Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Hyperliquid against Phemex+0.059%48s7-day average +0.056% · 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—prices read too far apart to compare

costs, in and out, $10k−$250.245% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.040%+$4 · spread now +0.059%, 7d avg +0.056%

Together, before fees+0.081%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	116.23	0.0100	pay 0.0100% / 8h	0m 23s	$45.2M	$104.1M	50x
Short	Hyperliquid SOL	116.30	0.0100	get 0.0013% / 1h	0m 23s	$695.6M	$408.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → +0.056%: $0.27
Slippage, 4 orders: −$3.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.27
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Hyperliquid: 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 Phemex live order book, 4 min ago	0.43 bp	7.2 bp −$7	7.6 bp −$76	15.3 bp −$1,525	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.43 bp	5.2 bp −$5	6.5 bp −$65	9.9 bp −$990	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	−0.0153%	1h	116.21	−0.014%	$32.3M	$106.8M	100x	as long as short
Bybit SOLUSDT	−0.0092%	8h	116.19	−0.034%	$731.2M	$1.43B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.31	+0.070%	$1K	$8K	25x	as long as short
Injective SOL/USDC PERP	−0.0055%	1h	116.34	+0.095%	$4K	$2K	12x	as long as short
Vest SOL-PERP	−0.0021%	1h	116.18	−0.045%	—	$649K	20x	as long as short
Derive SOL-PERP	−0.0008%	1h	116.14	−0.082%	$1.8M	$3.0M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.23	−0.001%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.26	+0.026%	$1.4M	$19.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.21	−0.014%	$99K	$3.5M	8.3x	as long as short
dYdX SOL-USD	+0.0007%	1h	116.26	+0.029%	$4.3M	$23.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SOLUSDT	+0.0024%	8h	116.20	−0.026%	$479.8M	$455.5M	100x	as long as short
Hibachi SOL/USDT-P	+0.0024%	1h	116.24	+0.011%	$102K	$678K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.26	+0.024%	$7.8M	$396.9M	50x	as long as short
Aster SOLUSDT	+0.0053%	8h	116.21	−0.017%	$176.6M	$168.5M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0063%	1h	116.26	+0.023%	$26.2M	$21.7M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0070%	8h	116.22	−0.004%	$1.0M	$6.1M	100x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	116.25	+0.017%	$100K	$181K	20x	as long as short
Lighter SOL	+0.0096%	1h	116.20	−0.022%	$13.1M	$61.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.20	−0.029%	$2.1M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.19	−0.032%	$350K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0096%	8h	116.23	−0.004%	$1.0M	$554K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.19	−0.034%	$64K	$912K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.19	−0.033%	$5.4M	$41.6M	40x	as long as short
Hyperliquid SOLshort	+0.0100%	1h	116.30	+0.059%	$695.6M	$408.5M	20x
Pacifica SOL	+0.0100%	1h	116.25	+0.013%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.22	−0.009%	$961.9M	$3.86B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.21	−0.017%	$366.3M	$1.76B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.20	−0.026%	$217K	$854K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.22	−0.013%	$919K	$8.5M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.25	+0.017%	$125.4M	$25.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.21	−0.017%	$843.5M	$672.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.19	−0.034%	$370.4M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.19	−0.038%	$129.3M	$236.7M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.18	−0.046%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.23	0.000%	$22.9M	$35.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.15	−0.069%	$24.8M	$107.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.16	−0.058%	$93.3M	$405.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.24	+0.009%	$47.6M	$29.1M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.19	−0.030%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.20	−0.026%	$1.3M	$11.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.24	+0.009%	$318K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.23	−0.001%	$282K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.22	−0.008%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.21	−0.018%	$189K	$1.7M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.18	−0.043%	$6.1M	$11.0M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.18	−0.039%	$225.0M	$50.7M	75x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	116.23	long leg	$45.2M	$104.1M	50x
Extended SOL-USD	+0.0104%	1h	116.17	−0.054%	$8.2M	$36.6M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.25	+0.017%	—	$232.6M	500x	as long as short
Phoenix SOL	+0.0130%	1h	116.26	+0.026%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0196%	1h	116.15	−0.073%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.18	−0.043%	$52.0M	$64.8M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.22	−0.007%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0429%	1h	116.26	+0.028%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0485%	1h	116.27	+0.032%	$2.1M	$4.7M	20x	as long as short