Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0204%/8h= −22.4% APRpaid last 24h −0.036%

Price spread now: Derive against Katana Perps−0.044%7-day average −0.029% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.450%−$45 · spread now −0.044%, 7d avg −0.029%

Together, before fees−0.499%−$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.049% in total (about -5.0% 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	Katana Perps SOL-USD	118.79	0.0100	pay 0.0100% / 8h	2h 49m	$46K	$785K	20x
Short	Derive SOL-PERP	118.74	−0.0104	pay 0.0013% / 1h	49m 27s	$2.0M	$3.2M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Katana Perps. 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 Katana PerpsbpFee DerivebpOrdersPrice spread, now −0.044%Rate

Funding earned: −$42.86
Price spread: −0.044% → −0.029%: −$1.45
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$54.12
Costs to cover: 0.098%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Derive: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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
Injective SOL/USDC PERP	−0.0151%	1h	118.68	−0.093%	$4K	$2K	12x	as long as short
Derive SOL-PERPshort	−0.0104%	1h	118.74	−0.044%	$2.0M	$3.2M	13x
ApeX Omni SOLUSDT	−0.0100%	1h	118.77	−0.014%	$1.5M	$6.2M	50x	as long as short
Vest SOL-PERP	−0.0082%	1h	118.74	−0.040%	—	$726K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.80	+0.008%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0067%	1h	118.96	+0.141%	$24K	$48K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.85	+0.048%	$49K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.85	+0.051%	$4.9M	$26.8M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.90	+0.090%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.77	−0.017%	$179K	$4.0M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUAL	+0.0017%	1h	118.85	+0.054%	$26.7M	$27.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0057%	8h	118.83	+0.030%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.80	+0.008%	$104K	$152K	20x	as long as short
HTX SOL-USDT	+0.0074%	8h	118.74	−0.038%	$231.4M	$43.8M	75x	as long as short
Gate SOL_USDT	+0.0081%	8h	118.78	−0.008%	$857.8M	$675.2M	100x	as long as short
KuCoin SOLUSDTM	+0.0089%	8h	118.87	+0.068%	$144.3M	$197.6M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.79	+0.003%	$13.4M	$53.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.85	+0.049%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.85	+0.048%	$353K	$746K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.77	−0.017%	$1.0M	$524K	50x	as long as short
Bitget SOLUSDT	+0.0099%	8h	118.77	−0.014%	$495.8M	$450.5M	100x	as long as short
Katana Perps SOL-USDlong	+0.0100%	8h	118.79	long leg	$46K	$785K	20x
Nado SOL-PERP	+0.0100%	1h	118.74	−0.044%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.86	+0.059%	$716.9M	$424.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.85	+0.049%	$179.2M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.82	+0.028%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.76	−0.025%	$973.5M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.80	+0.008%	$821.2M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.76	−0.025%	$368.2M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.86	+0.059%	$233K	$868K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.82	+0.028%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.077%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.77	−0.017%	$466.9M	$1.07B	300x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.76	−0.025%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.82	+0.025%	$24.2M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.86	+0.055%	$28.3M	$126.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	+0.100%	$95.5M	$396.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.87	+0.066%	$48.7M	$33.1M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	+0.059%	$1.4M	$13.2M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.78	−0.008%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.80	+0.008%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.83	+0.032%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.88	+0.072%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.79	0.000%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.83	+0.034%	$46.4M	$99.9M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.73	−0.048%	$8.6M	$37.4M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.84	+0.045%	$8.1M	$414.5M	50x	as long as short
Hibachi SOL/USDT-P	+0.0120%	1h	118.85	+0.048%	$123K	$622K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.91	+0.097%	—	$218.7M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.00	+0.177%	$6.7M	$12.5M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.81	+0.017%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.77	−0.018%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.81	+0.017%	$51.7M	$90.6M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.80	+0.012%	$36.1M	$90.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0173%	1h	118.82	+0.028%	$3.5M	—	200x	as long as short