%	$1.1M	$6.5M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.33	−0.094%	$1.3M	$10.2M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.32	−0.102%	$324K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.36	−0.069%	$285K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.37	−0.056%	$27K	$35K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.33	−0.097%	$191K	$1.5M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.36	−0.071%	$227.0M	$41.0M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.39	−0.043%	$45.6M	$99.4M	50x
Kalshi KXSOLPERP	+0.0100%	8h	117.37	−0.062%	$1.3M	$15.8M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.27	−0.148%	$8.5M	$33.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.34	−0.088%	—	$210.7M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.51	+0.060%	$6.6M	$11.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0199%	1h	117.26	−0.149%	$1.1M	$93K	25x	as long as short
BloFin SOL-USDT	+0.0204%	8h	117.38	−0.051%	$51.7M	$57.4M	125x	as long as short
Injective SOL/USDC PERP	+0.0206%	1h	116.85	−0.502%	$4K	$117	12x	as long as short
Hyperliquid SOLlong	+0.0212%	1h	117.44	long leg	$723.5M	$366.4M	20x
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0171%	1h	117.38	−0.053%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	117.36	−0.064%	$2.2M	$4.4M	20x	as long as short
Aftermath Perps SOLUSD	+0.0382%	1h	117.38	−0.047%	$25K	$52K	20x	as long as short