Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.068%

Price spread now: Perpl against Phoenix+0.073%61s7-day average −0.153% · you sell dearer than you buy

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

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.596%−$60 on $10k

Price spread, last 7 days−0.200%−$20 · spread now +0.073%, 7d avg −0.153%

Together, before fees−0.796%+ Points / potential airdropPerpl: Active · farm board−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.226% dearer against Phoenix than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of −0.153%): +$23 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.5 days. At the pace of the last 7 days (−0.596% in total) that is about 2.6 days. The two prices were read 61 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	119.58	0.0100	pay 0.0013% / 1h	52m 25s	$6.6M	$13.7M	25x
Short	Perpl SOL	119.67	0	get 0.0000% / 43m	5m 25s	$177K	$4.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$21.09
Price spread: +0.073% → −0.153%: $22.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$19.34
Costs to cover: 0.208%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 2 min ago; Perpl: 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 Phoenix live order book, 2 min ago	0.83 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,522	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Hotstuff SOL-PERP	−0.0080%	1h	119.77	+0.161%	$849	$8K	25x	as long as short
Vest SOL-PERP	−0.0065%	1h	119.65	+0.055%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0052%	1h	119.53	−0.040%	$2.0M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	119.63	+0.040%	$113K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	119.71	+0.109%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.84	+0.217%	$1.2M	$20.6M	3.1x	as long as short
Perpl SOLshort	0.0000%	43m	119.67	+0.073%	$177K	$4.0M	8.3x
Deribit SOL_USDC-PERPETUAL	+0.0020%	1h	119.69	+0.092%	$26.8M	$26.0M	50x	as long as short
ApeX Omni SOLUSDT	+0.0053%	1h	119.48	−0.084%	$1.5M	$6.2M	50x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	119.70	+0.100%	$104K	$157K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0071%	8h	119.63	+0.039%	$1.1M	$5.9M	100x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.64	+0.050%	—	$371.5M	—	as long as short
HTX SOL-USDT	+0.0087%	8h	119.78	+0.170%	$233.2M	$45.1M	75x	as long as short
Gate SOL_USDT	+0.0088%	8h	119.64	+0.050%	$872.4M	$673.6M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.67	+0.074%	$13.7M	$55.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.73	+0.125%	$2.2M	$16.9M	25x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	119.81	+0.196%	$122K	$639K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.61	+0.021%	$354K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	119.85	+0.228%	$8.3M	$419.4M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.66	+0.069%	$1.1M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.66	+0.067%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.69	+0.096%	$6.1M	$41.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.75	+0.142%	$724.9M	$409.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.67	+0.076%	$179.2M	$175.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.71	+0.111%	$12.4M	$119.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.63	+0.045%	$985.8M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.63	+0.043%	$831.6M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.60	+0.017%	$373.7M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.78	+0.167%	$234K	$876K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.70	+0.104%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.35	−0.192%	$133.8M	$7.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.64	+0.050%	$454.4M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.69	+0.088%	$140.2M	$203.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.62	+0.030%	$498.1M	$456.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.84	+0.217%	$24.3M	$37.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.52	−0.051%	$27.4M	$128.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.65	+0.059%	$96.1M	$401.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.76	+0.150%	$49.0M	$31.2M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.84	+0.217%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.64	+0.050%	$372K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.65	+0.057%	$203K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.63	+0.040%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.66	+0.070%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.64	+0.050%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.84	+0.217%	$46.8M	$102.4M	50x	as long as short
Aftermath Perps SOLUSD	+0.0100%	1h	119.60	+0.017%	$24K	$47K	20x	as long as short
Phoenix SOLlong	+0.0100%	1h	119.58	long leg	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	119.58	+0.002%	$8.7M	$35.9M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	119.66	+0.066%	$32.7M	$97.0M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.66	+0.068%	—	$224.6M	500x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	119.02	−0.468%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0183%	1h	119.63	+0.043%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.81	+0.192%	$52.1M	$84.5M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	119.70	+0.099%	$1.7M	$5.3M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0241% / S −0.0186%	1h	119.66	+0.063%	$3.8M	—	200x	as long as short