Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against GRVT+0.393%85s7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.197% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 7 days−0.392%−$39 · spread now +0.393%, 7d avg −0.001%

Together, before fees−0.371%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board−$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.394% dearer against GRVT than usual: you sell high and buy low, +$39 on $10k if it goes back to its 7-day average of −0.001%. The two prices were read 85 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	GRVT SOL_USDT_Perp	117.64	0.0100	pay 0.0100% / 8h	6h 52m	$48.2M	$29.6M	20x
Short	Hyperliquid SOL	118.10	0.0105	get 0.0013% / 1h	52m 09s	$717.8M	$401.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.393%Rate

Funding earned: $1.14
Price spread: +0.393% → −0.001%: $39.39
Slippage, 4 orders: −$1.69
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.84
Costs to cover: 0.197%
Break-even: from the start

Slippage from GRVT: live order book, 2 min ago; Hyperliquid: live order book, 12 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 GRVT live order book, 2 min ago	0.43 bp	4.9 bp −$5	4.9 bp −$49	9.7 bp −$972	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.42 bp	4.9 bp −$5	5.4 bp −$54	8.3 bp −$826	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
ApeX Omni SOLUSDT	−0.1080%	1h	118.05	+0.349%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.92	+0.243%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.07	+0.364%	$923	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.94	+0.261%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0066%	8h	117.92	+0.239%	$229.3M	$44.9M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.88	+0.206%	$2.0M	$2.7M	13x	as long as short
Gate SOL_USDT	−0.0020%	8h	117.96	+0.274%	$847.2M	$650.7M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.97	+0.284%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.07	+0.369%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.01	+0.320%	$1.5M	$21.4M	3.1x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl SOL	0.0000%	43m	118.09	+0.389%	$131K	$4.0M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	118.04	+0.345%	$1.8M	$4.6M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0037%	1h	118.02	+0.325%	$26.4M	$25.3M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.98	+0.292%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.12	+0.410%	$103K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	118.01	+0.320%	$7.9M	$410.8M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.02	+0.326%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	117.98	+0.290%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.98	+0.292%	$13.5M	$58.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.98	+0.291%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.97	+0.282%	$346K	$264K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.04	+0.345%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.04	+0.342%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.03	+0.330%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.02	+0.324%	$177.5M	$180.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.05	+0.349%	$12.9M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.00	+0.308%	$976.8M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.06	+0.359%	$821.5M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.06	+0.359%	$366.7M	$1.69B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.10	+0.393%	$255K	$909K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.08	+0.375%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.436%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.02	+0.325%	$422.7M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.04	+0.340%	$133.7M	$207.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	+0.319%	$489.8M	$445.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.03	+0.334%	$23.8M	$36.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.61	−0.026%	$24.4M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.09	+0.385%	$94.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perplong	+0.0100%	8h	117.64	long leg	$48.2M	$29.6M	20x
StandX SOL-USD	+0.0100%	1h	117.86	+0.189%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.04	+0.342%	$353K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.98	+0.291%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.96	+0.273%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.95	+0.270%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.98	+0.291%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	+0.308%	$45.9M	$101.2M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	+0.070%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.94	+0.257%	$8.3M	$35.7M	50x	as long as short
Hyperliquid SOLshort	+0.0105%	1h	118.10	+0.393%	$717.8M	$401.0M	20x
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	118.06	+0.360%	—	$228.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	118.00	+0.311%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	+0.291%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.583%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.98	+0.290%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	+0.344%	$25K	$51K	20x	as long as short