Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0085%/8h= −9.4% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Reya−0.174%7-day average +0.005% · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.124%−$12 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now −0.174%, 7d avg +0.005%

Together, before fees−0.195%+ Points / potential airdropReya: Active · Variational Omni: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.179% cheaper against Reya than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya SOLRUSDPERP	118.81	0.0185	pay 0.0023% / 1h	42m 23s	$1.1M	$524K	25x
Short	Variational Omni SOL	118.61	0.0100	get 0.0100% / 8h	7h 42m	$26.9M	$128.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.174%Rate

Funding earned: −$17.94
Price spread: −0.174% → +0.005%: −$17.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$41.79
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	1.22 bp	doesn't fit	2.2 bp −$22	9.7 bp −$965	doesn't fit

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
Hotstuff SOL-PERP	−0.0080%	1h	118.83	+0.017%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0077%	1h	118.77	−0.038%	—	$610K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.76	−0.047%	$2.0M	$2.8M	13x	as long as short
Phemex SOLUSDT	−0.0031%	8h	118.81	−0.003%	$46.5M	$101.3M	50x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.84	+0.020%	$32.4M	$96.9M	100x	as long as short
dYdX SOL-USD	−0.0009%	1h	118.87	+0.048%	$4.9M	$26.5M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.85	+0.029%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.76	−0.044%	$1.2M	$20.5M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.86	+0.044%	$154K	$3.9M	8.3x	as long as short
HTX SOL-USDT	+0.0030%	8h	118.71	−0.087%	$231.1M	$44.8M	75x	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	+0.0048%	1h	118.86	+0.039%	$104K	$159K	20x	as long as short
Hibachi SOL/USDT-P	+0.0072%	1h	118.84	+0.023%	$121K	$632K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0079%	8h	118.86	+0.035%	$1.0M	$5.9M	100x	as long as short
ApeX Omni SOLUSDT	+0.0079%	1h	118.62	−0.163%	$1.5M	$6.1M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.84	+0.022%	—	$367.8M	—	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.84	+0.023%	$8.1M	$413.2M	50x	as long as short
Gate SOL_USDT	+0.0094%	8h	118.82	+0.006%	$858.8M	$661.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.81	−0.004%	$14.0M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.79	−0.016%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.84	+0.025%	$348K	$271K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.83	+0.017%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.81	−0.003%	$47K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.82	+0.010%	$5.8M	$41.0M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.84	+0.025%	$178.6M	$176.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.85	+0.034%	$12.2M	$123.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.82	+0.007%	$979.3M	$3.78B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.86	+0.039%	$822.9M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.83	+0.014%	$370.7M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.78	−0.028%	$232K	$861K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.87	+0.049%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.55	−0.221%	$133.5M	$4.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.82	+0.006%	$426.3M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.86	+0.036%	$137.9M	$207.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.81	−0.004%	$493.1M	$446.0M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.81	−0.003%	$24.2M	$37.3M	50x	as long as short
Variational Omni SOLshort	+0.0100%	8h	118.61	−0.174%	$26.9M	$128.6M	—
edgeX SOLUSDC	+0.0100%	4h	118.57	−0.205%	$95.2M	$405.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.67	−0.117%	$48.6M	$30.1M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.67	−0.121%	$1.3M	$13.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.83	+0.014%	$360K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.83	+0.013%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.83	+0.012%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.80	−0.010%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.81	−0.003%	$6.2M	$10.8M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0101%	1h	118.88	+0.053%	$26.6M	$24.8M	50x	as long as short
Hyperliquid SOL	+0.0102%	1h	118.95	+0.115%	$720.5M	$404.4M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.79	−0.019%	$8.7M	$35.2M	50x	as long as short
Phoenix SOL	+0.0114%	1h	118.68	−0.112%	$6.6M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.86	+0.036%	—	$221.9M	500x	as long as short
Aftermath Perps SOLUSD	+0.0153%	1h	118.72	−0.077%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.85	+0.035%	$1.8M	$4.6M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0084%	1h	118.84	+0.022%	$3.5M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	−0.129%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERPlong	+0.0185%	1h	118.81	long leg	$1.1M	$524K	25x
BloFin SOL-USDT	+0.0220%	8h	118.80	−0.011%	$52.0M	$78.7M	125x	as long as short