Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Phemex against Lighter+0.034%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 3 days (all we have)−0.115%−$12 · spread now +0.034%, 7d avg −0.006%

Together, before fees−0.145%+ Points / potential airdropLighter: Season 3 · farm board−$14 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 0.040% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SOL	118.59	0.0096	pay 0.0012% / 1h	54m 45s	$14.0M	$55.3M	25x
Short	Phemex SOLUSDT	118.63	0.0100	get 0.0100% / 8h	7h 54m	$46.5M	$102.3M	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 +0.034%Rate

Funding earned: $0.84
Price spread: +0.034% → −0.006%: $3.99
Slippage, 4 orders: −$5.08
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.25
Costs to cover: 0.171%
Break-even: 109.1 days

Slippage from Lighter: live order book, 14 min ago; Phemex: live order book, 4 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, 14 min ago	0.04 bp	2.4 bp −$2	2.8 bp −$28	6.9 bp −$690	19.8 bp −$9,895
Sell Phemex live order book, 4 min ago	0.84 bp	7.7 bp −$8	7.7 bp −$77	19.0 bp −$1,902	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
ApeX Omni SOLUSDT	−0.0156%	1h	118.82	+0.195%	$1.5M	$6.1M	50x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.70	+0.094%	$842	$8K	25x	as long as short
Vest SOL-PERP	−0.0079%	1h	118.59	0.000%	—	$723K	20x	as long as short
Gate SOL_USDT	−0.0067%	8h	118.74	+0.126%	$860.7M	$658.4M	100x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.50	−0.079%	$2.0M	$2.8M	13x	as long as short
dYdX SOL-USD	−0.0023%	1h	118.74	+0.129%	$4.9M	$28.0M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.63	+0.032%	$32.5M	$97.0M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.58	−0.008%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.60	+0.006%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.61	+0.019%	$174K	$3.9M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0040%	1h	118.60	+0.008%	$103K	$159K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0078%	8h	118.59	+0.002%	$1.0M	$5.9M	100x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.70	+0.094%	—	$370.2M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	118.76	+0.142%	$121K	$642K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0083%	1h	118.63	+0.037%	$26.6M	$25.3M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.62	+0.028%	$8.1M	$415.4M	50x	as long as short
Lighter SOLlong	+0.0096%	1h	118.59	long leg	$14.0M	$55.3M	25x
Lighter RH SOL	+0.0096%	1h	118.59	0.000%	$2.1M	$16.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.60	+0.007%	$348K	$622K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.64	+0.041%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.57	−0.017%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.66	+0.059%	$5.8M	$41.0M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.72	+0.110%	$178.6M	$177.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.70	+0.096%	$12.2M	$122.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.71	+0.103%	$978.3M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.72	+0.105%	$823.2M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.68	+0.076%	$370.7M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.58	−0.008%	$231K	$876K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.64	+0.040%	$1.9M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.81	+0.189%	$133.9M	$4.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.73	+0.118%	$428.8M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.73	+0.121%	$138.0M	$207.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.67	+0.067%	$492.4M	$457.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.68	+0.076%	$24.1M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.86	+0.227%	$27.1M	$128.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.81	+0.182%	$95.4M	$403.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.86	+0.224%	$48.7M	$30.5M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.77	+0.152%	$1.4M	$13.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.58	−0.008%	$357K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.57	−0.016%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.57	−0.014%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.65	+0.049%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.59	0.000%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	118.52	−0.057%	$230.7M	$45.0M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	118.63	+0.034%	$46.5M	$102.3M	50x
Phoenix SOL	+0.0100%	1h	118.80	+0.177%	$6.6M	$13.6M	25x	as long as short
Hyperliquid SOL	+0.0102%	1h	118.79	+0.169%	$719.5M	$403.1M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.70	+0.091%	$8.7M	$36.0M	50x	as long as short
Aftermath Perps SOLUSD	+0.0117%	1h	118.79	+0.169%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.73	+0.119%	—	$224.7M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.58	−0.012%	$1.8M	$4.8M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0166% / S −0.0084%	1h	118.58	−0.012%	$3.5M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	+0.059%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0185%	1h	118.56	−0.025%	$1.1M	$531K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.63	+0.034%	$51.7M	$80.0M	125x	as long as short