Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0237%/8h= −26.0% APRpaid last 24h −0.076%

Price spread now: Perpl against GMX+0.061%7-day average −0.070% · you sell dearer than you buy

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

Long on GMX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.297%−$30 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now +0.061%, 7d avg −0.070%

Together, before fees−0.468%+ Points / potential airdropPerpl: Active · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.131% dearer against GMX than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.070%): +$13 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX SOL/USD [SOL-USDC]	118.94	L +0.0237% / S −0.0178%	pay 0.0030% / 1h	58m 07s	$3.5M	—	200x
Short	Perpl SOL	119.01	0	get 0.0000% / 43m	2m 07s	$191K	$4.1M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$49.83
Price spread: +0.061% → −0.070%: $13.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$62.49
Costs to cover: 0.258%
Break-even: never at this rate

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

GMX and 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
Injective SOL/USDC PERP	−0.0151%	1h	118.68	−0.215%	$4K	$2K	12x	as long as short
Vest SOL-PERP	−0.0084%	1h	118.94	+0.003%	—	$731K	20x	as long as short
Aftermath Perps SOLUSD	−0.0083%	1h	119.05	+0.097%	$24K	$48K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.05	+0.091%	$844	$8K	25x	as long as short
Derive SOL-PERP	−0.0065%	1h	118.83	−0.092%	$2.0M	$3.2M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.94	+0.003%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	119.04	+0.088%	$4.9M	$26.8M	20x	as long as short
Perpl SOLshort	0.0000%	43m	119.01	+0.061%	$191K	$4.1M	8.3x
Deribit SOL_USDC-PERPETUAL	+0.0017%	1h	118.95	+0.010%	$26.7M	$27.9M	50x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	118.98	+0.037%	$104K	$154K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0055%	8h	118.92	−0.018%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0065%	8h	118.86	−0.062%	$231.6M	$43.8M	75x	as long as short
SoDEX SOL-USD	+0.0067%	1h	118.87	−0.056%	$6.2M	$10.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0076%	1h	119.13	+0.162%	$1.5M	$6.3M	50x	as long as short
Gate SOL_USDT	+0.0079%	8h	118.89	−0.039%	$858.0M	$672.4M	100x	as long as short
KuCoin SOLUSDTM	+0.0083%	8h	118.88	−0.045%	$144.5M	$196.5M	75x	as long as short
Bullet SOL-USD	+0.0087%	1h	118.90	−0.030%	$199K	$1.8M	20x	as long as short
Lighter SOL	+0.0096%	1h	118.88	−0.049%	$13.4M	$52.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.86	−0.064%	$2.0M	$16.5M	25x	as long as short
Bitget SOLUSDT	+0.0096%	8h	118.86	−0.063%	$495.9M	$452.4M	100x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.87	−0.054%	$353K	$746K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	118.98	+0.035%	$1.0M	$525K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.00	+0.054%	$47K	$786K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.05	+0.096%	$5.6M	$40.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.97	+0.028%	$718.2M	$443.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.88	−0.047%	$179.8M	$175.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.06	+0.104%	$12.4M	$113.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.89	−0.039%	$976.2M	$3.76B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.92	−0.012%	$822.3M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.90	−0.030%	$367.7M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.16	+0.188%	$234K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.03	+0.079%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.09	+0.127%	$133.4M	$13.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.84	−0.081%	$469.8M	$1.07B	300x	as long as short
BingX SOL-USDT	+0.0100%	8h	118.86	−0.062%	—	$372.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.88	−0.047%	$24.1M	$38.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.33	+0.328%	$27.8M	$126.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.09	+0.125%	$95.6M	$395.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.08	+0.117%	$48.7M	$33.4M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.10	+0.138%	$1.4M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.96	+0.020%	$361K	$2.4M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.92	−0.013%	$38K	$14K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.86	−0.062%	$193K	$1.9M	30x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.85	−0.072%	$46.4M	$100.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.87	−0.054%	$8.7M	$37.4M	50x	as long as short
Kalshi KXSOLPERP	+0.0111%	8h	119.05	+0.100%	$1.2M	$21.0M	3.1x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	−0.017%	$8.0M	$414.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.07	+0.117%	—	$218.3M	500x	as long as short
Hibachi SOL/USDT-P	+0.0128%	1h	119.10	+0.139%	$123K	$608K	20x	as long as short
Phoenix SOL	+0.0149%	1h	119.28	+0.289%	$7.3M	$11.2M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.00	+0.055%	$1.6M	$6.4M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.94	0.000%	$1.1M	$558K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.07	+0.113%	$51.7M	$91.1M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.89	−0.039%	$36.1M	$90.7M	100x	as long as short
GMX SOL/USD [SOL-USDC]long	L +0.0237% / S −0.0178%	1h	118.94	long leg	$3.5M	—	200x