Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0211%/8h= +23.1% APRpaid last 24h +0.003%

Price spread now: Hyperliquid against Bybit+0.043%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.028%−$3 · spread now +0.043%, 7d avg +0.030%

Together, before fees+0.035%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.063% in total (about 3.3% 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	Bybit SOLUSDT	115.83	−0.0111	get 0.0111% / 8h	2h 22m	$740.2M	$1.42B	100x
Short	Hyperliquid SOL	115.88	0.0100	get 0.0013% / 1h	22m 56s	$685.1M	$400.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.043%Rate

Funding earned: $44.26
Price spread: +0.043% → +0.030%: $1.28
Slippage, 4 orders: −$1.98
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $23.56
Costs to cover: 0.220%
Break-even: 3.3 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 11 min ago.

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 Bybit live order book, 1 min ago	0.43 bp	5.9 bp −$6	7.0 bp −$70	10.2 bp −$1,021	21.3 bp −$10.6K
Sell Hyperliquid live order book, 11 min ago	0.43 bp	4.9 bp −$5	6.5 bp −$65	10.2 bp −$1,025	doesn't fit

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	−0.0241%	1h	115.76	−0.059%	$31.6M	$102.9M	100x	as long as short
Hibachi SOL/USDT-P	−0.0160%	1h	115.78	−0.042%	$104K	$693K	20x	as long as short
BingX SOL-USDT	−0.0116%	8h	115.88	+0.047%	—	$368.2M	—	as long as short
Bybit SOLUSDTlong	−0.0111%	8h	115.83	long leg	$740.2M	$1.42B	100x
Hotstuff SOL-PERP	−0.0080%	1h	116.25	+0.363%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0073%	1h	115.67	−0.134%	$1.9M	$2.9M	13x	as long as short
Vest SOL-PERP	−0.0072%	1h	115.72	−0.093%	—	$625K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	115.73	−0.087%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	115.78	−0.044%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	115.72	−0.093%	$113K	$3.7M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0011%	1h	115.78	−0.046%	$4.3M	$24.0M	20x	as long as short
01 Exchange SOLUSD	+0.0024%	1h	115.74	−0.078%	$98K	$176K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	115.79	−0.034%	$7.7M	$402.9M	50x	as long as short
Bitget SOLUSDT	+0.0065%	8h	115.84	+0.011%	$477.4M	$457.2M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0071%	1h	115.80	−0.027%	$26.2M	$22.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	115.77	−0.052%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	115.77	−0.052%	$12.9M	$61.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	115.77	−0.052%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	115.74	−0.076%	$348K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	115.68	−0.130%	$62K	$911K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	115.80	−0.030%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	115.75	−0.065%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOLshort	+0.0100%	1h	115.88	+0.043%	$685.1M	$400.8M	20x
Aster SOLUSDT	+0.0100%	8h	115.87	+0.036%	$174.3M	$179.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	115.79	−0.033%	$15.6M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	115.90	+0.060%	$965.9M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	115.87	+0.035%	$361.2M	$1.73B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	115.77	−0.052%	$215K	$870K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	115.74	−0.081%	$913K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.84	+0.009%	$125.6M	$19.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	115.77	−0.052%	$840.0M	$669.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	115.88	+0.043%	$357.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	115.85	+0.017%	$125.2M	$230.0M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	115.81	−0.017%	$22.8M	$38.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.53	−0.263%	$24.7M	$114.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	115.59	−0.208%	$92.8M	$406.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.67	−0.138%	$47.3M	$30.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	115.61	−0.190%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	115.81	−0.017%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	115.69	−0.121%	$318K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	115.71	−0.105%	$147K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	115.74	−0.079%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	115.76	−0.064%	$188K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	115.76	−0.060%	$6.0M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	115.70	−0.111%	$224.1M	$50.0M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	115.79	−0.035%	$45.1M	$104.8M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	115.84	+0.008%	$7.9M	$38.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	115.71	−0.101%	—	$240.4M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	115.66	−0.147%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	115.69	−0.121%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	115.68	−0.132%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	115.79	−0.035%	$51.6M	$67.7M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	115.71	−0.108%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	115.76	−0.059%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0576%	1h	115.77	−0.055%	$25K	$53K	20x	as long as short