Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0457%/8h= −50.0% APRpaid last 24h −0.011%

Price spread now: Derive against Perpl−0.062%7-day average −0.007% · you buy dearer than you sell

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 4 days (all we have)−0.184%−$18 · spread now −0.062%, 7d avg −0.007%

Together, before fees+0.090%+ Points / potential airdropPerpl: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Derive is 0.055% cheaper against Perpl than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.274%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.274% in total (about 14.3% 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	Perpl SOL	117.37	0.0447	pay 0.0040% / 43m	34m 05s	$127K	$3.8M	8.3x
Short	Derive SOL-PERP	117.30	−0.0010	pay 0.0001% / 1h	46m 05s	$1.9M	$2.8M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.062%Rate

Funding earned: −$95.92
Price spread: −0.062% → −0.007%: −$5.47
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$121.19
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Perpl 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
Hotstuff SOL-PERP	−0.0080%	1h	117.26	−0.096%	$917	$8K	25x	as long as short
Vest SOL-PERP	−0.0059%	1h	117.29	−0.074%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.36	−0.008%	$31.4M	$98.0M	100x	as long as short
Derive SOL-PERPshort	−0.0010%	1h	117.30	−0.062%	$1.9M	$2.8M	13x
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.38	+0.010%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.29	−0.072%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.32	−0.047%	$1.4M	$19.4M	3.1x	as long as short
HTX SOL-USDT	+0.0043%	8h	117.33	−0.035%	$227.9M	$45.6M	75x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.35	−0.019%	$100K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.37	−0.005%	$8.0M	$402.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SOL-USDT	+0.0080%	8h	117.38	+0.003%	—	$362.8M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	117.28	−0.077%	$100K	$690K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0087%	1h	117.42	+0.039%	$26.4M	$25.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.38	+0.003%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.35	−0.017%	$13.0M	$59.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.35	−0.020%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.39	+0.012%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.28	−0.078%	$67K	$831K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.30	−0.059%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.36	−0.006%	$5.7M	$39.6M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.39	+0.015%	$176.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.33	−0.037%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.39	+0.019%	$966.8M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.37	−0.001%	$819.2M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.36	−0.010%	$365.6M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.138%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.30	−0.059%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.40	+0.024%	$134.9M	$15.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.35	−0.019%	$858.1M	$645.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.36	−0.010%	$423.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.37	−0.003%	$130.1M	$211.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.33	−0.036%	$486.4M	$432.5M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.38	+0.007%	$23.7M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.36	−0.006%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.31	−0.055%	$94.2M	$400.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.56	+0.162%	$48.1M	$28.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.070%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.28	−0.078%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.36	−0.010%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.38	+0.010%	$200K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.34	−0.023%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.37	−0.003%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.37	−0.002%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.34	−0.027%	$45.7M	$100.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.35	−0.016%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.21	−0.142%	—	$220.8M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	+0.007%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.37	−0.004%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0156%	1h	117.49	+0.101%	$717.4M	$393.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.36	−0.013%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	+0.007%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.21	−0.138%	—	$70.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.38	+0.007%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0379%	1h	117.43	+0.053%	$25K	$51K	20x	as long as short
Perpl SOLlong	+0.0447%	43m	117.37	long leg	$127K	$3.8M	8.3x