Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0273%/8h= −29.9% APRpaid last 24h +0.036%

Price spread now: GMX against Perpl+0.019%57s7-day average +0.066% · you sell dearer than you buy

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

Long on Perpl Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.260%+$26 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now +0.019%, 7d avg +0.066%

Together, before fees+0.373%+ Points / potential airdropPerpl: Active · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.047% cheaper against Perpl than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.066%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.260%, so the current rate has only just turned against you. The two prices were read 57 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	Perpl SOL	117.50	0.0447	pay 0.0040% / 43m	6m 24s	$128K	$3.8M	8.3x
Short	GMX SOL/USD [SOL-USDC]	117.52	L +0.0233% / S −0.0174%	get 0.0022% / 1h	1m 24s	$3.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$57.31
Price spread: +0.019% → +0.066%: −$4.68
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$87.79
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; GMX: 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 GMX no order-book sample	—	—	—	—	—

Perpl and GMX: 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 54 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	117.50	−0.003%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0058%	1h	117.41	−0.078%	—	$607K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.46	−0.031%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.42	−0.067%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.55	+0.042%	$1.4M	$20.3M	3.1x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.49	−0.007%	$1.9M	$4.9M	20x	as long as short
Derive SOL-PERP	+0.0021%	1h	117.44	−0.053%	$2.0M	$2.8M	13x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0034%	1h	117.53	+0.029%	$26.4M	$25.4M	50x	as long as short
HTX SOL-USDT	+0.0037%	8h	117.40	−0.084%	$228.1M	$45.4M	75x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.50	+0.002%	$31.5M	$98.5M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi SOL/USDT-P	+0.0064%	1h	117.54	+0.033%	$100K	$690K	20x	as long as short
Gate SOL_USDT	+0.0071%	8h	117.46	−0.034%	$848.5M	$668.5M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.52	+0.016%	$7.9M	$404.8M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.46	−0.034%	—	$367.9M	—	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.52	+0.015%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.44	−0.054%	$13.0M	$60.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.45	−0.038%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.47	−0.026%	$100K	$161K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.51	+0.005%	$344K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.47	−0.025%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.43	−0.060%	$67K	$840K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.49	−0.009%	$5.8M	$40.2M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.46	−0.034%	$176.3M	$177.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.47	−0.025%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.46	−0.034%	$968.3M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.47	−0.025%	$820.0M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.46	−0.034%	$366.0M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.42	−0.068%	$238K	$850K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.44	−0.047%	$2.0M	$9.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.46	−0.034%	$423.7M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.45	−0.045%	$130.4M	$211.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.44	−0.054%	$486.8M	$435.5M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.51	+0.009%	$23.7M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.52	+0.021%	$24.3M	$120.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.52	+0.021%	$94.4M	$404.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.43	−0.064%	$48.1M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.51	+0.009%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.48	−0.017%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.44	−0.051%	$352K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.46	−0.032%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.51	+0.005%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.54	+0.035%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.51	+0.009%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.52	+0.017%	$45.7M	$100.7M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.46	−0.038%	$134.5M	$14.2M	20x	as long as short
Phoenix SOL	+0.0101%	1h	117.53	+0.026%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.40	−0.083%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.46	−0.034%	—	$221.8M	500x	as long as short
Hyperliquid SOL	+0.0122%	1h	117.56	+0.051%	$717.0M	$395.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0189%	1h	117.43	−0.058%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.45	−0.043%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]short	L +0.0233% / S −0.0174%	1h	117.52	+0.019%	$3.6M	—	200x
Aftermath Perps SOLUSD	+0.0362%	1h	117.52	+0.013%	$25K	$51K	20x	as long as short
Perpl SOLlong	+0.0447%	43m	117.50	long leg	$128K	$3.8M	8.3x