Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.034%

Price spread now: Phemex against Phoenix−0.251%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 3 days (all we have)+0.117%+$12 · spread now −0.251%, 7d avg −0.080%

Together, before fees−0.224%−$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.171% cheaper against Phoenix than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	119.70	0.0100	pay 0.0013% / 1h	42m 55s	$6.6M	$13.7M	25x
Short	Phemex SOLUSDT	119.40	0.0100	get 0.0100% / 8h	42m 55s	$46.6M	$102.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$0.09
Price spread: −0.251% → −0.080%: −$17.08
Slippage, 4 orders: −$4.46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$40.63
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Phemex: 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, 1 min ago	0.84 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,525	doesn't fit
Sell Phemex live order book, 6 min ago	0.42 bp	6.4 bp −$6	6.4 bp −$64	15.5 bp −$1,549	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
Hotstuff SOL-PERP	−0.0080%	1h	119.47	−0.195%	$847	$8K	25x	as long as short
Derive SOL-PERP	−0.0073%	1h	119.35	−0.296%	$2.0M	$2.8M	13x	as long as short
Vest SOL-PERP	−0.0066%	1h	119.42	−0.234%	—	$723K	20x	as long as short
dYdX SOL-USD	−0.0020%	1h	119.55	−0.125%	$5.2M	$27.7M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	119.46	−0.201%	$113K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.55	−0.129%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.50	−0.169%	$177K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	119.43	−0.223%	$26.7M	$26.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0072%	8h	119.44	−0.213%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	119.48	−0.184%	$104K	$158K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SOL-USDC	+0.0080%	8h	119.39	−0.255%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0089%	8h	119.39	−0.259%	$867.8M	$676.1M	100x	as long as short
HTX SOL-USDT	+0.0091%	8h	119.42	−0.232%	$232.5M	$45.0M	75x	as long as short
ApeX Omni SOLUSDT	+0.0092%	1h	119.57	−0.105%	$1.5M	$6.2M	50x	as long as short
Lighter SOL	+0.0096%	1h	119.40	−0.252%	$13.7M	$55.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.36	−0.283%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.39	−0.257%	$354K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	119.39	−0.255%	$8.2M	$418.5M	50x	as long as short
Aftermath Perps SOLUSD	+0.0097%	1h	119.58	−0.103%	$24K	$47K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.43	−0.224%	$1.0M	$522K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.45	−0.209%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.48	−0.186%	$6.1M	$40.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.47	−0.192%	$723.4M	$412.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.39	−0.255%	$178.8M	$175.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.51	−0.159%	$12.3M	$120.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.37	−0.274%	$985.1M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.40	−0.254%	$831.8M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.35	−0.292%	$372.9M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.48	−0.184%	$234K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.50	−0.169%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.65	−0.042%	$134.3M	$6.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.40	−0.251%	$458.6M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.41	−0.246%	$139.5M	$204.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.36	−0.281%	$497.0M	$456.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.41	−0.242%	$24.3M	$38.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.65	−0.042%	$27.4M	$129.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.60	−0.086%	$96.1M	$402.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.53	−0.141%	$48.9M	$31.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.59	−0.092%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.44	−0.217%	$369K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.44	−0.221%	$203K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.44	−0.214%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.47	−0.190%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.37	−0.276%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	119.40	−0.251%	$46.6M	$102.7M	50x
Phoenix SOLlong	+0.0100%	1h	119.70	long leg	$6.6M	$13.7M	25x
Extended SOL-USD	+0.0104%	1h	119.37	−0.273%	$8.7M	$35.9M	50x	as long as short
Hibachi SOL/USDT-P	+0.0104%	1h	119.58	−0.104%	$122K	$633K	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	119.38	−0.268%	$32.7M	$97.0M	100x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.45	−0.207%	—	$224.9M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0169% / S −0.0102%	1h	119.45	−0.209%	$3.8M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	119.60	−0.084%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0183%	1h	119.42	−0.231%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.40	−0.251%	$52.1M	$83.2M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	119.49	−0.179%	$1.7M	$5.2M	20x	as long as short