Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC−0.0123%/8h= −13.5% APRpaid last 24h +0.024%

Price spread now: Bulk against Perpl−0.388%7-day average +0.027% · you buy dearer than you sell

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

Long on Perpl Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.210%+$21 on $10k

Price spread, last 7 days+0.355%+$35 · spread now −0.388%, 7d avg +0.027%

Together, before fees+0.565%+ Points / potential airdropPerpl: Active · farm board+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bulk is 0.415% cheaper against Perpl than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.210%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl SOL	118.05	0.0223	pay 0.0020% / 43m	10m 23s	$128K	$3.8M	8.3x
Short	Bulk SOL-USD	117.59	0.0100	get 0.0013% / 1h	22m 23s	$135.8M	$17.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Perpl. 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 PerplbpFee BulkbpOrdersPrice spread, now −0.388%Rate

Funding earned: −$25.88
Price spread: −0.388% → +0.027%: −$41.5
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$88.19
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Bulk: live order book, 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 Perpl no order-book sample	—	—	—	—	—
Sell Bulk live order book, 2 min ago	4.25 bp	7.7 bp −$8	7.7 bp −$77	7.7 bp −$775	8.0 bp −$4,016

Perpl: 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
Bluefin SOL-PERP	−0.0082%	1h	117.78	−0.221%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.87	−0.148%	$922	$8K	25x	as long as short
Vest SOL-PERP	−0.0065%	1h	117.91	−0.117%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.86	−0.160%	$31.7M	$98.4M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.76	−0.239%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.00	−0.039%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.94	−0.093%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.82	−0.188%	$1.4M	$19.2M	3.1x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	118.05	+0.003%	$100K	$165K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	117.84	−0.174%	$105K	$695K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.85	−0.163%	$8.0M	$403.9M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.84	−0.178%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.97	−0.066%	$13.2M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.97	−0.064%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.82	−0.188%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.01	−0.030%	$66K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.06	+0.009%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.01	−0.030%	$5.8M	$38.9M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.06	+0.008%	$177.8M	$179.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.03	−0.011%	$14.6M	$128.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.01	−0.030%	$970.9M	$3.71B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.04	−0.005%	$831.7M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.01	−0.030%	$368.1M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.91	−0.115%	$238K	$856K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.03	−0.012%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USDshort	+0.0100%	1h	117.59	−0.388%	$135.8M	$17.2M	20x
Gate SOL_USDT	+0.0100%	8h	118.01	−0.030%	$860.9M	$651.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.03	−0.014%	$424.0M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.04	−0.007%	$130.2M	$212.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.99	−0.047%	$488.5M	$431.3M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.99	−0.044%	—	$362.8M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.83	−0.183%	$23.7M	$36.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.49	−0.470%	$24.3M	$115.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.54	−0.426%	$94.4M	$392.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.42	−0.533%	$48.1M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.61	−0.369%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.80	−0.208%	$1.3M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.02	−0.022%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.00	−0.041%	$201K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.83	−0.184%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.84	−0.175%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.78	−0.225%	$228.8M	$45.4M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.82	−0.191%	$45.9M	$100.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.00	−0.040%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.86	−0.153%	—	$215.6M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0112%	1h	117.88	−0.143%	$26.5M	$24.9M	50x	as long as short
Phoenix SOL	+0.0129%	1h	117.58	−0.395%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	118.10	+0.049%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0184%	1h	118.12	+0.063%	$722.5M	$389.4M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.98	−0.055%	$1.1M	$532K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.471%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.83	−0.183%	$51.9M	$71.6M	125x	as long as short
Perpl SOLlong	+0.0223%	43m	118.05	long leg	$128K	$3.8M	8.3x
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	117.82	−0.192%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0400%	1h	117.71	−0.285%	$25K	$51K	20x	as long as short