Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h −0.016%

Price spread now: Deribit against Bybit+0.100%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.176%−$18 · spread now +0.100%, 7d avg +0.015%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.086% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	116.47	−0.0113	get 0.0113% / 8h	59m 01s	$737.2M	$1.43B	100x
Short	Deribit SOL_USDC-PERPETUAL	116.59	0.0063	get 0.0008% / 1h	59m 01s	$26.4M	$21.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.100%Rate

Funding earned: $36.95
Price spread: +0.100% → +0.015%: $8.56
Slippage, 4 orders: −$2.37
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $25.13
Costs to cover: 0.204%
Break-even: 2.2 days

Slippage from Bybit: live order book, 5 min ago; Deribit: 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 Bybit live order book, 5 min ago	0.43 bp	5.9 bp −$6	5.9 bp −$59	6.8 bp −$676	19.6 bp −$9,779
Sell Deribit live order book, 5 min ago	0.09 bp	3.7 bp −$4	5.4 bp −$54	16.7 bp −$1,665	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
Hibachi SOL/USDT-P	−0.0216%	1h	116.52	+0.044%	$97K	$679K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0153%	1h	116.55	+0.066%	$32.3M	$106.1M	100x	as long as short
Bybit SOLUSDTlong	−0.0113%	8h	116.47	long leg	$737.2M	$1.43B	100x
Hotstuff SOL-PERP	−0.0080%	1h	116.51	+0.033%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0068%	1h	116.51	+0.032%	$1.9M	$3.0M	13x	as long as short
Injective SOL/USDC PERP	−0.0055%	1h	116.62	+0.129%	$4K	$2K	12x	as long as short
Vest SOL-PERP	−0.0045%	1h	116.49	+0.015%	—	$633K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.54	+0.059%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.52	+0.039%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.51	+0.031%	$106K	$3.5M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0017%	1h	116.51	+0.032%	$4.3M	$23.6M	20x	as long as short
SoDEX SOL-USD	+0.0024%	1h	116.51	+0.034%	$6.1M	$11.0M	20x	as long as short
Bitget SOLUSDT	+0.0034%	8h	116.48	+0.010%	$480.3M	$458.8M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.54	+0.057%	$8.0M	$402.0M	50x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	116.54	+0.060%	$99K	$177K	20x	as long as short
Deribit SOL_USDC-PERPETUALshort	+0.0063%	1h	116.59	+0.100%	$26.4M	$21.8M	50x
Lighter RH SOL	+0.0064%	1h	116.50	+0.024%	$2.2M	$16.6M	25x	as long as short
Aster SOLUSDT	+0.0071%	8h	116.49	+0.017%	$176.5M	$169.5M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0081%	8h	116.51	+0.033%	$1.0M	$5.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0093%	8h	116.53	+0.053%	$1.0M	$554K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.52	+0.039%	$13.2M	$60.1M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.52	+0.040%	$353K	$254K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.49	+0.017%	$66K	$910K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.49	+0.020%	$5.3M	$41.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.61	+0.122%	$701.0M	$408.6M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.54	+0.060%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.49	+0.017%	$965.0M	$3.87B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.49	+0.017%	$367.3M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.43	−0.034%	$216K	$824K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.52	+0.044%	$898K	$8.7M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.015%	$125.5M	$24.9M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.51	+0.034%	$851.9M	$655.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.51	+0.034%	$369.8M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.51	+0.033%	$132.9M	$233.1M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.45	−0.016%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.51	+0.034%	$23.0M	$36.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.44	−0.022%	$24.9M	$110.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.48	+0.007%	$93.5M	$409.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.48	+0.012%	$47.7M	$29.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.53	+0.052%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.60	+0.112%	$1.3M	$11.8M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.51	+0.034%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.52	+0.046%	$241K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.51	+0.038%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.50	+0.030%	$189K	$1.8M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.50	+0.024%	$225.6M	$50.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.51	+0.034%	$45.3M	$104.8M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.47	−0.002%	$8.0M	$38.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.49	+0.020%	—	$233.7M	500x	as long as short
Phoenix SOL	+0.0178%	1h	116.59	+0.103%	$6.5M	$13.4M	25x	as long as short
Reya SOLRUSDPERP	+0.0195%	1h	116.49	+0.018%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.49	+0.017%	$52.1M	$66.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.53	+0.055%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0485%	1h	116.59	+0.107%	$2.1M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0487%	1h	116.60	+0.110%	$25K	$57K	20x	as long as short