Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0064%/8h= +7.1% APRpaid last 24h +0.012%

Price spread now: GMX against Phemex+0.038%7-day average +0.032% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.038%, 7d avg +0.032%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	118.95	0.0016	pay 0.0016% / 8h	7h 33m	$46.6M	$100.4M	50x
Short	GMX SOL/USD [SOL-USDC]	119.00	L +0.0165% / S −0.0081%	get 0.0010% / 1h	33m 33s	$3.7M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $13.52
Price spread: +0.038% → +0.032%: $0.56
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$9.92
Costs to cover: 0.240%
Break-even: 12.1 days

Slippage unknown: Phemex: live order book, 6 min ago; GMX: no order-book sample. Net counts fees only.

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 Phemex live order book, 6 min ago	0.42 bp	7.8 bp −$8	8.1 bp −$81	15.1 bp −$1,510	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin SOL-PERP	−0.0190%	1h	118.99	+0.034%	$37K	$17K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.99	+0.036%	$844	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	118.92	−0.025%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.91	−0.035%	$2.0M	$2.7M	13x	as long as short
HTX SOL-USDT	−0.0040%	8h	118.92	−0.029%	$231.4M	$43.9M	75x	as long as short
dYdX SOL-USD	−0.0019%	1h	118.98	+0.025%	$5.0M	$25.7M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	119.02	+0.058%	$32.4M	$96.5M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.00	+0.042%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.00	+0.041%	$1.2M	$20.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.99	+0.034%	$154K	$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
Phemex SOLUSDTlong	+0.0016%	8h	118.95	long leg	$46.6M	$100.4M	50x
01 Exchange SOLUSD	+0.0040%	1h	118.95	0.000%	$104K	$159K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	119.04	+0.076%	$102K	$656K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.00	+0.041%	—	$365.8M	—	as long as short
Orderly PERP_SOL_USDC	+0.0081%	8h	119.00	+0.045%	$1.0M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	119.03	+0.068%	$8.1M	$411.1M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.99	+0.031%	$14.2M	$55.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.97	+0.014%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.01	+0.051%	$349K	$247K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.00	+0.044%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.91	−0.034%	$47K	$778K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.00	+0.042%	$5.9M	$40.9M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.97	+0.018%	$179.3M	$176.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.04	+0.074%	$12.2M	$123.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.94	−0.007%	$979.2M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.96	+0.008%	$823.7M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.93	−0.017%	$371.1M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.95	0.000%	$233K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.98	+0.027%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.80	−0.126%	$134.2M	$6.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.98	+0.025%	$859.9M	$664.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.00	+0.042%	$428.8M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.02	+0.055%	$138.3M	$202.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.99	+0.033%	$493.9M	$441.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.02	+0.059%	$24.2M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.01	+0.048%	$27.0M	$128.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.94	−0.007%	$95.5M	$404.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.92	−0.025%	$48.7M	$29.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.01	+0.050%	$1.5M	$6.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	−0.076%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.98	+0.025%	$359K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.98	+0.028%	$202K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.96	+0.009%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.00	+0.042%	$6.3M	$10.8M	20x	as long as short
Hyperliquid SOL	+0.0103%	1h	119.08	+0.109%	$721.7M	$399.2M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.98	+0.026%	$8.7M	$35.2M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0114%	1h	119.05	+0.085%	$26.6M	$24.7M	50x	as long as short
Phoenix SOL	+0.0114%	1h	118.97	+0.017%	$6.6M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.01	+0.048%	—	$220.0M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.98	+0.027%	$1.8M	$4.6M	20x	as long as short
GMX SOL/USD [SOL-USDC]short	L +0.0165% / S −0.0081%	1h	119.00	+0.038%	$3.7M	—	200x
Aftermath Perps SOLUSD	+0.0172%	1h	118.93	−0.019%	$25K	$50K	20x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	−0.244%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0186%	1h	118.97	+0.020%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.85	−0.084%	$51.7M	$77.5M	125x	as long as short