Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC+0.0055%/8h= +6.1% APRpaid last 24h −0.207%

Price spread now: Perpl against Injective−0.188%54s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.333%−$33 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.188% cheaper against Injective than usual: you would sell low and buy high (spread −0.188% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 11 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.333%, so the current rate has only just turned in your favour. The two prices were read 54 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	Injective SOL/USDC PERP	116.85	−0.0055	get 0.0007% / 1h	40m 26s	$4K	$2K	12x
Short	Perpl SOL	116.63	0	get 0.0000% / 43m	29m 26s	$106K	$3.5M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Injective. 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 InjectivebpFee PerplbpOrdersPrice spread, now −0.188%Rate

Funding earned: $11.62
Price spread: −0.188% → 0.000%: −$18.83
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$21.03
Costs to cover: 0.138%
Break-even: 19.7 days

Slippage unknown: Injective: no order-book sample; Perpl: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Injective and Perpl: 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	−0.0153%	1h	116.60	−0.218%	$32.5M	$106.3M	100x	as long as short
Hibachi SOL/USDT-P	−0.0144%	1h	116.76	−0.078%	$96K	$681K	20x	as long as short
Bybit SOLUSDT	−0.0110%	8h	116.59	−0.223%	$736.7M	$1.43B	100x	as long as short
Derive SOL-PERP	−0.0095%	1h	116.63	−0.192%	$1.9M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.64	−0.181%	$1K	$8K	25x	as long as short
Injective SOL/USDC PERPlong	−0.0055%	1h	116.85	long leg	$4K	$2K	12x
Vest SOL-PERP	−0.0047%	1h	116.61	−0.204%	—	$633K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.64	−0.180%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.73	−0.103%	$1.5M	$19.3M	3.1x	as long as short
Perpl SOLshort	0.0000%	43m	116.63	−0.188%	$106K	$3.5M	8.3x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0007%	1h	116.71	−0.123%	$4.3M	$23.6M	20x	as long as short
Lighter RH SOL	+0.0016%	1h	116.62	−0.199%	$2.2M	$16.7M	25x	as long as short
SoDEX SOL-USD	+0.0020%	1h	116.57	−0.240%	$6.1M	$11.0M	20x	as long as short
Bitget SOLUSDT	+0.0026%	8h	116.60	−0.211%	$481.2M	$457.4M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0034%	1h	116.67	−0.154%	$26.4M	$22.0M	50x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.64	−0.180%	$99K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.61	−0.203%	$8.0M	$401.5M	50x	as long as short
Aster SOLUSDT	+0.0059%	8h	116.61	−0.207%	$177.1M	$168.4M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0075%	8h	116.60	−0.217%	$1.0M	$5.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0094%	8h	116.62	−0.195%	$1.0M	$554K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.65	−0.171%	$13.2M	$60.4M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.60	−0.217%	$351K	$256K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.59	−0.223%	$66K	$909K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.60	−0.214%	$5.4M	$41.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.73	−0.104%	$703.8M	$408.2M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.71	−0.123%	$15.7M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.60	−0.212%	$966.3M	$3.86B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.60	−0.214%	$368.8M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.64	−0.180%	$218K	$832K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.65	−0.172%	$899K	$8.5M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.55	−0.256%	$125.5M	$25.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.62	−0.197%	$851.2M	$661.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.61	−0.205%	$367.9M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.64	−0.183%	$132.4M	$233.9M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.61	−0.207%	—	$373.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.70	−0.128%	$23.1M	$35.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.64	−0.178%	$25.0M	$108.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.64	−0.179%	$93.6M	$405.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.72	−0.114%	$47.8M	$29.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.70	−0.125%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.67	−0.154%	$1.3M	$11.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.60	−0.214%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.60	−0.211%	$241K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.62	−0.195%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.61	−0.202%	$189K	$1.7M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.70	−0.126%	$225.9M	$50.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.70	−0.128%	$45.4M	$104.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.55	−0.258%	$8.2M	$37.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.63	−0.186%	—	$233.7M	500x	as long as short
Phoenix SOL	+0.0130%	1h	116.80	−0.043%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0195%	1h	116.54	−0.269%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.64	−0.180%	$52.1M	$66.1M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.64	−0.182%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0479%	1h	116.71	−0.123%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0485%	1h	116.69	−0.141%	$2.1M	$4.8M	20x	as long as short