Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0255%/8h= −28.0% APRpaid last 24h +0.045%

Price spread now: Reya against Perpl−0.098%7-day average 0.000% · you buy dearer than you sell

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

Long on Perpl Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.322%+$32 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.098%, 7d avg 0.000%

Together, before fees+0.374%+ Points / potential airdropPerpl: Active · Reya: Active · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Reya is 0.098% cheaper against Perpl than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of 0.000%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.322%, 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	116.82	0.0447	pay 0.0040% / 43m	28m 43s	$139K	$3.7M	8.3x
Short	Reya SOLRUSDPERP	116.70	0.0191	get 0.0024% / 1h	31m 43s	$1.1M	$542K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.098%Rate

Funding earned: −$53.65
Price spread: −0.098% → 0.000%: −$9.78
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$83.23
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Perpl and Reya: 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	−0.0193%	1h	116.75	−0.057%	$31.0M	$101.0M	100x	as long as short
Hibachi SOL/USDT-P	−0.0160%	1h	116.78	−0.036%	$103K	$699K	20x	as long as short
Vest SOL-PERP	−0.0089%	1h	116.71	−0.089%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.77	−0.039%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.77	−0.045%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.84	+0.015%	$1.5M	$19.0M	3.1x	as long as short
dYdX SOL-USD	+0.0010%	1h	116.76	−0.050%	$4.4M	$24.2M	20x	as long as short
Bybit SOLUSDT	+0.0024%	8h	116.69	−0.110%	$761.5M	$1.38B	100x	as long as short
Derive SOL-PERP	+0.0032%	1h	116.70	−0.098%	$1.9M	$2.9M	13x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.76	−0.050%	$7.6M	$405.0M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0072%	1h	116.78	−0.033%	$99K	$174K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0093%	8h	116.77	−0.039%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.79	−0.024%	$13.1M	$60.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.78	−0.036%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.77	−0.045%	$347K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.80	−0.015%	$61K	$895K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.76	−0.051%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.74	−0.064%	$5.5M	$40.2M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.89	+0.062%	$705.6M	$394.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.73	−0.073%	$174.8M	$183.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.81	−0.010%	$15.8M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.77	−0.038%	$974.8M	$3.82B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.78	−0.033%	$367.1M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.79	−0.024%	$229K	$845K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.86	+0.033%	$922K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.75	−0.058%	$133.5M	$19.9M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.76	−0.050%	$853.2M	$662.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.77	−0.041%	$366.9M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.78	−0.034%	$129.3M	$223.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.80	−0.015%	$482.0M	$444.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.75	−0.062%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.74	−0.067%	$23.1M	$39.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.73	−0.071%	$24.5M	$113.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.84	+0.021%	$93.8M	$400.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.87	+0.045%	$47.8M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.97	+0.133%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.80	−0.015%	$1.3M	$12.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.74	−0.067%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.75	−0.060%	$147K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.76	−0.053%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.75	−0.056%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.75	−0.058%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.76	−0.048%	$226.3M	$48.1M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.76	−0.050%	$45.7M	$103.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.76	−0.048%	$8.3M	$37.5M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.99	+0.147%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.81	−0.010%	—	$231.6M	500x	as long as short
Phoenix SOL	+0.0151%	1h	117.04	+0.190%	$6.5M	$13.8M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0169%	1h	116.82	−0.002%	$26.3M	$23.3M	50x	as long as short
Reya SOLRUSDPERPshort	+0.0191%	1h	116.70	−0.098%	$1.1M	$542K	25x
BloFin SOL-USDT	+0.0220%	8h	116.78	−0.033%	$52.0M	$67.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.76	−0.048%	$3.6M	—	200x	as long as short
Perpl SOLlong	+0.0447%	43m	116.82	long leg	$139K	$3.7M	8.3x
Aftermath Perps SOLUSD	+0.0523%	1h	116.85	+0.025%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.93	+0.093%	$1.9M	$4.8M	20x	as long as short