Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.028%

Price spread now: Derive against OKX−0.185%118s7-day average −0.020% · you buy dearer than you sell

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

Long on OKX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.185%, 7d avg −0.020%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Derive is 0.165% cheaper against OKX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 118 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	OKX SOL-USDT-SWAP	119.43	0.0100	pay 0.0100% / 8h	2h 10m	$372.1M	$1.72B	100x
Short	Derive SOL-PERP	119.21	−0.0056	pay 0.0007% / 1h	10m 25s	$2.0M	$3.1M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against OKX. 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 OKXbpFee DerivebpOrdersPrice spread, now −0.185%Rate

Funding earned: −$32.84
Price spread: −0.185% → −0.020%: −$16.46
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$65.3
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; Derive: 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 OKX live order book, 4 min ago	0.42 bp	5.4 bp −$5	6.7 bp −$67	11.7 bp −$1,169	24.4 bp −$12.2K
Sell Derive no order-book sample	—	—	—	—	—

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
Injective SOL/USDC PERP	−0.0151%	1h	119.15	−0.234%	$4K	$2K	12x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.27	−0.131%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0071%	1h	119.34	−0.073%	—	$724K	20x	as long as short
Derive SOL-PERPshort	−0.0056%	1h	119.21	−0.185%	$2.0M	$3.1M	13x
dYdX SOL-USD	−0.0007%	1h	119.42	−0.011%	$4.9M	$27.1M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.45	+0.013%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.41	−0.013%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.39	−0.034%	$179K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0028%	1h	119.43	+0.001%	$26.8M	$27.7M	50x	as long as short
Aftermath Perps SOLUSD	+0.0041%	1h	119.47	+0.034%	$24K	$47K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SOL-USDT	+0.0052%	8h	119.32	−0.096%	$232.4M	$44.7M	75x	as long as short
Orderly PERP_SOL_USDC	+0.0062%	8h	119.43	+0.001%	$1.1M	$5.9M	100x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	119.31	−0.098%	$120K	$633K	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.41	−0.017%	$104K	$153K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.42	−0.006%	—	$374.6M	—	as long as short
Gate SOL_USDT	+0.0089%	8h	119.40	−0.025%	$871.3M	$688.5M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.41	−0.017%	$13.7M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.40	−0.025%	$2.1M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.38	−0.039%	$354K	$747K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.36	−0.056%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.40	−0.025%	$49K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.37	−0.053%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.51	+0.067%	$721.1M	$415.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.42	−0.008%	$179.8M	$176.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.43	−0.001%	$12.4M	$115.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.43	0.000%	$977.8M	$3.78B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.44	+0.008%	$825.6M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAPlong	+0.0100%	8h	119.43	long leg	$372.1M	$1.72B	100x
Ondo Perps SOL-USD.P	+0.0100%	1h	119.40	−0.025%	$234K	$874K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.43	−0.001%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.25	−0.151%	$133.7M	$10.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.42	−0.008%	$451.9M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.40	−0.023%	$140.8M	$198.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.39	−0.031%	$498.1M	$453.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.39	−0.033%	$24.3M	$38.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.41	−0.015%	$27.4M	$127.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.43	+0.002%	$95.9M	$402.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.33	−0.084%	$48.8M	$33.1M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.38	−0.039%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.41	−0.017%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.42	−0.008%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.42	−0.005%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.42	−0.013%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.38	−0.045%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.34	−0.075%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.38	−0.042%	$46.6M	$101.7M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.35	−0.065%	$8.7M	$36.6M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.40	−0.026%	$8.2M	$417.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.38	−0.040%	—	$221.7M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.39	−0.033%	$6.6M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0090%	1h	119.45	+0.014%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.43	−0.003%	$1.6M	$6.0M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.42	−0.007%	$1.1M	$558K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.37	−0.050%	$52.0M	$86.8M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.37	−0.047%	$35.5M	$91.2M	100x	as long as short