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: GRVT against Hyperliquid−0.392%85s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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 Hyperliquid Short on GRVT

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+0.390%+$39 · spread now −0.392%, 7d avg +0.001%

Together, before fees+0.369%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · 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: GRVT is 0.392% cheaper against Hyperliquid than usual: you would sell low and buy high, −$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	Hyperliquid SOL	118.10	0.0105	pay 0.0013% / 1h	52m 05s	$717.8M	$401.0M	20x
Short	GRVT SOL_USDT_Perp	117.64	0.0100	get 0.0100% / 8h	6h 52m	$48.2M	$29.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Hyperliquid. 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 HyperliquidbpFee GRVTbpOrdersPrice spread, now −0.392%Rate

Funding earned: −$1.14
Price spread: −0.392% → +0.001%: −$39.23
Slippage, 4 orders: −$1.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$60.07
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; GRVT: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.42 bp	4.9 bp −$5	5.5 bp −$55	9.3 bp −$930	doesn't fit
Sell GRVT live order book, 2 min ago	0.43 bp	4.9 bp −$5	4.9 bp −$49	10.8 bp −$1,080	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	−0.044%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.92	−0.150%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.07	−0.029%	$923	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.94	−0.132%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0066%	8h	117.92	−0.154%	$229.3M	$44.9M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.88	−0.187%	$2.0M	$2.7M	13x	as long as short
Gate SOL_USDT	−0.0020%	8h	117.96	−0.119%	$847.2M	$650.7M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.97	−0.109%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.07	−0.024%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.01	−0.073%	$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	−0.004%	$131K	$4.0M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	118.04	−0.048%	$1.8M	$4.6M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0037%	1h	118.02	−0.068%	$26.4M	$25.3M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.98	−0.101%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.12	+0.017%	$103K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	118.01	−0.073%	$7.9M	$410.8M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.02	−0.067%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	117.98	−0.103%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.98	−0.101%	$13.5M	$58.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.98	−0.102%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.97	−0.111%	$346K	$264K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.04	−0.049%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.04	−0.051%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.03	−0.064%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.02	−0.069%	$177.5M	$180.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.05	−0.044%	$12.9M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.00	−0.085%	$976.8M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.06	−0.034%	$821.5M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.06	−0.034%	$366.7M	$1.69B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.10	0.000%	$255K	$909K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.08	−0.019%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.042%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.02	−0.068%	$422.7M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.04	−0.053%	$133.7M	$207.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	−0.075%	$489.8M	$445.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.03	−0.059%	$23.8M	$36.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.61	−0.418%	$24.4M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.09	−0.008%	$94.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perpshort	+0.0100%	8h	117.64	−0.392%	$48.2M	$29.6M	20x
StandX SOL-USD	+0.0100%	1h	117.86	−0.203%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.04	−0.051%	$353K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.98	−0.102%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.96	−0.119%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.95	−0.123%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.98	−0.102%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	−0.085%	$45.9M	$101.2M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	−0.322%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.94	−0.135%	$8.3M	$35.7M	50x	as long as short
Hyperliquid SOLlong	+0.0105%	1h	118.10	long leg	$717.8M	$401.0M	20x
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	118.06	−0.033%	—	$228.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	118.00	−0.082%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	−0.102%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.185%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.98	−0.103%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	−0.049%	$25K	$51K	20x	as long as short