Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0216%/8h= +23.7% APRpaid last 24h −0.039%

Price spread now: Paradex against Hibachi+0.044%46s7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.192% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 4 days (all we have)−0.247%−$25 · spread now +0.044%, 7d avg −0.036%

Together, before fees−0.279%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Paradex is 0.081% dearer against Hibachi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.036%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.032% in total (about -3.0% 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	Hibachi SOL/USDT-P	116.63	−0.0120	get 0.0015% / 1h	41m 35s	$97K	$687K	20x
Short	Paradex SOL-USD-PERP	116.68	0.0096	get 0.0096% / 8h	1h 41m	$1.0M	$551K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hibachi. 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 HibachibpFee ParadexbpOrdersPrice spread, now +0.044%Rate

Funding earned: $45.38
Price spread: +0.044% → −0.036%: $8.06
Slippage, 4 orders: −$6.22
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: $34.21
Costs to cover: 0.192%
Break-even: 1.7 days

Slippage from Hibachi: live order book, 2 min ago; Paradex: live order book, 3 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 Hibachi live order book, 2 min ago	0.56 bp	6.0 bp −$6	15.4 bp −$154	doesn't fit	doesn't fit
Sell Paradex live order book, 3 min ago	1.97 bp	4.0 bp −$4	8.8 bp −$88	doesn't fit	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
Hibachi SOL/USDT-Plong	−0.0120%	1h	116.63	long leg	$97K	$687K	20x
Bybit SOLUSDT	−0.0114%	8h	116.59	−0.035%	$741.9M	$1.44B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.54	−0.077%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0072%	1h	116.62	−0.009%	$33.1M	$105.3M	100x	as long as short
Derive SOL-PERP	−0.0053%	1h	116.52	−0.092%	$1.9M	$3.0M	13x	as long as short
Vest SOL-PERP	−0.0012%	1h	116.53	−0.082%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.62	−0.011%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.57	−0.048%	$1.5M	$19.5M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.56	−0.062%	$113K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.64	+0.009%	$4.3M	$23.8M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SOL	+0.0040%	1h	116.62	−0.012%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.61	−0.017%	$100K	$176K	20x	as long as short
Bitget SOLUSDT	+0.0048%	8h	116.60	−0.025%	$480.2M	$462.5M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.60	−0.027%	$8.1M	$405.4M	50x	as long as short
SoDEX SOL-USD	+0.0071%	1h	116.57	−0.051%	$6.1M	$10.9M	20x	as long as short
Aster SOLUSDT	+0.0089%	8h	116.64	+0.009%	$175.9M	$175.9M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	116.59	−0.035%	$1.0M	$6.0M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.64	+0.009%	$13.1M	$60.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.59	−0.034%	$351K	$252K	20x	as long as short
Paradex SOL-USD-PERPshort	+0.0096%	8h	116.68	+0.044%	$1.0M	$551K	50x
Katana Perps SOL-USD	+0.0099%	8h	116.55	−0.069%	$64K	$908K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.54	−0.074%	$5.5M	$41.1M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.74	+0.094%	$698.6M	$410.6M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.68	+0.047%	$15.7M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.63	−0.001%	$968.8M	$3.90B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.63	0.000%	$370.0M	$1.78B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.55	−0.069%	$217K	$887K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.64	+0.004%	$901K	$8.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.62	−0.009%	$844.1M	$666.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.62	−0.009%	$362.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.61	−0.015%	$129.3M	$232.6M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.59	−0.036%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.59	−0.034%	$23.1M	$37.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.33	−0.253%	$24.8M	$112.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.37	−0.225%	$93.4M	$411.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.44	−0.164%	$47.7M	$31.1M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.44	−0.164%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.56	−0.060%	$1.3M	$12.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.53	−0.086%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.60	−0.023%	$234K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.60	−0.029%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.51	−0.107%	$189K	$1.8M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.53	−0.090%	$225.7M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.58	−0.043%	$45.3M	$105.7M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.55	−0.069%	$124.9M	$24.9M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.58	−0.041%	$8.0M	$39.3M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0117%	1h	116.66	+0.028%	$26.4M	$21.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.55	−0.071%	—	$237.0M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.50	−0.111%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.66	+0.026%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.51	−0.104%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.51	−0.103%	$52.4M	$68.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.62	−0.006%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.68	+0.041%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0497%	1h	116.64	+0.010%	$25K	$56K	20x	as long as short