Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0219%/8h= −24.0% APRpaid last 24h +0.042%

Price spread now: Hibachi against Katana Perps−0.287%49s7-day average +0.048% · you buy dearer than you sell

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

Long on Katana Perps Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.586%+$59 · spread now −0.287%, 7d avg +0.048%

Together, before fees+0.613%+ Points / potential airdropHibachi: Active · farm board+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hibachi is 0.334% cheaper against Katana Perps than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.048%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.027% in total (about 2.5% 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	116.86	0.0099	pay 0.0099% / 8h	2h 13m	$64K	$912K	20x
Short	Hibachi SOL/USDT-P	116.53	−0.0120	pay 0.0015% / 1h	13m 39s	$103K	$695K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpOrdersPrice spread, now −0.287%Rate

Funding earned: −$46.06
Price spread: −0.287% → +0.048%: −$33.44
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$92.3
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Hibachi: live order book, 35 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Hibachi live order book, 35 min ago	0.30 bp	5.1 bp −$5	20.8 bp −$208	doesn't fit	doesn't fit

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
Kraken Futures PF_SOLUSD	−0.0239%	1h	116.88	+0.021%	$32.0M	$103.0M	100x	as long as short
Hibachi SOL/USDT-Pshort	−0.0120%	1h	116.53	−0.287%	$103K	$695K	20x
BingX SOL-USDC	−0.0108%	8h	116.86	+0.002%	—	$10.6M	—	as long as short
Bybit SOLUSDT	−0.0105%	8h	116.86	+0.002%	$741.4M	$1.43B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.75	−0.095%	$1K	$8K	25x	as long as short
Vest SOL-PERP	−0.0046%	1h	116.70	−0.134%	—	$625K	20x	as long as short
Derive SOL-PERP	−0.0003%	1h	116.78	−0.071%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.83	−0.026%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.80	−0.053%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.78	−0.072%	$114K	$3.7M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0009%	1h	116.83	−0.026%	$4.3M	$24.0M	20x	as long as short
01 Exchange SOLUSD	+0.0032%	1h	116.95	+0.077%	$100K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.90	+0.034%	$7.8M	$407.1M	50x	as long as short
Bitget SOLUSDT	+0.0063%	8h	116.88	+0.016%	$481.3M	$461.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	116.86	−0.001%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.87	+0.008%	$13.0M	$61.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.86	+0.001%	$2.2M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.81	−0.046%	$351K	$247K	20x	as long as short
Katana Perps SOL-USDlong	+0.0099%	8h	116.86	long leg	$64K	$912K	20x
Paradex SOL-USD-PERP	+0.0100%	8h	116.91	+0.043%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.72	−0.116%	$5.2M	$40.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.95	+0.077%	$698.8M	$407.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.86	0.000%	$176.2M	$176.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.91	+0.039%	$15.8M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.86	+0.004%	$974.9M	$3.89B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.92	+0.051%	$370.9M	$1.76B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.87	+0.009%	$217K	$880K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.93	+0.059%	$912K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.85	−0.863%	$123.9M	$22.0M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.86	0.000%	$845.2M	$674.0M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.91	+0.043%	$359.0M	$1.09B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.85	−0.008%	$126.8M	$230.9M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.83	−0.026%	$23.1M	$38.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.46	−0.346%	$25.1M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.54	−0.272%	$93.6M	$409.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.40	−0.392%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.60	−0.225%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.58	−0.240%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.76	−0.086%	$318K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.80	−0.056%	$168K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.84	−0.021%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.78	−0.071%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.87	+0.009%	$6.1M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.83	−0.027%	$225.9M	$50.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.83	−0.026%	$45.5M	$105.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.86	−0.001%	$8.0M	$39.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.83	−0.022%	—	$239.5M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0173%	1h	116.92	+0.055%	$26.4M	$22.0M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	115.66	−1.027%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.53	−0.282%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.74	−0.101%	$1.1M	$543K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.59	−0.231%	$51.7M	$68.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.80	−0.054%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0540%	1h	116.38	−0.407%	$25K	$55K	20x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.98	+0.099%	$2.1M	$4.9M	20x	as long as short