Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.030%

Price spread now: Phemex against Reya−0.156%46s7-day average +0.024% · you buy dearer than you sell

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.136%−$14 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now −0.156%, 7d avg +0.024%

Together, before fees−0.353%+ Points / potential airdropReya: Active · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.180% cheaper against Reya than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.024%). Swap the legs. The two prices were read 46 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	Reya SOLRUSDPERP	116.58	0.0197	pay 0.0025% / 1h	23m 26s	$1.1M	$543K	25x
Short	Phemex SOLUSDT	116.40	0.0100	get 0.0100% / 8h	7h 23m	$45.3M	$103.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$20.39
Price spread: −0.156% → +0.024%: −$18.04
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$56.44
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 6 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.43 bp	10.8 bp −$11	11.7 bp −$117	16.5 bp −$1,652	doesn't fit

Reya: 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	116.53	−0.040%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0065%	1h	115.82	−0.650%	$1.8M	$2.9M	13x	as long as short
Kraken Futures PF_SOLUSD	−0.0057%	1h	116.46	−0.102%	$32.3M	$103.9M	100x	as long as short
Bybit SOLUSDT	−0.0024%	8h	116.63	+0.041%	$731.8M	$1.37B	100x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.17	−0.355%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.39	−0.162%	$1.4M	$19.2M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.31	−0.229%	$100K	$3.2M	8.3x	as long as short
Vest SOL-PERP	+0.0004%	1h	116.50	−0.072%	—	$640K	20x	as long as short
dYdX SOL-USD	+0.0021%	1h	116.24	−0.295%	$7.5M	$24.4M	20x	as long as short
Bitget SOLUSDT	+0.0022%	8h	116.66	+0.069%	$481.7M	$439.6M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0040%	1h	116.41	−0.150%	$7.8M	$388.9M	50x	as long as short
Aster SOLUSDT	+0.0051%	8h	116.62	+0.034%	$176.9M	$168.9M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0066%	8h	116.66	+0.067%	$1.0M	$5.7M	100x	as long as short
Gate SOL_USDT	+0.0079%	8h	116.55	−0.027%	$843.9M	$617.2M	100x	as long as short
SoDEX SOL-USD	+0.0081%	1h	116.42	−0.139%	$6.0M	$11.1M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0095%	1h	116.49	−0.078%	$26.2M	$21.2M	50x	as long as short
Lighter SOL	+0.0096%	1h	116.53	−0.044%	$13.1M	$56.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.52	−0.052%	$2.2M	$14.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.64	+0.046%	$352K	$240K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	116.52	−0.051%	$1.0M	$553K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.49	−0.079%	$59K	$905K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.53	−0.049%	$5.4M	$40.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.70	+0.101%	$700.9M	$387.2M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.57	−0.009%	$15.7M	$130.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.62	+0.033%	$961.7M	$3.79B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.66	+0.067%	$366.0M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.47	−0.096%	$217K	$844K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.55	−0.024%	$947K	$8.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.63	+0.041%	$409.4M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.54	−0.037%	$130.1M	$236.8M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.63	+0.037%	—	$368.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.43	−0.130%	$22.9M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.98	−0.514%	$24.7M	$104.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.15	−0.375%	$93.3M	$405.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.18	−0.341%	$47.6M	$27.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.01	−0.494%	$1.1M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.31	−0.233%	$1.3M	$10.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.60	+0.015%	$319K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.66	+0.064%	$283K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.34	−0.205%	$189K	$1.7M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.35	−0.196%	$225.3M	$50.2M	75x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	116.40	−0.156%	$45.3M	$103.0M	50x
Bulk SOL-USD	+0.0100%	1h	115.76	−0.709%	$125.0M	$25.2M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.61	+0.027%	$8.1M	$35.6M	50x	as long as short
01 Exchange SOLUSD	+0.0104%	1h	116.57	−0.010%	$100K	$185K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.55	−0.023%	—	$227.4M	500x	as long as short
Phoenix SOL	+0.0124%	1h	116.08	−0.431%	$6.5M	$13.4M	25x	as long as short
Hibachi SOL/USDT-P	+0.0144%	1h	116.40	−0.152%	$104K	$677K	20x	as long as short
Injective SOL/USDC PERP	+0.0179%	1h	116.34	−0.208%	$4K	$124	12x	as long as short
Reya SOLRUSDPERPlong	+0.0197%	1h	116.58	long leg	$1.1M	$543K	25x
BloFin SOL-USDT	+0.0220%	8h	116.17	−0.353%	$52.3M	$62.0M	125x	as long as short
Bluefin SOL-PERP	+0.0229%	1h	116.64	+0.053%	$27K	$36K	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.40	−0.155%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0403%	1h	116.24	−0.293%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0480%	1h	116.57	−0.012%	$2.2M	$4.8M	20x	as long as short