Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.012%

Price spread now: Phoenix against MEXC+0.111%62s7-day average +0.123% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as 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−$120.121% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.291%+$29 on $10k

Price spread, last 7 days+0.033%+$3 · spread now +0.111%, 7d avg +0.123%

Together, before fees+0.324%+$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.123%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SOL_USDT	117.25	0.0058	pay 0.0058% / 8h	4h 08m	$431.7M	$971.4M	300x
Short	Phoenix SOL	117.38	0.0103	get 0.0013% / 1h	8m 23s	$6.8M	$11.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.111%Rate

Funding earned: $9.38
Price spread: +0.111% → +0.123%: −$1.25
Slippage, 4 orders: −$3.07
Fee MEXC: 1 bp × 2 orders: −$2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.94
Costs to cover: 0.121%
Break-even: 9.9 days

Slippage from MEXC: live order book, 4 min ago; Phoenix: 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 MEXC live order book, 4 min ago	0.43 bp	1.4 bp −$1	1.4 bp −$14	2.8 bp −$277	4.3 bp −$2,128
Sell Phoenix live order book, 4 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	10.5 bp −$1,051	doesn't fit

SOL on 55 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	−0.0184%	1h	117.37	+0.106%	$102K	$651K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.27	+0.015%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0042%	8h	117.23	−0.013%	$724.3M	$1.19B	100x	as long as short
Derive SOL-PERP	−0.0035%	1h	117.29	+0.035%	$1.8M	$2.5M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.27	+0.015%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.34	+0.073%	$1.3M	$15.0M	3.1x	as long as short
Perpl SOL	0.0000%	43m	117.28	+0.027%	$99K	$2.5M	8.3x	as long as short
Vest SOL-PERP	+0.0008%	1h	117.27	+0.019%	—	$243K	20x	as long as short
Bitget SOLUSDT	+0.0013%	8h	117.22	−0.022%	$481.1M	$383.5M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0024%	1h	117.38	+0.108%	$8.6M	$360.2M	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0029%	8h	117.34	+0.081%	$982K	$4.8M	100x	as long as short
Injective SOL/USDC PERP	+0.0033%	1h	116.85	−0.341%	$4K	$113	12x	as long as short
Aster SOLUSDT	+0.0049%	8h	117.26	+0.012%	$177.3M	$155.1M	100x	as long as short
Aevo SOL-PERP	+0.0056%	1h	117.29	+0.036%	$344K	$256K	20x	as long as short
MEXC SOL_USDTlong	+0.0058%	8h	117.25	long leg	$431.7M	$971.4M	300x
Binance SOLUSDT	+0.0058%	8h	117.25	0.000%	$973.4M	$3.33B	100x	as long as short
SoDEX SOL-USD	+0.0063%	1h	117.29	+0.034%	$6.1M	$11.3M	20x	as long as short
dYdX SOL-USD	+0.0067%	1h	117.27	+0.015%	$9.2M	$16.1M	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	117.31	+0.051%	$103K	$189K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0081%	1h	117.41	+0.140%	$26.5M	$17.1M	50x	as long as short
Gate SOL_USDT	+0.0084%	8h	117.26	+0.009%	$842.9M	$585.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.25	+0.004%	$13.2M	$55.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.24	−0.005%	$2.2M	$13.1M	25x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.25	0.000%	$24K	$908K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.26	+0.005%	$1.0M	$554K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.40	+0.130%	$5.6M	$38.5M	40x	as long as short
Pacifica SOL	+0.0100%	1h	117.31	+0.049%	$15.9M	$116.0M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.24	−0.009%	$362.4M	$1.53B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.27	+0.017%	$223K	$754K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.30	+0.043%	$1.2M	$7.5M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.37	+0.103%	$128.5M	$9.1M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.25	0.000%	$132.9M	$227.8M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	117.19	−0.048%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.32	+0.060%	$23.1M	$34.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.22	−0.023%	$25.0M	$93.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.35	+0.083%	$94.2M	$353.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.29	+0.034%	$48.0M	$25.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.28	+0.026%	$1.0M	$4.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.35	+0.085%	$1.3M	$9.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.26	+0.009%	$323K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.26	+0.009%	$285K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.38	+0.107%	$26K	$34K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.36	+0.090%	$190K	$1.4M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.30	+0.041%	$227.0M	$39.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.32	+0.060%	$45.6M	$97.8M	50x	as long as short
Phoenix SOLshort	+0.0103%	1h	117.38	+0.111%	$6.8M	$11.6M	25x
Extended SOL-USD	+0.0104%	1h	117.20	−0.041%	$8.4M	$32.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	117.40	+0.128%	—	$207.6M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0128%	1h	117.36	+0.097%	$33.5M	$90.5M	100x	as long as short
BloFin SOL-USDT	+0.0179%	8h	117.37	+0.102%	$51.9M	$55.2M	125x	as long as short
Hyperliquid SOL	+0.0192%	1h	117.44	+0.162%	$738.4M	$365.7M	20x	as long as short
Reya SOLRUSDPERP	+0.0202%	1h	117.20	−0.039%	$1.1M	$91K	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0240% / S −0.0186%	1h	117.39	+0.120%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	117.30	+0.042%	$2.2M	$3.6M	20x	as long as short
Aftermath Perps SOLUSD	+0.0417%	1h	117.32	+0.060%	$25K	$45K	20x	as long as short