Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.034%

Price spread now: Orderly against GMX+0.155%59s7-day average −0.029% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.141%−$14 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.155%, 7d avg −0.029%

Together, before fees−0.364%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.184% dearer against GMX than usual: you sell high and buy low (spread +0.155% now, against its 7-day average of −0.029%): +$18 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.4 days. The two prices were read 59 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	GMX SOL/USD [SOL-USDC]	116.05	L +0.0233% / S −0.0173%	pay 0.0029% / 1h	41m 32s	$3.5M	—	200x
Short	Orderly PERP_SOL_USDC	116.23	0.0095	get 0.0095% / 8h	2h 41m	$1.0M	$5.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.155%Rate

Funding earned: −$29
Price spread: +0.155% → −0.029%: $18.38
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.62
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.21	+0.140%	$31.5M	$103.2M	100x	as long as short
Hibachi SOL/USDT-P	−0.0224%	1h	116.22	+0.145%	$104K	$705K	20x	as long as short
Vest SOL-PERP	−0.0123%	1h	116.09	+0.037%	—	$625K	20x	as long as short
Bybit SOLUSDT	−0.0115%	8h	116.04	−0.008%	$741.7M	$1.41B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.22	+0.151%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0051%	1h	116.12	+0.065%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.04	−0.009%	$42K	—	150x	as long as short
01 Exchange SOLUSD	0.0000%	1h	116.09	+0.035%	$99K	$176K	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.25	+0.177%	$1.4M	$19.1M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.10	+0.047%	$112K	$3.7M	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	+0.0015%	1h	116.17	+0.107%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.23	+0.156%	$7.7M	$404.5M	50x	as long as short
Bullet SOL-USD	+0.0049%	1h	116.04	−0.009%	$147K	$1.6M	20x	as long as short
Bitget SOLUSDT	+0.0072%	8h	116.06	+0.008%	$480.5M	$450.7M	100x	as long as short
Orderly PERP_SOL_USDCshort	+0.0095%	8h	116.23	+0.155%	$1.0M	$5.9M	100x
Lighter SOL	+0.0096%	1h	116.16	+0.096%	$13.0M	$60.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.12	+0.059%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.19	+0.122%	$349K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.05	+0.001%	$65K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.13	+0.071%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.07	+0.021%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.17	+0.104%	$697.4M	$394.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.07	+0.019%	$174.0M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.17	+0.101%	$15.7M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.09	+0.032%	$968.1M	$3.85B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.08	+0.027%	$365.6M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.07	+0.018%	$213K	$869K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.13	+0.066%	$915K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.24	+0.162%	$130.1M	$16.3M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.15	+0.087%	$848.6M	$660.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.05	+0.001%	$366.8M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.07	+0.019%	$123.5M	$227.8M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.07	+0.020%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.20	+0.130%	$22.9M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.26	+0.186%	$25.0M	$114.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.27	+0.191%	$93.3M	$402.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.31	+0.225%	$47.6M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.31	+0.225%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.21	+0.139%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.08	+0.027%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.19	+0.117%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.20	+0.132%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.20	+0.130%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.16	+0.096%	$225.2M	$48.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.22	+0.147%	$45.3M	$103.7M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.04	−0.005%	$8.1M	$38.4M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0114%	1h	116.26	+0.182%	$26.2M	$22.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.21	+0.139%	—	$238.0M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.55	+0.432%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.27	+0.191%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.06	+0.012%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.20	+0.130%	$51.9M	$67.4M	125x	as long as short
GMX SOL/USD [SOL-USDC]long	L +0.0233% / S −0.0173%	1h	116.05	long leg	$3.5M	—	200x
RISEx SOL/USDC	+0.0547%	1h	116.15	+0.087%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0596%	1h	116.34	+0.247%	$25K	$52K	20x	as long as short