Funding you earn now, next payment 21:00 UTC−0.0054%/8h= −5.9% APRnext payment −$0.07 per $10,000 · paid last 24h −0.034%
Price spread now: Hyperliquid against Phoenix+0.265%101s7-day average −0.103% · you sell dearer than you buy
Net, funding: paid 7d − costs−$48as 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−$180.177% of the position
Funding, last 7 days−0.307%−$31 on $10k
+Price spread, last 7 days−0.393%−$39 · spread now +0.265%, 7d avg −0.103%
=Together, before fees−0.700%+ Points / potential airdropHyperliquid: Season 2 · farm board−$70 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.368% dearer against Phoenix than usual: you sell high and buy low (spread +0.265% now, against its 7-day average of −0.103%): +$37 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 23 days. At the pace of the last 7 days (−0.307% in total) that is about 8.4 days. The two prices were read 101 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 | Phoenix SOL | 118.79 | 0.0154 | pay 0.0019% / 1h | 37m 37s | $6.7M | $12.5M | 25x |
| Short | Hyperliquid SOL | 119.10 | 0.0100 | get 0.0013% / 1h | 37m 37s | $718.0M | $412.8M | 20x |
Phoenix SOL
Hyperliquid SOLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$11.4
- Price spread: +0.265% → −0.103%
- $36.8
- Slippage, 4 orders
- −$1.68
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $7.73
- Costs to cover
- 0.177%
- Break-even
- from the start
Slippage from Phoenix: live order book, 2 min ago; Hyperliquid: 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 Phoenix live order book, 2 min ago | 0.42 bp | 3.9 bp −$4 | 3.9 bp −$39 | 14.4 bp −$1,440 | doesn't fit |
| Sell Hyperliquid live order book, 6 min ago | 0.42 bp | 4.9 bp −$5 | 5.9 bp −$59 | 8.5 bp −$850 | 14.0 bp −$6,977 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective SOL/USDC PERP | −0.0151% | 1h | 118.89 | +0.084% | $4K | $2K | 12x | as long as short |
| Derive SOL-PERP | −0.0104% | 1h | 118.85 | +0.051% | $2.0M | $3.2M | 13x | as long as short |
| Vest SOL-PERP | −0.0081% | 1h | 118.77 | −0.015% | — | $724K | 20x | as long as short |
| Hotstuff SOL-PERP | −0.0080% | 1h | 118.72 | −0.056% | $842 | $8K | 25x | as long as short |
| Aftermath Perps SOLUSD | −0.0033% | 1h | 118.83 | +0.033% | $24K | $47K | 20x | as long as short |
| gTrade (Gains Network) SOL/USD | L 0.0000% / S +0.0004% | 1h | 118.93 | +0.118% | $54K | — | 150x | as long as short |
| Kalshi KXSOLPERP | 0.0000% | 8h | 118.86 | +0.058% | $1.2M | $20.7M | 3.1x | as long as short |
| Perpl SOL | 0.0000% | 43m | 118.86 | +0.058% | $179K | $4.0M | 8.3x | as long as short |
| dYdX SOL-USD | 0.0000% | 1h | 119.09 | +0.249% | $4.9M | $26.9M | 20x | as long as short |
| ApeX Omni SOLUSDT | +0.0042% | 1h | 118.74 | −0.042% | $1.5M | $6.2M | 50x | as long as short |
Injective SOL/USDC PERP
Derive SOL-PERP
Vest SOL-PERP
Hotstuff SOL-PERP
Aftermath Perps SOLUSD
gTrade (Gains Network) SOL/USD
Kalshi KXSOLPERP
Perpl SOL
dYdX SOL-USD
ApeX Omni SOLUSDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_SOL_USDC | +0.0060% | 8h | 118.94 | +0.125% | $1.1M | $5.9M | 100x | as long as short |
| HTX SOL-USDT | +0.0068% | 8h | 118.66 | −0.109% | $231.2M | $43.6M | 75x | as long as short |
| BingX SOL-USDT | +0.0070% | 8h | 119.10 | +0.263% | — | $371.4M | — | as long as short |
| 01 Exchange SOLUSD | +0.0072% | 1h | 118.89 | +0.084% | $105K | $151K | 20x | as long as short |
| Deribit SOL_USDC-PERPETUAL | +0.0074% | 1h | 119.00 | +0.179% | $26.7M | $27.7M | 50x | as long as short |
| Gate SOL_USDT | +0.0083% | 8h | 119.00 | +0.177% | $859.3M | $679.0M | 100x | as long as short |
| Hibachi SOL/USDT-P | +0.0088% | 1h | 118.79 | +0.002% | $123K | $606K | 20x | as long as short |
| Lighter SOL | +0.0096% | 1h | 119.07 | +0.236% | $13.5M | $53.5M | 25x | as long as short |
| Lighter RH SOL | +0.0096% | 1h | 119.01 | +0.188% | $2.0M | $16.7M | 25x | as long as short |
| Aevo SOL-PERP | +0.0096% | 1h | 118.93 | +0.117% | $353K | $741K | 20x | as long as short |
| KuCoin SOLUSDTM | +0.0098% | 8h | 119.06 | +0.225% | $143.5M | $196.6M | 75x | as long as short |
| Paradex SOL-USD-PERP | +0.0099% | 8h | 119.10 | +0.258% | $1.0M | $524K | 50x | as long as short |
| Katana Perps SOL-USD | +0.0100% | 8h | 119.13 | +0.286% | $45K | $780K | 20x | as long as short |
| Nado SOL-PERP | +0.0100% | 1h | 118.74 | −0.039% | $5.5M | $40.6M | 40x | as long as short |
| Hyperliquid SOLshort | +0.0100% | 1h | 119.10 | +0.265% | $718.0M | $412.8M | 20x | |
| Aster SOLUSDT | +0.0100% | 8h | 119.02 | +0.193% | $179.2M | $174.3M | 100x | as long as short |
| Pacifica SOL | +0.0100% | 1h | 119.10 | +0.259% | $12.4M | $114.1M | 20x | as long as short |
| Binance SOLUSDT | +0.0100% | 8h | 119.08 | +0.247% | $972.6M | $3.74B | 100x | as long as short |
| Bybit SOLUSDT | +0.0100% | 8h | 119.11 | +0.274% | $823.7M | $1.26B | 100x | as long as short |
| OKX SOL-USDT-SWAP | +0.0100% | 8h | 119.10 | +0.261% | $370.3M | $1.70B | 100x | as long as short |
| Ondo Perps SOL-USD.P | +0.0100% | 1h | 119.08 | +0.244% | $233K | $863K | 10x | as long as short |
| Arcus SOL-USD | +0.0100% | 1h | 119.18 | +0.326% | $1.9M | $8.9M | 20x | as long as short |
| MEXC SOL_USDT | +0.0100% | 8h | 119.07 | +0.236% | $467.9M | $1.08B | 300x | as long as short |
| Bitget SOLUSDT | +0.0100% | 8h | 119.09 | +0.256% | $497.0M | $448.3M | 100x | as long as short |
| Backpack SOL_USDC_PERP | +0.0100% | 1h | 118.97 | +0.152% | $24.3M | $38.0M | 50x | as long as short |
| Variational Omni SOL | +0.0100% | 8h | 118.76 | −0.029% | $27.4M | $127.2M | — | as long as short |
| edgeX SOLUSDC | +0.0100% | 4h | 118.71 | −0.066% | $95.3M | $397.1M | 75x | as long as short |
| GRVT SOL_USDT_Perp | +0.0100% | 8h | 118.74 | −0.040% | $48.6M | $33.3M | 20x | as long as short |
| StandX SOL-USD | +0.0100% | 1h | 118.80 | +0.008% | $1.4M | $13.4M | 30x | as long as short |
| Polymarket Perps SOL-USD | +0.0100% | 1h | 118.86 | +0.059% | $364K | $2.4M | 20x | as long as short |
| Bullet SOL-USD | +0.0100% | 1h | 118.89 | +0.085% | $201K | $1.7M | 20x | as long as short |
| Bluefin SOL-PERP | +0.0100% | 1h | 118.91 | +0.100% | $37K | $15K | 25x | as long as short |
| SunX SOL-USDT | +0.0100% | 8h | 118.91 | +0.103% | $193K | $1.9M | 30x | as long as short |
| SoDEX SOL-USD | +0.0100% | 1h | 118.92 | +0.109% | $6.2M | $10.8M | 20x | as long as short |
| Phemex SOLUSDT | +0.0100% | 8h | 118.89 | +0.084% | $46.4M | $99.8M | 50x | as long as short |
| Bulk SOL-USD | +0.0100% | 1h | 118.71 | −0.068% | $133.1M | $11.8M | 20x | as long as short |
| Extended SOL-USD | +0.0104% | 1h | 119.10 | +0.259% | $8.6M | $37.0M | 50x | as long as short |
| Coinbase International SOL-PERP-INTX | +0.0112% | 1h | 118.97 | +0.152% | $8.1M | $414.2M | 50x | as long as short |
| Jupiter Perps SOL-PERP | L +0.0120% / S +0.0048% | 1h | 118.83 | +0.034% | — | $217.2M | 500x | as long as short |
| Phoenix SOLlong | +0.0154% | 1h | 118.79 | long leg | $6.7M | $12.5M | 25x | |
| GMX SOL/USD [SOL-USDC] | L +0.0171% / S −0.0091% | 1h | 118.93 | +0.119% | $3.6M | — | 200x | as long as short |
| RISEx SOL/USDC | +0.0175% | 1h | 119.18 | +0.331% | $1.6M | $6.1M | 20x | as long as short |
| Reya SOLRUSDPERP | +0.0180% | 1h | 118.86 | +0.060% | $1.1M | $557K | 25x | as long as short |
| BloFin SOL-USDT | +0.0220% | 8h | 118.63 | −0.135% | $51.6M | $86.7M | 125x | as long as short |
| Kraken Futures PF_SOLUSD | +0.0224% | 1h | 118.95 | +0.138% | $36.1M | $89.4M | 100x | as long as short |
Orderly PERP_SOL_USDC
HTX SOL-USDT
BingX SOL-USDT
01 Exchange SOLUSD
Deribit SOL_USDC-PERPETUAL
Gate SOL_USDT
Hibachi SOL/USDT-P
Lighter SOL
Lighter RH SOL
Aevo SOL-PERP
KuCoin SOLUSDTM
Paradex SOL-USD-PERP
Katana Perps SOL-USD
Nado SOL-PERP
Aster SOLUSDT
Pacifica SOL
Binance SOLUSDT
Bybit SOLUSDT
OKX SOL-USDT-SWAP
Ondo Perps SOL-USD.P
Arcus SOL-USD
MEXC SOL_USDT
Bitget SOLUSDT
Backpack SOL_USDC_PERP
Variational Omni SOL
edgeX SOLUSDC
GRVT SOL_USDT_Perp
StandX SOL-USD
Polymarket Perps SOL-USD
Bullet SOL-USD
Bluefin SOL-PERP
SunX SOL-USDT
SoDEX SOL-USD
Phemex SOLUSDT
Bulk SOL-USD
Extended SOL-USD
Coinbase International SOL-PERP-INTX
Jupiter Perps SOL-PERP
GMX SOL/USD [SOL-USDC]
RISEx SOL/USDC
Reya SOLRUSDPERP
BloFin SOL-USDT
Kraken Futures PF_SOLUSD