Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.022%

Price spread now: Deribit against Katana Perps+0.028%7-day average +0.027% · you sell dearer than you buy

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

Long on Katana Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.094%−$9 on $10k

Price spread, last 4 days (all we have)−0.514%−$51 · spread now +0.028%, 7d avg +0.027%

Together, before fees−0.608%−$61 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps SOL-USD	116.77	0.0100	pay 0.0100% / 8h	5h 04m	$62K	$848K	20x
Short	Deribit SOL_USDC-PERPETUAL	116.80	0	get 0.0000% / 1h	4m 40s	$26.3M	$25.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Katana Perps. 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 Katana PerpsbpFee DeribitbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$20.96
Price spread: +0.028% → +0.027%: $0.02
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.73
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Deribit: live order book, 4 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Deribit live order book, 4 min ago	1.02 bp	4.7 bp −$5	5.5 bp −$55	18.1 bp −$1,807	doesn't fit

Katana Perps: 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
Hotstuff SOL-PERP	−0.0080%	1h	117.10	+0.286%	$916	$8K	25x	as long as short
Vest SOL-PERP	−0.0074%	1h	116.96	+0.165%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0056%	1h	116.81	+0.037%	$31.3M	$98.7M	100x	as long as short
Bluefin SOL-PERP	−0.0031%	1h	116.75	−0.015%	$25K	$28K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.78	+0.009%	$54K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	116.80	+0.024%	$4.5M	$24.1M	20x	as long as short
Deribit SOL_USDC-PERPETUALshort	0.0000%	1h	116.80	+0.028%	$26.3M	$25.1M	50x
Derive SOL-PERP	+0.0003%	1h	116.70	−0.061%	$1.9M	$2.8M	13x	as long as short
Hibachi SOL/USDT-P	+0.0032%	1h	117.26	+0.420%	$104K	$695K	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.76	−0.009%	$99K	$167K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.88	+0.094%	$7.9M	$401.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	116.79	+0.015%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.92	+0.125%	$13.1M	$60.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.80	+0.027%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.75	−0.019%	$342K	$227K	20x	as long as short
Katana Perps SOL-USDlong	+0.0100%	8h	116.77	long leg	$62K	$848K	20x
Paradex SOL-USD-PERP	+0.0100%	8h	116.82	+0.043%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.00	+0.197%	$5.8M	$39.0M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.79	+0.017%	$175.7M	$181.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.90	+0.108%	$14.4M	$128.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.86	+0.080%	$962.9M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.75	−0.017%	$809.8M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.81	+0.034%	$364.5M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.75	−0.017%	$234K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.80	+0.026%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.86	+0.073%	$134.6M	$18.3M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.78	+0.009%	$851.7M	$658.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.81	+0.034%	$420.7M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.91	+0.121%	$129.0M	$214.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.74	−0.025%	$484.1M	$433.7M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.79	+0.018%	—	$363.8M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.80	+0.026%	$23.4M	$37.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.16	+0.336%	$24.7M	$115.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.50	+0.628%	$94.4M	$392.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.66	+0.763%	$48.2M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.69	+0.788%	$1.7M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.50	+0.625%	$1.3M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.96	+0.163%	$351K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.92	+0.129%	$198K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.78	+0.012%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.82	+0.043%	$6.1M	$10.7M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.80	+0.025%	$226.6M	$45.8M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.89	+0.103%	$45.7M	$100.7M	50x	as long as short
Kalshi KXSOLPERP	+0.0102%	8h	116.91	+0.121%	$1.4M	$18.5M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	116.71	−0.049%	$8.1M	$36.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.88	+0.095%	—	$218.7M	500x	as long as short
Phoenix SOL	+0.0129%	1h	116.98	+0.180%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	116.84	+0.056%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0165%	1h	117.03	+0.223%	$715.0M	$389.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.95	+0.154%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.56	+0.677%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.79	+0.017%	$51.4M	$72.0M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.04	+0.230%	$131K	$3.7M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	116.79	+0.015%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0419%	1h	117.54	+0.662%	$25K	$50K	20x	as long as short