Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0110%/8h= −12.1% APRpaid last 24h −0.035%

Price spread now: Derive against SunX−0.109%7-day average −0.017% · you buy dearer than you sell

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

Long on SunX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now −0.109%, 7d avg −0.017%

Together, before fees+0.050%+$5 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 Derive is 0.092% cheaper against SunX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SOL-USDT	118.06	0.0100	pay 0.0100% / 8h	5h 21m	$192K	$1.8M	30x
Short	Derive SOL-PERP	117.93	−0.0010	pay 0.0001% / 1h	21m 15s	$1.9M	$2.8M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against SunX. 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 SunXbpFee DerivebpOrdersPrice spread, now −0.109%Rate

Funding earned: −$23.15
Price spread: −0.109% → −0.017%: −$9.18
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$46.33
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; 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 SunX live order book, 4 min ago	2.36 bp	7.5 bp −$8	21.9 bp −$219	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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	118.08	+0.020%	$923	$8K	25x	as long as short
Bluefin SOL-PERP	−0.0066%	1h	117.98	−0.067%	$25K	$28K	25x	as long as short
Vest SOL-PERP	−0.0065%	1h	117.97	−0.072%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	118.00	−0.050%	$31.6M	$98.6M	100x	as long as short
Derive SOL-PERPshort	−0.0010%	1h	117.93	−0.109%	$1.9M	$2.8M	13x
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.98	−0.067%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.04	−0.019%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.05	−0.007%	$1.4M	$19.3M	3.1x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	118.08	+0.018%	$100K	$165K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	117.84	−0.185%	$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	118.03	−0.024%	$8.0M	$404.8M	50x	as long as short
BingX SOL-USDC	+0.0070%	8h	118.02	−0.029%	—	$10.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	118.02	−0.034%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.00	−0.047%	$13.2M	$59.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.99	−0.055%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.99	−0.055%	$346K	$226K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0097%	1h	118.03	−0.021%	$26.5M	$24.9M	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.04	−0.016%	$60K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.08	+0.016%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.06	−0.003%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.08	+0.020%	$177.9M	$180.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.04	−0.012%	$14.6M	$128.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.02	−0.033%	$971.0M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.04	−0.015%	$832.0M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.04	−0.016%	$367.8M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.91	−0.126%	$239K	$856K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.06	+0.004%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.59	−0.399%	$135.8M	$17.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.01	−0.041%	$860.7M	$651.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.01	−0.041%	$424.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.00	−0.049%	$130.2M	$212.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	−0.042%	$488.8M	$431.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.01	−0.041%	$23.7M	$36.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.49	−0.481%	$24.3M	$115.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.54	−0.436%	$94.4M	$392.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.86	−0.168%	$48.3M	$28.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.82	−0.202%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.80	−0.219%	$1.3M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.06	+0.001%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.99	−0.060%	$201K	$1.6M	20x	as long as short
SunX SOL-USDTlong	+0.0100%	8h	118.06	long leg	$192K	$1.8M	30x
SoDEX SOL-USD	+0.0100%	1h	117.99	−0.058%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.94	−0.097%	$229.1M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	−0.050%	$46.0M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.96	−0.080%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.97	−0.072%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	118.08	+0.018%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	118.13	+0.063%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0182%	1h	118.13	+0.060%	$722.6M	$389.5M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	118.03	−0.024%	$1.1M	$536K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.482%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	−0.067%	$52.0M	$71.7M	125x	as long as short
Perpl SOL	+0.0223%	43m	118.05	−0.009%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	117.97	−0.072%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0399%	1h	117.77	−0.244%	$25K	$51K	20x	as long as short