Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.030%

Price spread now: KuCoin against Phoenix−0.017%108s7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as 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−$250.250% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 7 days−0.126%−$13 · spread now −0.017%, 7d avg −0.125%

Together, before fees−0.477%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.108% dearer against Phoenix than usual: you sell high and buy low (spread −0.017% now, against its 7-day average of −0.125%): +$11 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 25 days. At the pace of the last 7 days (−0.351% in total) that is about 2.2 days. The two prices were read 108 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	119.01	0.0114	pay 0.0014% / 1h	29m 37s	$6.5M	$13.6M	25x
Short	KuCoin SOLUSDTM	118.99	0.0100	get 0.0100% / 8h	7h 29m	$138.2M	$202.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$3.01
Price spread: −0.017% → −0.125%: $10.83
Slippage, 4 orders: −$6.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$17.23
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; KuCoin: live order book, 5 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, 5 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.1 bp −$1,509	doesn't fit
Sell KuCoin live order book, 5 min ago	0.38 bp	7.9 bp −$8	11.6 bp −$116	15.2 bp −$1,518	28.2 bp −$14.1K

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	−0.0102%	1h	118.91	−0.081%	$37K	$17K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.95	−0.050%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	118.85	−0.134%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.82	−0.157%	$2.0M	$2.7M	13x	as long as short
HTX SOL-USDT	−0.0024%	8h	118.86	−0.124%	$231.3M	$44.1M	75x	as long as short
dYdX SOL-USD	−0.0020%	1h	118.99	−0.016%	$5.0M	$25.7M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.92	−0.077%	$32.4M	$96.5M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.90	−0.096%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.00	−0.011%	$1.2M	$20.2M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.92	−0.077%	$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	+0.0032%	1h	118.97	−0.034%	$104K	$159K	20x	as long as short
Hibachi SOL/USDT-P	+0.0048%	1h	119.00	−0.013%	$101K	$657K	20x	as long as short
Phemex SOLUSDT	+0.0080%	8h	118.91	−0.084%	$46.6M	$100.3M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.94	−0.056%	—	$366.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0081%	8h	118.92	−0.080%	$1.0M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.95	−0.052%	$8.1M	$410.3M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0088%	1h	118.96	−0.045%	$26.7M	$24.8M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.91	−0.087%	$14.2M	$55.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.93	−0.064%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.89	−0.101%	$348K	$250K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.92	−0.075%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.93	−0.067%	$47K	$778K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.90	−0.088%	$5.9M	$40.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.06	+0.042%	$721.6M	$399.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.95	−0.050%	$179.3M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.97	−0.038%	$12.2M	$124.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.91	−0.082%	$979.1M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.94	−0.055%	$823.9M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.95	−0.050%	$371.3M	$1.69B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.95	−0.050%	$233K	$837K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.97	−0.031%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.80	−0.176%	$134.2M	$6.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.93	−0.067%	$858.8M	$665.5M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.92	−0.076%	$429.1M	$1.13B	300x	as long as short
KuCoin SOLUSDTMshort	+0.0100%	8h	118.99	−0.017%	$138.2M	$202.3M	75x
Bitget SOLUSDT	+0.0100%	8h	118.93	−0.071%	$493.6M	$440.9M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.99	−0.017%	$24.2M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.98	−0.028%	$27.0M	$128.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.98	−0.024%	$95.6M	$405.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.95	−0.050%	$48.7M	$29.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	118.98	−0.021%	$1.5M	$6.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	−0.126%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.87	−0.118%	$358K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.88	−0.109%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.89	−0.101%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.89	−0.101%	$6.3M	$10.8M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.91	−0.080%	$8.6M	$35.2M	50x	as long as short
Phoenix SOLlong	+0.0114%	1h	119.01	long leg	$6.5M	$13.6M	25x
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.89	−0.101%	—	$219.5M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.95	−0.050%	$1.8M	$4.5M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0081%	1h	118.89	−0.098%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0172%	1h	118.93	−0.066%	$25K	$50K	20x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	−0.294%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0186%	1h	118.86	−0.127%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.96	−0.042%	$51.9M	$77.5M	125x	as long as short