Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.042%

Price spread now: Hibachi against MEXC−0.133%47s7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$140.135% of the position

Long on MEXC Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.412%+$41 · spread now −0.133%, 7d avg +0.037%

Together, before fees+0.394%+ Points / potential airdropHibachi: Active · farm board+$39 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 0.170% cheaper against MEXC than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.037%). Swap the legs. The two prices were read 47 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 7 days it paid -0.019% in total (about -1.0% 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	MEXC SOL_USDT	116.68	0.0100	pay 0.0100% / 8h	2h 14m	$356.3M	$1.09B	300x
Short	Hibachi SOL/USDT-P	116.53	−0.0120	pay 0.0015% / 1h	14m 46s	$103K	$695K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against MEXC. 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 MEXCbpFee HibachibpOrdersPrice spread, now −0.133%Rate

Funding earned: −$46.2
Price spread: −0.133% → +0.037%: −$17
Slippage, 4 orders: −$2.53
Fee MEXC: 1 bp × 2 orders: −$2
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$76.73
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Hibachi: live order book, 34 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 MEXC live order book, 4 min ago	0.43 bp	1.4 bp −$1	1.4 bp −$14	2.7 bp −$271	6.4 bp −$3,213
Sell Hibachi live order book, 34 min ago	0.30 bp	5.1 bp −$5	20.8 bp −$208	doesn't fit	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
Kraken Futures PF_SOLUSD	−0.0239%	1h	116.62	−0.055%	$31.9M	$102.9M	100x	as long as short
Hibachi SOL/USDT-Pshort	−0.0120%	1h	116.53	−0.133%	$103K	$695K	20x
BingX SOL-USDC	−0.0108%	8h	116.63	−0.044%	—	$10.6M	—	as long as short
Bybit SOLUSDT	−0.0106%	8h	116.66	−0.017%	$742.5M	$1.43B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.63	−0.045%	$1K	$8K	25x	as long as short
Vest SOL-PERP	−0.0048%	1h	116.56	−0.102%	—	$625K	20x	as long as short
Derive SOL-PERP	−0.0003%	1h	116.53	−0.124%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.60	−0.069%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.60	−0.069%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.58	−0.081%	$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	116.61	−0.060%	$4.3M	$24.0M	20x	as long as short
01 Exchange SOLUSD	+0.0032%	1h	116.63	−0.043%	$100K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.64	−0.035%	$7.7M	$406.1M	50x	as long as short
Bitget SOLUSDT	+0.0063%	8h	116.67	−0.005%	$480.8M	$460.8M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	116.62	−0.053%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.66	−0.017%	$13.0M	$61.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.66	−0.015%	$2.2M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.57	−0.090%	$351K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.53	−0.129%	$64K	$912K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.72	+0.037%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.58	−0.085%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.75	+0.060%	$697.4M	$406.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.65	−0.023%	$175.9M	$176.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.70	+0.014%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.68	0.000%	$973.4M	$3.89B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.70	+0.017%	$366.0M	$1.76B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.56	−0.103%	$217K	$877K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.72	+0.030%	$911K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.85	−0.710%	$123.9M	$22.0M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.62	−0.051%	$843.7M	$673.4M	100x	as long as short
MEXC SOL_USDTlong	+0.0100%	8h	116.68	long leg	$356.3M	$1.09B	300x
KuCoin SOLUSDTM	+0.0100%	8h	116.65	−0.027%	$126.9M	$230.8M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.61	−0.060%	$23.1M	$38.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.46	−0.192%	$25.1M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.49	−0.165%	$93.5M	$409.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.40	−0.238%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.60	−0.071%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.51	−0.146%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.58	−0.086%	$319K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.59	−0.077%	$167K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.60	−0.067%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.58	−0.089%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.60	−0.069%	$6.1M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.55	−0.115%	$225.7M	$50.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.60	−0.069%	$45.4M	$105.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.57	−0.095%	$8.0M	$39.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.61	−0.061%	—	$239.4M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0161%	1h	116.66	−0.014%	$26.3M	$22.0M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	115.66	−0.874%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.53	−0.129%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.56	−0.105%	$1.1M	$543K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.59	−0.077%	$51.7M	$68.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.60	−0.073%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0537%	1h	116.28	−0.339%	$25K	$55K	20x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.65	−0.023%	$2.1M	$4.9M	20x	as long as short