Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: Phemex against Lighter+0.077%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now +0.077%, 7d avg −0.011%

Together, before fees−0.189%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.088% dearer against Lighter than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SOL	115.74	0.0096	pay 0.0012% / 1h	31m 41s	$12.9M	$60.9M	25x
Short	Phemex SOLUSDT	115.83	0.0100	get 0.0100% / 8h	2h 31m	$45.1M	$104.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.077%Rate

Funding earned: $0.84
Price spread: +0.077% → −0.011%: $8.77
Slippage, 4 orders: −$8.51
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$10.9
Costs to cover: 0.205%
Break-even: 97.8 days

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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 Lighter live order book, 7 min ago	0.52 bp	0.6 bp −$1	1.9 bp −$19	8.5 bp −$852	24.0 bp −$12.0K
Sell Phemex live order book, 2 min ago	0.43 bp	12.5 bp −$13	13.5 bp −$135	21.1 bp −$2,114	doesn't fit

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	−0.0241%	1h	115.79	+0.038%	$31.7M	$103.8M	100x	as long as short
Hibachi SOL/USDT-P	−0.0200%	1h	115.86	+0.101%	$104K	$693K	20x	as long as short
Derive SOL-PERP	−0.0125%	1h	115.71	−0.024%	$1.9M	$2.9M	13x	as long as short
Bybit SOLUSDT	−0.0116%	8h	115.69	−0.047%	$739.9M	$1.42B	100x	as long as short
BingX SOL-USDC	−0.0115%	8h	115.69	−0.043%	—	$10.6M	—	as long as short
Vest SOL-PERP	−0.0100%	1h	115.81	+0.063%	—	$625K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.05	+0.270%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	115.82	+0.069%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	115.86	+0.106%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	115.80	+0.048%	$113K	$3.7M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0014%	1h	115.72	−0.017%	$4.3M	$24.1M	20x	as long as short
01 Exchange SOLUSD	+0.0016%	1h	115.90	+0.137%	$99K	$176K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	115.81	+0.060%	$7.8M	$403.5M	50x	as long as short
Bitget SOLUSDT	+0.0068%	8h	115.72	−0.021%	$479.7M	$455.5M	100x	as long as short
Bullet SOL-USD	+0.0087%	1h	115.81	+0.062%	$147K	$1.6M	20x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	115.83	+0.073%	$1.0M	$5.9M	100x	as long as short
Lighter SOLlong	+0.0096%	1h	115.74	long leg	$12.9M	$60.9M	25x
Lighter RH SOL	+0.0096%	1h	115.74	−0.001%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	115.80	+0.050%	$348K	$247K	20x	as long as short
Aster SOLUSDT	+0.0099%	8h	115.72	−0.017%	$173.5M	$184.3M	100x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	115.73	−0.010%	$62K	$911K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	115.77	+0.023%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	115.80	+0.051%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	115.77	+0.021%	$685.7M	$399.4M	20x	as long as short
Pacifica SOL	+0.0100%	1h	115.78	+0.031%	$15.5M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	115.74	−0.001%	$961.1M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	115.73	−0.010%	$360.6M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	115.67	−0.061%	$215K	$870K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	115.78	+0.032%	$913K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.84	+0.086%	$125.6M	$19.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	115.73	−0.010%	$838.6M	$667.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	115.74	−0.001%	$359.1M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	115.72	−0.020%	$124.3M	$229.2M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	115.78	+0.034%	$22.8M	$40.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.00	+0.221%	$24.8M	$114.4M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.13	+0.334%	$93.2M	$406.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.99	+0.215%	$47.5M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.19	+0.386%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	115.84	+0.086%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	115.82	+0.068%	$317K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	115.80	+0.051%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	115.83	+0.073%	$188K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	115.78	+0.034%	$6.0M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	115.74	−0.003%	$224.4M	$50.0M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	115.83	+0.077%	$45.1M	$104.4M	50x
Extended SOL-USD	+0.0104%	1h	115.69	−0.044%	$7.9M	$38.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	115.88	+0.123%	—	$239.4M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0121%	1h	115.82	+0.071%	$26.2M	$21.9M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.55	+0.699%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.11	+0.319%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	115.77	+0.027%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	115.81	+0.060%	$51.8M	$67.8M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	115.82	+0.070%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	115.81	+0.056%	$1.9M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0599%	1h	115.99	+0.216%	$25K	$53K	20x	as long as short