Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0095%/8h= −10.4% APRpaid last 24h +0.007%

Price spread now: Derive against Perpl−0.087%7-day average −0.005% · you buy dearer than you sell

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 3 days (all we have)+0.115%+$12 · spread now −0.087%, 7d avg −0.005%

Together, before fees+0.397%+ Points / potential airdropPerpl: Active · farm board+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 0.082% cheaper against Perpl than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.281%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl SOL	119.28	0	get 0.0000% / 43m	1m 45s	$179K	$4.0M	8.3x
Short	Derive SOL-PERP	119.18	−0.0095	pay 0.0012% / 1h	31m 45s	$2.0M	$3.0M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Perpl. 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 PerplbpFee DerivebpOrdersPrice spread, now −0.087%Rate

Funding earned: −$19.95
Price spread: −0.087% → −0.005%: −$8.25
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$47.99
Costs to cover: 0.198%
Break-even: never at this rate

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

Perpl and 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
Bluefin SOL-PERP	−0.0178%	1h	119.25	−0.032%	$37K	$17K	25x	as long as short
Derive SOL-PERPshort	−0.0095%	1h	119.18	−0.087%	$2.0M	$3.0M	13x
Hotstuff SOL-PERP	−0.0080%	1h	119.31	+0.018%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0060%	1h	119.23	−0.043%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0001%	1h	119.29	+0.010%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.28	−0.003%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.33	+0.038%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOLlong	0.0000%	43m	119.28	long leg	$179K	$4.0M	8.3x
Hibachi SOL/USDT-P	+0.0024%	1h	119.39	+0.093%	$120K	$611K	20x	as long as short
Phoenix SOL	+0.0054%	1h	119.38	+0.081%	$6.6M	$13.6M	25x	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	+0.0067%	8h	119.29	+0.004%	$1.1M	$5.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0071%	1h	119.32	+0.035%	$26.7M	$27.6M	50x	as long as short
Aftermath Perps SOLUSD	+0.0072%	1h	119.45	+0.136%	$24K	$47K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.28	−0.003%	—	$374.1M	—	as long as short
HTX SOL-USDT	+0.0083%	8h	119.25	−0.028%	$232.3M	$44.7M	75x	as long as short
Gate SOL_USDT	+0.0083%	8h	119.22	−0.053%	$869.7M	$682.3M	100x	as long as short
01 Exchange SOLUSD	+0.0088%	1h	119.29	+0.006%	$104K	$153K	20x	as long as short
Lighter SOL	+0.0096%	1h	119.28	−0.003%	$13.6M	$55.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.28	−0.004%	$2.1M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.27	−0.007%	$353K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.27	−0.007%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.28	−0.003%	$47K	$794K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.30	+0.014%	$6.2M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.38	+0.081%	$718.9M	$416.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.24	−0.040%	$178.5M	$176.1M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.33	+0.036%	$12.4M	$117.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.28	+0.001%	$986.7M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.30	+0.014%	$824.1M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.26	−0.019%	$371.4M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.26	−0.019%	$234K	$885K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.36	+0.068%	$2.0M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.29	+0.006%	$450.6M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.25	−0.027%	$140.9M	$200.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.28	−0.006%	$495.5M	$455.2M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.25	−0.028%	$24.1M	$38.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.41	+0.108%	$27.9M	$128.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.38	+0.081%	$95.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.40	+0.094%	$48.9M	$31.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.44	+0.132%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.42	+0.115%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.24	−0.036%	$364K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.27	−0.014%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.32	+0.028%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.28	−0.003%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.30	+0.014%	$46.6M	$101.9M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.75	+0.390%	$134.3M	$8.4M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	119.25	−0.031%	$8.7M	$36.2M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.34	+0.052%	$8.2M	$415.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.28	−0.005%	—	$223.1M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.33	+0.037%	$32.6M	$95.7M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0085%	1h	119.27	−0.009%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.22	−0.049%	$1.1M	$557K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.33	+0.043%	$1.7M	$6.0M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.13	−0.128%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.32	+0.031%	$52.2M	$82.8M	125x	as long as short