Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.002%

Price spread now: Lighter against Phemex−0.026%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$150.149% of the position

Long on Phemex Short on Lighter

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)+0.094%+$9 · spread now −0.026%, 7d avg +0.006%

Together, before fees+0.123%+ Points / potential airdropLighter: Season 3 · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.032% cheaper against Phemex than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.006%). If the spread goes back, that is −$3 on $10k: about 2.1 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.029% in total) that is about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	118.88	0.0045	pay 0.0045% / 8h	7h 33m	$46.6M	$100.5M	50x
Short	Lighter SOL	118.85	0.0096	get 0.0012% / 1h	33m 00s	$14.2M	$55.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.026%Rate

Funding earned: $10.69
Price spread: −0.026% → +0.006%: −$3.21
Slippage, 4 orders: −$2.94
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.46
Costs to cover: 0.149%
Break-even: 11.9 days

Slippage from Phemex: live order book, 6 min ago; Lighter: live order book, 6 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, 6 min ago	0.42 bp	7.8 bp −$8	8.1 bp −$81	15.1 bp −$1,510	doesn't fit
Sell Lighter live order book, 6 min ago	0.04 bp	0.0 bp $0	1.4 bp −$14	5.9 bp −$588	21.8 bp −$10.9K

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	−0.0166%	1h	118.87	−0.007%	$37K	$17K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.99	+0.095%	$844	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	118.89	+0.011%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.78	−0.086%	$2.0M	$2.7M	13x	as long as short
HTX SOL-USDT	−0.0050%	8h	118.85	−0.027%	$231.2M	$43.9M	75x	as long as short
dYdX SOL-USD	−0.0019%	1h	118.98	+0.084%	$5.0M	$25.7M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.86	−0.016%	$32.4M	$96.5M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.87	−0.008%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.00	+0.103%	$1.2M	$20.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.94	+0.050%	$158K	$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	118.95	+0.059%	$104K	$159K	20x	as long as short
Phemex SOLUSDTlong	+0.0045%	8h	118.88	long leg	$46.6M	$100.5M	50x
Hibachi SOL/USDT-P	+0.0056%	1h	119.00	+0.101%	$101K	$656K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0065%	1h	118.91	+0.028%	$26.6M	$24.8M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.86	−0.020%	—	$10.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0081%	8h	118.87	−0.011%	$1.0M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.89	+0.012%	$8.1M	$410.5M	50x	as long as short
Lighter SOLshort	+0.0096%	1h	118.85	−0.026%	$14.2M	$55.8M	25x
Lighter RH SOL	+0.0096%	1h	118.85	−0.024%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.86	−0.019%	$348K	$247K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.00	+0.103%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.91	+0.025%	$47K	$778K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.00	+0.101%	$5.9M	$40.9M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.87	−0.008%	$179.1M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.04	+0.133%	$12.2M	$123.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.90	+0.017%	$978.9M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.92	+0.035%	$823.5M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.90	+0.017%	$371.0M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.95	+0.059%	$233K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.98	+0.086%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.80	−0.067%	$134.2M	$6.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.87	−0.008%	$859.0M	$664.5M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.88	0.000%	$428.2M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.89	+0.007%	$138.1M	$202.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.88	+0.001%	$493.5M	$441.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.88	0.000%	$24.2M	$37.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.01	+0.106%	$27.0M	$128.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.94	+0.052%	$95.5M	$404.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.92	+0.034%	$48.7M	$29.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.01	+0.109%	$1.5M	$6.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	−0.017%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.92	+0.034%	$359K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.85	−0.026%	$202K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.92	+0.034%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.85	−0.025%	$6.2M	$10.8M	20x	as long as short
Hyperliquid SOL	+0.0101%	1h	118.98	+0.084%	$721.1M	$399.2M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.83	−0.046%	$8.7M	$35.2M	50x	as long as short
Phoenix SOL	+0.0114%	1h	119.01	+0.109%	$6.5M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.95	+0.057%	—	$219.9M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.98	+0.086%	$1.8M	$4.6M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0081%	1h	118.86	−0.015%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	−0.185%	$4K	$2K	12x	as long as short
Aftermath Perps SOLUSD	+0.0174%	1h	118.91	+0.027%	$25K	$50K	20x	as long as short
Reya SOLRUSDPERP	+0.0186%	1h	118.89	+0.012%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.90	+0.017%	$51.9M	$77.5M	125x	as long as short