Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0243%/8h= +26.7% APRpaid last 24h −0.037%

Price spread now: Katana Perps against Hibachi+0.030%7-day average −0.049% · you sell dearer than you buy

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

Long on Hibachi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.030%, 7d avg −0.049%

Together, before fees−0.303%+ Points / potential airdropHibachi: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Katana Perps is 0.079% dearer against Hibachi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.049%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.026% in total (about -2.4% 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	Hibachi SOL/USDT-P	116.42	−0.0144	get 0.0018% / 1h	33m 13s	$96K	$688K	20x
Short	Katana Perps SOL-USD	116.45	0.0099	get 0.0099% / 8h	1h 33m	$64K	$906K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hibachi. 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 HibachibpFee Katana PerpsbpOrdersPrice spread, now +0.030%Rate

Funding earned: $51.12
Price spread: +0.030% → −0.049%: $7.88
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $46.2
Costs to cover: 0.128%
Break-even: 0.7 days

Slippage unknown: Hibachi: live order book, 11 min ago; Katana Perps: 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 Hibachi live order book, 11 min ago	0.56 bp	6.0 bp −$6	15.4 bp −$154	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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
Hibachi SOL/USDT-Plong	−0.0144%	1h	116.42	long leg	$96K	$688K	20x
Bybit SOLUSDT	−0.0115%	8h	116.49	+0.061%	$740.2M	$1.44B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.42	0.000%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0072%	1h	116.52	+0.094%	$32.2M	$106.3M	100x	as long as short
Derive SOL-PERP	−0.0053%	1h	116.33	−0.075%	$1.9M	$3.0M	13x	as long as short
Vest SOL-PERP	−0.0020%	1h	116.44	+0.023%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.53	+0.101%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.51	+0.080%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.47	+0.051%	$110K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0020%	1h	116.49	+0.064%	$4.3M	$23.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SOL	+0.0032%	1h	116.51	+0.079%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.55	+0.116%	$100K	$177K	20x	as long as short
Bitget SOLUSDT	+0.0045%	8h	116.49	+0.061%	$479.7M	$461.1M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.55	+0.119%	$8.0M	$404.1M	50x	as long as short
Aster SOLUSDT	+0.0085%	8h	116.49	+0.066%	$175.8M	$173.0M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	116.48	+0.059%	$1.0M	$6.0M	100x	as long as short
Paradex SOL-USD-PERP	+0.0095%	8h	116.50	+0.070%	$1.0M	$551K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.52	+0.088%	$13.1M	$60.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.49	+0.061%	$351K	$252K	20x	as long as short
SoDEX SOL-USD	+0.0098%	1h	116.49	+0.064%	$6.1M	$10.9M	20x	as long as short
Katana Perps SOL-USDshort	+0.0099%	8h	116.45	+0.030%	$64K	$906K	20x
Nado SOL-PERP	+0.0100%	1h	116.47	+0.045%	$5.5M	$41.1M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.61	+0.168%	$697.9M	$409.3M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.51	+0.083%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.52	+0.090%	$967.2M	$3.89B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.49	+0.064%	$368.5M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.39	−0.021%	$216K	$879K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.51	+0.082%	$900K	$8.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.50	+0.073%	$843.8M	$668.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.51	+0.082%	$362.1M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.47	+0.049%	$129.8M	$232.6M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.49	+0.064%	—	$373.9M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.51	+0.082%	$23.1M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.35	−0.052%	$24.9M	$111.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.44	+0.019%	$93.5M	$410.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.41	−0.007%	$47.6M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.52	+0.091%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.43	+0.013%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.48	+0.056%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.49	+0.066%	$238K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.50	+0.070%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.49	+0.068%	$189K	$1.8M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.48	+0.054%	$225.6M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.51	+0.082%	$45.3M	$105.3M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.55	+0.116%	$124.9M	$24.9M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.43	+0.016%	$8.0M	$39.1M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0104%	1h	116.56	+0.121%	$26.4M	$21.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.38	−0.032%	—	$237.0M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.50	+0.073%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.47	+0.047%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.45	+0.028%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.49	+0.064%	$52.2M	$67.9M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.41	−0.002%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.57	+0.136%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0499%	1h	116.53	+0.099%	$25K	$56K	20x	as long as short