Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0382%/8h= +41.9% APRpaid last 24h −0.002%

Price spread now: Perpl against Deribit−0.092%51s7-day average −0.049% · you buy dearer than you sell

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

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)+0.331%+$33 · spread now −0.092%, 7d avg −0.049%

Together, before fees+0.138%+ Points / potential airdropPerpl: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.043% cheaper against Deribit than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.049%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.192%, so the current rate has only just turned in your favour. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.192% in total (about -10.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	117.51	0.0064	pay 0.0008% / 1h	44m 25s	$26.4M	$25.2M	50x
Short	Perpl SOL	117.40	0.0447	get 0.0040% / 43m	32m 25s	$128K	$3.8M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Deribit. 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 DeribitbpFee PerplbpOrdersPrice spread, now −0.092%Rate

Funding earned: $80.3
Price spread: −0.092% → −0.049%: −$4.29
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $55.21
Costs to cover: 0.208%
Break-even: 2.2 days

Slippage unknown: Deribit: live order book, 5 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 Deribit live order book, 5 min ago	0.55 bp	5.1 bp −$5	5.8 bp −$58	21.8 bp −$2,183	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	117.42	−0.079%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0058%	1h	117.34	−0.144%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.45	−0.050%	$31.5M	$98.1M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.40	−0.096%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.32	−0.162%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.41	−0.086%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.53	+0.021%	$1.4M	$19.4M	3.1x	as long as short
HTX SOL-USDT	+0.0045%	8h	117.42	−0.074%	$228.1M	$45.6M	75x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.39	−0.102%	$100K	$163K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.48	−0.025%	$8.0M	$402.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUALlong	+0.0064%	1h	117.51	long leg	$26.4M	$25.2M	50x
Hibachi SOL/USDT-P	+0.0072%	1h	117.49	−0.018%	$100K	$691K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.35	−0.137%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.37	−0.120%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.41	−0.085%	$13.0M	$59.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.40	−0.093%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.46	−0.042%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.35	−0.136%	$67K	$835K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.43	−0.068%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.39	−0.104%	$5.7M	$39.6M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.41	−0.085%	$176.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.44	−0.056%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.32	−0.162%	$966.2M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.36	−0.128%	$819.7M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.36	−0.128%	$365.4M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.255%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.41	−0.089%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	−0.051%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.39	−0.102%	$857.7M	$646.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.36	−0.128%	$423.8M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.37	−0.117%	$130.1M	$212.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.36	−0.124%	$486.6M	$433.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.50	−0.009%	$23.7M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.36	−0.124%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.27	−0.207%	$94.2M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.27	−0.208%	$48.0M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.187%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.36	−0.128%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.36	−0.128%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.32	−0.162%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.47	−0.033%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.49	−0.018%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.47	−0.034%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.45	−0.051%	$45.7M	$100.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.37	−0.119%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.48	−0.028%	—	$220.8M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.56	+0.043%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.47	−0.034%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0157%	1h	117.49	−0.017%	$717.4M	$393.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.34	−0.148%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	−0.111%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.47	−0.034%	—	$70.5M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.31	−0.167%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0381%	1h	117.40	−0.093%	$25K	$51K	20x	as long as short
Perpl SOLshort	+0.0447%	43m	117.40	−0.092%	$128K	$3.8M	8.3x