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Funding arb · Price arb /

SOL

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0420%/8h= +46.0% APRnext payment +$0.52 per $10,000 · paid last 24h +0.031%
Price spread now: Phoenix against Kraken Futures+0.125%49s7-day average +0.089% · you sell dearer than you buy
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$250.254% of the position
Long on Kraken FuturesShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.201%+$20 on $10k
Price spread, last 4 days (all we have)+0.025%+$2 · spread now +0.125%, 7d avg +0.089%
Together, before fees+0.226%+$23 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.036% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.089%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.201% in total (about 10.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.52 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_SOLUSD115.79−0.0241get 0.0030% / 1h31m 27s$31.7M$103.8M100x
ShortPhoenix SOL115.930.0179get 0.0022% / 1h31m 27s$6.5M$13.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Kraken Futures. 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

Funding earned
$88.16
Price spread: +0.125% → +0.089%
$3.64
Slippage, 4 orders
−$8.4
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$66.39
Costs to cover
0.254%
Break-even
1.7 days
Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kraken Futures live order book, 3 min ago0.43 bp6.8 bp −$79.9 bp −$9916.1 bp −$1,60734.9 bp −$17.4K
Sell Phoenix live order book, 3 min ago0.86 bp4.6 bp −$55.8 bp −$5812.3 bp −$1,232doesn't fit

SOL on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Kraken Futures PF_SOLUSDlong−0.0241%1h115.79long leg$31.7M$103.8M100x
Hibachi SOL/USDT-P−0.0192%1h115.84+0.049%$104K$693K20xas long as short
Derive SOL-PERP−0.0125%1h115.71−0.062%$1.9M$2.9M13xas long as short
Bybit SOLUSDT−0.0116%8h115.68−0.088%$739.9M$1.42B100xas long as short
BingX SOL-USDC−0.0115%8h115.69−0.082%—$10.6M—as long as short
Vest SOL-PERP−0.0097%1h115.75−0.029%—$625K20xas long as short
Hotstuff SOL-PERP−0.0080%1h116.05+0.231%$1K$8K25xas long as short
gTrade (Gains Network) SOL/USDL −0.0001% / S +0.0004%1h115.82+0.031%$41K—150xas long as short
Kalshi KXSOLPERP0.0000%8h115.86+0.068%$1.5M$19.3M3.1xas long as short
Perpl SOL0.0000%43m115.73−0.048%$113K$3.7M8.3xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX SOL-USD+0.0014%1h115.72−0.055%$4.3M$24.1M20xas long as short
01 Exchange SOLUSD+0.0016%1h115.77−0.013%$98K$176K20xas long as short
Coinbase International SOL-PERP-INTX+0.0048%1h115.81+0.021%$7.8M$403.5M50xas long as short
Bitget SOLUSDT+0.0068%8h115.71−0.069%$479.7M$455.5M100xas long as short
Bullet SOL-USD+0.0087%1h115.81+0.024%$147K$1.6M20xas long as short
Orderly PERP_SOL_USDC+0.0096%8h115.83+0.034%$1.0M$5.9M100xas long as short
Lighter SOL+0.0096%1h115.74−0.038%$12.9M$60.9M25xas long as short
Lighter RH SOL+0.0096%1h115.74−0.039%$2.2M$16.8M25xas long as short
Aevo SOL-PERP+0.0096%1h115.80+0.012%$348K$247K20xas long as short
Aster SOLUSDT+0.0099%8h115.74−0.039%$173.6M$184.4M100xas long as short
Katana Perps SOL-USD+0.0099%8h115.73−0.048%$62K$911K20xas long as short
Paradex SOL-USD-PERP+0.0099%8h115.77−0.015%$1.0M$550K50xas long as short
Nado SOL-PERP+0.0100%1h115.73−0.051%$5.2M$40.7M40xas long as short
Hyperliquid SOL+0.0100%1h115.82+0.030%$686.0M$399.5M20xas long as short
Pacifica SOL+0.0100%1h115.78−0.007%$15.5M$130.6M20xas long as short
Binance SOLUSDT+0.0100%8h115.74−0.041%$961.1M$3.88B100xas long as short
OKX SOL-USDT-SWAP+0.0100%8h115.73−0.048%$360.8M$1.72B100xas long as short
Ondo Perps SOL-USD.P+0.0100%1h115.67−0.100%$215K$870K10xas long as short
Arcus SOL-USD+0.0100%1h115.78−0.006%$913K$8.8M20xas long as short
Bulk SOL-USD+0.0100%1h115.84+0.048%$125.6M$19.8M20xas long as short
Gate SOL_USDT+0.0100%8h115.73−0.048%$838.6M$667.1M100xas long as short
MEXC SOL_USDT+0.0100%8h115.74−0.039%$359.1M$1.08B300xas long as short
KuCoin SOLUSDTM+0.0100%8h115.72−0.058%$124.3M$229.2M75xas long as short
Backpack SOL_USDC_PERP+0.0100%1h115.78−0.005%$22.8M$40.3M50xas long as short
Variational Omni SOL+0.0100%8h116.00+0.183%$24.8M$114.4M—as long as short
edgeX SOLUSDC+0.0100%4h115.77−0.009%$92.9M$406.6M75xas long as short
GRVT SOL_USDT_Perp+0.0100%8h115.81+0.019%$47.4M$30.9M20xas long as short
ApeX Omni SOLUSDT+0.0100%1h115.81+0.022%$1.1M$6.8M50xas long as short
StandX SOL-USD+0.0100%1h115.84+0.047%$1.3M$12.0M30xas long as short
Polymarket Perps SOL-USD+0.0100%1h115.72−0.056%$317K$2.7M20xas long as short
Bluefin SOL-PERP+0.0100%1h115.80+0.013%$25K$33K25xas long as short
SunX SOL-USDT+0.0100%8h115.83+0.035%$188K$1.8M30xas long as short
SoDEX SOL-USD+0.0100%1h115.78−0.005%$6.0M$10.9M20xas long as short
HTX SOL-USDT+0.0100%8h115.74−0.041%$224.4M$50.0M75xas long as short
Phemex SOLUSDT+0.0100%8h115.83+0.039%$45.1M$104.4M50xas long as short
Extended SOL-USD+0.0104%1h115.69−0.083%$7.9M$38.8M50xas long as short
Jupiter Perps SOL-PERPL +0.0120% / S +0.0048%1h115.88+0.085%—$239.4M500xas long as short
Deribit SOL_USDC-PERPETUAL+0.0121%1h115.82+0.033%$26.2M$21.9M50xas long as short
Injective SOL/USDC PERP+0.0173%1h116.55+0.660%$4K$2K12xas long as short
Phoenix SOLshort+0.0179%1h115.93+0.125%$6.5M$13.7M25x
Reya SOLRUSDPERP+0.0193%1h115.72−0.060%$1.1M$542K25xas long as short
BloFin SOL-USDT+0.0220%8h115.81+0.021%$51.8M$67.8M125xas long as short
GMX SOL/USD [SOL-USDC]L +0.0233% / S −0.0173%1h115.82+0.031%$3.5M—200xas long as short
RISEx SOL/USDC+0.0547%1h115.81+0.018%$1.9M$4.9M20xas long as short
Aftermath Perps SOLUSD+0.0599%1h115.99+0.178%$25K$53K20xas long as short