Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.022%

Price spread now: Bybit against Deribit−0.047%45s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.235% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.419%+$42 · spread now −0.047%, 7d avg −0.018%

Together, before fees+0.455%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.029% cheaper against Deribit than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of −0.018%). If the spread goes back, that is −$3 on $10k: about 3.3 days of funding at the current rate (+$1 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	117.51	0.0071	pay 0.0009% / 1h	35m 32s	$26.4M	$24.9M	50x
Short	Bybit SOLUSDT	117.46	0.0100	get 0.0100% / 8h	5h 35m	$823.4M	$1.25B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.047%Rate

Funding earned: $6.11
Price spread: −0.047% → −0.018%: −$2.88
Slippage, 4 orders: −$5.53
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.3
Costs to cover: 0.235%
Break-even: 30.3 days

Slippage from Deribit: live order book, 4 min ago; Bybit: live order book, 4 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 Deribit live order book, 4 min ago	0.38 bp	5.5 bp −$5	6.1 bp −$61	20.4 bp −$2,036	doesn't fit
Sell Bybit live order book, 4 min ago	0.43 bp	6.5 bp −$7	7.1 bp −$71	11.1 bp −$1,115	21.4 bp −$10.7K

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	117.44	−0.068%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0061%	1h	117.39	−0.110%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.49	−0.025%	$31.6M	$98.4M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.39	−0.105%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.45	−0.055%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.43	−0.075%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.39	−0.104%	$1.4M	$19.4M	3.1x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.44	−0.064%	$100K	$163K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	117.32	−0.163%	$102K	$693K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.53	+0.014%	$8.0M	$403.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUALlong	+0.0071%	1h	117.51	long leg	$26.4M	$24.9M	50x
HTX SOL-USDT	+0.0073%	8h	117.30	−0.180%	$227.9M	$45.5M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.39	−0.108%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	117.47	−0.037%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.39	−0.105%	$13.1M	$59.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.37	−0.121%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.46	−0.048%	$344K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.38	−0.115%	$65K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.42	−0.078%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.37	−0.119%	$5.8M	$39.1M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.42	−0.081%	$176.8M	$178.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.42	−0.080%	$14.5M	$128.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.43	−0.072%	$965.9M	$3.72B	100x	as long as short
Bybit SOLUSDTshort	+0.0100%	8h	117.46	−0.047%	$823.4M	$1.25B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	117.47	−0.038%	$365.9M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.41	−0.089%	$237K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.43	−0.075%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.44	−0.062%	$135.1M	$16.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.40	−0.098%	$858.0M	$648.5M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.40	−0.098%	$426.4M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.39	−0.110%	$129.7M	$212.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.47	−0.041%	$486.8M	$432.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.46	−0.047%	$23.6M	$36.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.44	−0.062%	$24.3M	$116.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.14	−0.317%	$94.1M	$399.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.35	−0.144%	$48.1M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.23	−0.240%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.38	−0.115%	$1.3M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.47	−0.038%	$352K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.42	−0.079%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.44	−0.059%	$25K	$28K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.43	−0.071%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.47	−0.038%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.48	−0.030%	$45.7M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.38	−0.117%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.37	−0.123%	—	$218.9M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	−0.115%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.50	−0.010%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0166%	1h	117.50	−0.013%	$717.8M	$392.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.46	−0.047%	$1.1M	$526K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	−0.115%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.36	−0.132%	$51.7M	$71.0M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.43	−0.075%	$127K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.43	−0.069%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0388%	1h	117.37	−0.119%	$25K	$51K	20x	as long as short