Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h −0.047%

Price spread now: Variational Omni against Hibachi−0.017%7-day average −0.038% · you buy dearer than you sell

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.283%−$28 · spread now −0.017%, 7d avg −0.038%

Together, before fees−0.305%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Variational Omni is 0.022% dearer against Hibachi than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.038%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.022% in total (about -2.3% 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	116.50	−0.0216	get 0.0027% / 1h	12m 16s	$105K	$703K	20x
Short	Variational Omni SOL	116.48	0.0100	get 0.0100% / 8h	3h 12m	$24.4M	$113.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.017%Rate

Funding earned: $66.36
Price spread: −0.017% → −0.038%: $2.16
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $59.52
Costs to cover: 0.090%
Break-even: 0.7 days

Slippage unknown: Hibachi: live order book, 42 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 42 min ago	1.15 bp	6.4 bp −$6	18.1 bp −$181	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	1.25 bp	doesn't fit	1.5 bp −$15	9.7 bp −$966	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
Hibachi SOL/USDT-Plong	−0.0216%	1h	116.50	long leg	$105K	$703K	20x
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.45	−0.046%	$31.4M	$102.4M	100x	as long as short
Vest SOL-PERP	−0.0107%	1h	116.38	−0.104%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.47	−0.029%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0059%	8h	116.35	−0.132%	$750.5M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.35	−0.129%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.42	−0.072%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.50	−0.006%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.49	−0.013%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	−0.033%	$7.6M	$404.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0060%	1h	116.40	−0.092%	$146K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.44	−0.055%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0091%	8h	116.39	−0.094%	$480.4M	$447.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.44	−0.053%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.44	−0.056%	$13.1M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.43	−0.065%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.44	−0.053%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.43	−0.064%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.48	−0.023%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.44	−0.054%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.53	+0.022%	$702.0M	$395.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.41	−0.081%	$174.4M	$183.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.50	−0.001%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.43	−0.063%	$971.1M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.46	−0.038%	$367.3M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.44	−0.055%	$227K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.48	−0.018%	$919K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	−0.038%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.39	−0.098%	$855.0M	$668.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.44	−0.055%	$367.8M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.41	−0.079%	$128.7M	$224.2M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.40	−0.091%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.49	−0.012%	$23.0M	$40.2M	50x	as long as short
Variational Omni SOLshort	+0.0100%	8h	116.48	−0.017%	$24.4M	$113.5M	—
edgeX SOLUSDC	+0.0100%	4h	116.58	+0.065%	$93.6M	$401.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.51	+0.003%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.71	+0.177%	$1.3M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.50	−0.003%	$1.3M	$12.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.40	−0.089%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.43	−0.065%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.42	−0.068%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	−0.055%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.40	−0.092%	$225.6M	$48.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.42	−0.072%	$45.3M	$103.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.39	−0.101%	$8.2M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.168%	$4K	$2K	12x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0110%	1h	116.49	−0.013%	$26.3M	$23.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.47	−0.027%	—	$235.7M	500x	as long as short
Phoenix SOL	+0.0151%	1h	116.60	+0.082%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.39	−0.101%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.50	−0.003%	$51.8M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.41	−0.079%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.48	−0.022%	$131K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.52	+0.017%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0576%	1h	116.57	+0.054%	$25K	$52K	20x	as long as short