Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.055%

Price spread now: Perpl against Hibachi+0.206%7-day average −0.052% · you sell dearer than you buy

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

Long on Hibachi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)−0.448%−$45 · spread now +0.206%, 7d avg −0.052%

Together, before fees−0.674%+ Points / potential airdropHibachi: Active · Perpl: Active · farm board−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.258% dearer against Hibachi than usual: you sell high and buy low (spread +0.206% now, against its 7-day average of −0.052%): +$26 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi SOL/USDT-P	116.40	0.0144	pay 0.0018% / 1h	22m 55s	$104K	$677K	20x
Short	Perpl SOL	116.64	0	get 0.0000% / 43m	37m 55s	$100K	$3.2M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.206%Rate

Funding earned: −$30.24
Price spread: +0.206% → −0.052%: $25.78
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$27.26
Costs to cover: 0.228%
Break-even: from the start

Slippage unknown: Hibachi: live order book, 11 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 Hibachi live order book, 11 min ago	0.22 bp	4.8 bp −$5	16.4 bp −$164	doesn't fit	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	116.53	+0.112%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0065%	1h	115.82	−0.498%	$1.8M	$2.9M	13x	as long as short
Kraken Futures PF_SOLUSD	−0.0057%	1h	116.74	+0.287%	$32.4M	$103.8M	100x	as long as short
Bybit SOLUSDT	−0.0024%	8h	116.68	+0.237%	$730.1M	$1.37B	100x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.64	+0.203%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.66	+0.221%	$1.4M	$19.2M	3.1x	as long as short
Perpl SOLshort	0.0000%	43m	116.64	+0.206%	$100K	$3.2M	8.3x
Vest SOL-PERP	+0.0004%	1h	116.50	+0.080%	—	$640K	20x	as long as short
dYdX SOL-USD	+0.0021%	1h	116.24	−0.143%	$7.5M	$24.4M	20x	as long as short
Bitget SOLUSDT	+0.0022%	8h	116.69	+0.242%	$481.8M	$440.0M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0040%	1h	116.72	+0.276%	$7.8M	$389.8M	50x	as long as short
Aster SOLUSDT	+0.0051%	8h	116.66	+0.220%	$177.0M	$169.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0066%	8h	116.66	+0.220%	$1.0M	$5.7M	100x	as long as short
Phemex SOLUSDT	+0.0069%	8h	116.65	+0.211%	$45.3M	$102.9M	50x	as long as short
Gate SOL_USDT	+0.0079%	8h	116.64	+0.203%	$844.4M	$617.4M	100x	as long as short
SoDEX SOL-USD	+0.0087%	1h	116.69	+0.246%	$6.0M	$11.1M	20x	as long as short
Lighter SOL	+0.0096%	1h	116.67	+0.230%	$13.1M	$56.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.65	+0.209%	$2.2M	$14.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.64	+0.199%	$352K	$240K	20x	as long as short
Paradex SOL-USD-PERP	+0.0098%	8h	116.52	+0.101%	$1.0M	$553K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.49	+0.074%	$59K	$905K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.53	+0.104%	$5.4M	$40.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.80	+0.340%	$701.4M	$387.3M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.57	+0.144%	$15.7M	$130.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.67	+0.228%	$962.1M	$3.79B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.71	+0.263%	$365.9M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.47	+0.057%	$217K	$844K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.55	+0.129%	$947K	$8.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.62	+0.185%	$409.6M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.65	+0.215%	$130.1M	$236.8M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.62	+0.187%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.67	+0.228%	$22.9M	$37.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.98	−0.362%	$24.7M	$104.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.15	−0.222%	$93.3M	$405.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.18	−0.189%	$47.6M	$27.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.01	−0.342%	$1.1M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.31	−0.081%	$1.3M	$10.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.60	+0.168%	$319K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.66	+0.217%	$283K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.51	+0.094%	$189K	$1.7M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.63	+0.197%	$225.8M	$50.2M	75x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.76	−0.557%	$125.0M	$25.2M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.59	+0.157%	$8.1M	$35.6M	50x	as long as short
01 Exchange SOLUSD	+0.0104%	1h	116.57	+0.142%	$100K	$185K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.55	+0.130%	—	$227.4M	500x	as long as short
Phoenix SOL	+0.0124%	1h	116.08	−0.279%	$6.5M	$13.4M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0138%	1h	116.75	+0.298%	$26.2M	$21.2M	50x	as long as short
Hibachi SOL/USDT-Plong	+0.0144%	1h	116.40	long leg	$104K	$677K	20x
Injective SOL/USDC PERP	+0.0179%	1h	116.34	−0.055%	$4K	$124	12x	as long as short
Reya SOLRUSDPERP	+0.0197%	1h	116.58	+0.153%	$1.1M	$543K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.66	+0.220%	$52.3M	$62.3M	125x	as long as short
Bluefin SOL-PERP	+0.0229%	1h	116.64	+0.206%	$27K	$36K	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.66	+0.217%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0403%	1h	116.24	−0.141%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0480%	1h	116.57	+0.141%	$2.2M	$4.8M	20x	as long as short