Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.036%

Price spread now: Bybit against Derive+0.085%47s7-day average +0.044% · you sell dearer than you buy

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

Long on Derive Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.085%, 7d avg +0.044%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.041% dearer against Derive than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.044%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.042% in total) that is about 6.7 days. The two prices were read 47 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	Derive SOL-PERP	116.41	−0.0015	get 0.0002% / 1h	17m 37s	$1.9M	$2.9M	13x
Short	Bybit SOLUSDT	116.51	−0.0107	pay 0.0107% / 8h	2h 17m	$740.9M	$1.43B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Derive. 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 DerivebpFee BybitbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$19.31
Price spread: +0.085% → +0.044%: $4.05
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.26
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bybit: live order book, 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 Derive no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.43 bp	6.6 bp −$7	8.2 bp −$82	12.6 bp −$1,258	27.2 bp −$13.6K

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
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.49	+0.066%	$31.9M	$102.9M	100x	as long as short
Hibachi SOL/USDT-P	−0.0136%	1h	116.29	−0.100%	$104K	$693K	20x	as long as short
BingX SOL-USDC	−0.0112%	8h	116.51	+0.082%	—	$10.6M	—	as long as short
Bybit SOLUSDTshort	−0.0107%	8h	116.51	+0.085%	$740.9M	$1.43B	100x
Hotstuff SOL-PERP	−0.0080%	1h	116.57	+0.134%	$1K	$8K	25x	as long as short
Vest SOL-PERP	−0.0052%	1h	116.51	+0.084%	—	$625K	20x	as long as short
Derive SOL-PERPlong	−0.0015%	1h	116.41	long leg	$1.9M	$2.9M	13x
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.48	+0.064%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.50	+0.079%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.48	+0.062%	$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	+0.0009%	1h	116.49	+0.066%	$4.3M	$24.0M	20x	as long as short
01 Exchange SOLUSD	+0.0032%	1h	116.55	+0.120%	$100K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.49	+0.072%	$7.7M	$405.4M	50x	as long as short
Bitget SOLUSDT	+0.0064%	8h	116.52	+0.095%	$479.5M	$460.2M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	116.50	+0.075%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.48	+0.060%	$13.0M	$61.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.50	+0.075%	$2.2M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.48	+0.058%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.52	+0.094%	$64K	$912K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.59	+0.156%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.51	+0.086%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.58	+0.146%	$696.5M	$406.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.54	+0.114%	$176.2M	$176.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.54	+0.113%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.55	+0.118%	$972.3M	$3.89B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.52	+0.094%	$364.4M	$1.75B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.40	−0.009%	$216K	$878K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.60	+0.160%	$913K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.85	−0.480%	$123.9M	$22.0M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.53	+0.103%	$842.4M	$672.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.57	+0.137%	$355.0M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.48	+0.059%	$126.5M	$230.4M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.50	+0.077%	$23.0M	$38.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.99	−0.357%	$24.8M	$114.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.07	−0.296%	$93.2M	$407.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.40	−0.007%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.44	+0.029%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.45	+0.034%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.52	+0.094%	$319K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.48	+0.062%	$147K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.46	+0.044%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.49	+0.066%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.48	+0.060%	$6.1M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.34	−0.060%	$225.3M	$50.0M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.46	+0.043%	$45.3M	$105.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.51	+0.090%	$8.0M	$39.3M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0105%	1h	116.52	+0.095%	$26.3M	$22.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.49	+0.068%	—	$239.4M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	115.66	−0.644%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.37	−0.035%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.50	+0.074%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.44	+0.026%	$51.7M	$68.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.47	+0.055%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.63	+0.193%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0568%	1h	116.10	−0.266%	$25K	$55K	20x	as long as short