Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0359%/8h= −39.3% APRpaid last 24h +0.065%

Price spread now: Hibachi against Perpl+0.024%7-day average +0.051% · you sell dearer than you buy

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

Long on Perpl Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.237%+$24 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now +0.024%, 7d avg +0.051%

Together, before fees+0.407%+ Points / potential airdropPerpl: Active · Hibachi: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Hibachi is 0.028% cheaper against Perpl than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.237%, 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 0.237% in total (about 12.4% 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	116.61	0.0335	pay 0.0030% / 43m	21m 22s	$141K	$3.7M	8.3x
Short	Hibachi SOL/USDT-P	116.63	−0.0024	pay 0.0003% / 1h	50m 22s	$103K	$700K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Perpl. 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 PerplbpFee HibachibpOrdersPrice spread, now +0.024%Rate

Funding earned: −$75.37
Price spread: +0.024% → +0.051%: −$2.77
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$100.94
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Hibachi: live order book, 9 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 Hibachi live order book, 9 min ago	1.03 bp	5.5 bp −$6	27.6 bp −$276	doesn't fit	doesn't fit

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
Vest SOL-PERP	−0.0081%	1h	116.56	−0.040%	—	$602K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.73	+0.105%	$913	$8K	25x	as long as short
Hibachi SOL/USDT-Pshort	−0.0024%	1h	116.63	+0.024%	$103K	$700K	20x
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.60	−0.007%	$54K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	116.56	−0.040%	$4.4M	$24.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.64	+0.025%	$1.4M	$18.7M	3.1x	as long as short
Derive SOL-PERP	+0.0012%	1h	116.56	−0.042%	$1.9M	$2.8M	13x	as long as short
ApeX Omni SOLUSDT	+0.0017%	1h	116.69	+0.071%	$1.7M	$6.0M	50x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.61	+0.003%	$99K	$168K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.66	+0.045%	$7.6M	$404.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.65	+0.035%	$30.8M	$100.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0091%	8h	116.59	−0.015%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.57	−0.031%	$13.0M	$59.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.55	−0.047%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.63	+0.024%	$342K	$236K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.64	+0.029%	$998K	$528K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.55	−0.049%	$48K	$858K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.55	−0.051%	$5.5M	$39.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.67	+0.054%	$706.8M	$395.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.59	−0.015%	$175.2M	$181.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.62	+0.011%	$15.5M	$130.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.60	−0.007%	$963.6M	$3.77B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.54	−0.057%	$792.6M	$1.33B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.56	−0.040%	$364.1M	$1.66B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.61	+0.003%	$232K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.60	−0.008%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.66	+0.043%	$133.8M	$20.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.58	−0.023%	$847.4M	$653.0M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.61	+0.003%	$415.2M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.55	−0.050%	$126.2M	$216.7M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.57	−0.035%	$481.5M	$439.3M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.58	−0.022%	—	$365.2M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.65	+0.037%	$23.3M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.54	−0.054%	$24.4M	$114.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.65	+0.037%	$93.7M	$396.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.72	+0.093%	$47.7M	$29.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.62	+0.011%	$1.3M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.58	−0.023%	$331K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.59	−0.011%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.56	−0.040%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.62	+0.013%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.64	+0.028%	$6.0M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.58	−0.021%	$226.3M	$46.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.65	+0.037%	$45.6M	$101.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.53	−0.062%	$8.0M	$36.5M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0120%	1h	116.69	+0.070%	$26.3M	$25.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.61	−0.001%	—	$221.3M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	117.56	+0.817%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.76	+0.131%	$6.5M	$13.4M	25x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.56	−0.043%	$1.1M	$538K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.67	+0.054%	$51.9M	$71.9M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	116.61	0.000%	$3.5M	—	200x	as long as short
Perpl SOLlong	+0.0335%	43m	116.61	long leg	$141K	$3.7M	8.3x
Aftermath Perps SOLUSD	+0.0480%	1h	116.72	+0.097%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.67	+0.058%	$1.9M	$4.9M	20x	as long as short