Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Bybit against Hyperliquid+0.009%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

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

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.009%, 7d avg −0.029%

Together, before fees−0.106%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.038% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	119.10	0.0100	pay 0.0013% / 1h	37m 38s	$718.0M	$412.8M	20x
Short	Bybit SOLUSDT	119.11	0.0100	get 0.0100% / 8h	2h 37m	$823.7M	$1.26B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → −0.029%: $3.75
Slippage, 4 orders: −$1.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.24
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 2 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 Hyperliquid live order book, 6 min ago	0.42 bp	4.9 bp −$5	4.9 bp −$49	7.4 bp −$740	doesn't fit
Sell Bybit live order book, 2 min ago	0.42 bp	5.9 bp −$6	6.2 bp −$62	10.6 bp −$1,058	23.6 bp −$11.8K

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
Injective SOL/USDC PERP	−0.0151%	1h	118.89	−0.180%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.85	−0.213%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0081%	1h	118.77	−0.279%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.72	−0.320%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0033%	1h	118.83	−0.231%	$24K	$47K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.93	−0.146%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.86	−0.206%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.86	−0.206%	$179K	$4.0M	8.3x	as long as short
dYdX SOL-USD	0.0000%	1h	119.09	−0.016%	$4.9M	$26.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0042%	1h	118.74	−0.306%	$1.5M	$6.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0060%	8h	118.94	−0.139%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0068%	8h	118.66	−0.372%	$231.2M	$43.6M	75x	as long as short
BingX SOL-USDT	+0.0070%	8h	119.10	−0.001%	—	$371.4M	—	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.89	−0.180%	$105K	$151K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0074%	1h	119.00	−0.086%	$26.7M	$27.7M	50x	as long as short
Gate SOL_USDT	+0.0083%	8h	119.00	−0.088%	$859.3M	$679.0M	100x	as long as short
Hibachi SOL/USDT-P	+0.0088%	1h	118.79	−0.262%	$123K	$606K	20x	as long as short
Lighter SOL	+0.0096%	1h	119.07	−0.029%	$13.5M	$53.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.01	−0.077%	$2.0M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.93	−0.147%	$353K	$741K	20x	as long as short
KuCoin SOLUSDTM	+0.0098%	8h	119.06	−0.040%	$143.5M	$196.6M	75x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.10	−0.007%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.13	+0.022%	$45K	$780K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.74	−0.303%	$5.5M	$40.6M	40x	as long as short
Hyperliquid SOLlong	+0.0100%	1h	119.10	long leg	$718.0M	$412.8M	20x
Aster SOLUSDT	+0.0100%	8h	119.02	−0.072%	$179.2M	$174.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.10	−0.006%	$12.4M	$114.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.08	−0.018%	$972.6M	$3.74B	100x	as long as short
Bybit SOLUSDTshort	+0.0100%	8h	119.11	+0.009%	$823.7M	$1.26B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	119.10	−0.004%	$370.3M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.08	−0.020%	$233K	$863K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.18	+0.061%	$1.9M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.07	−0.029%	$467.9M	$1.08B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.09	−0.009%	$497.0M	$448.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.97	−0.113%	$24.3M	$38.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.76	−0.293%	$27.4M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.71	−0.330%	$95.3M	$397.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.74	−0.304%	$48.6M	$33.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.80	−0.255%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.86	−0.205%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.89	−0.179%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.91	−0.164%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.91	−0.161%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.92	−0.155%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.89	−0.180%	$46.4M	$99.8M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.71	−0.331%	$133.1M	$11.8M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	119.10	−0.005%	$8.6M	$37.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.97	−0.113%	$8.1M	$414.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.83	−0.230%	—	$217.2M	500x	as long as short
Phoenix SOL	+0.0154%	1h	118.79	−0.264%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.93	−0.146%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.18	+0.067%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.86	−0.204%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.63	−0.398%	$51.6M	$86.7M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.95	−0.126%	$36.1M	$89.4M	100x	as long as short