Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.044%

Price spread now: Katana Perps against Perpl−0.070%48s7-day average −0.021% · you buy dearer than you sell

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

Long on Perpl Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.201%+$20 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.070%, 7d avg −0.021%

Together, before fees+0.264%+ Points / potential airdropPerpl: Active · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.049% cheaper against Perpl than usual: you would sell low and buy high (spread −0.070% now, against its 7-day average of −0.021%). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day). The two prices were read 48 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	119.20	0	get 0.0000% / 43m	35m 37s	$178K	$4.0M	8.3x
Short	Katana Perps SOL-USD	119.12	0.0100	get 0.0100% / 8h	2h 05m	$48K	$785K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.070%Rate

Funding earned: $20.96
Price spread: −0.070% → −0.021%: −$4.94
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$1.59
Costs to cover: 0.176%
Break-even: 7.5 days

Slippage unknown: Perpl: no order-book sample; Katana Perps: 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 Katana Perps no order-book sample	—	—	—	—	—

Perpl and 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
Injective SOL/USDC PERP	−0.0151%	1h	119.41	+0.173%	$4K	$2K	12x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.13	−0.065%	$845	$8K	25x	as long as short
Vest SOL-PERP	−0.0069%	1h	119.07	−0.112%	—	$724K	20x	as long as short
Derive SOL-PERP	−0.0056%	1h	119.07	−0.111%	$2.0M	$3.1M	13x	as long as short
dYdX SOL-USD	−0.0005%	1h	119.19	−0.013%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.17	−0.024%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.23	+0.021%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOLlong	0.0000%	43m	119.20	long leg	$178K	$4.0M	8.3x
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	119.22	+0.010%	$26.7M	$27.7M	50x	as long as short
Aftermath Perps SOLUSD	+0.0042%	1h	119.36	+0.132%	$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	+0.0057%	8h	119.19	−0.012%	$232.2M	$44.7M	75x	as long as short
Orderly PERP_SOL_USDC	+0.0062%	8h	119.17	−0.028%	$1.1M	$5.9M	100x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	119.25	+0.041%	$120K	$633K	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.14	−0.054%	$103K	$152K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.10	−0.084%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0089%	8h	119.11	−0.079%	$869.3M	$689.4M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.13	−0.065%	$13.6M	$55.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.12	−0.073%	$2.1M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.14	−0.055%	$354K	$747K	20x	as long as short
ApeX Omni SOLUSDT	+0.0099%	1h	119.21	+0.006%	$1.5M	$6.2M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.10	−0.086%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USDshort	+0.0100%	8h	119.12	−0.070%	$48K	$785K	20x
Nado SOL-PERP	+0.0100%	1h	119.09	−0.092%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.23	+0.022%	$719.2M	$413.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.12	−0.070%	$178.7M	$176.1M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.17	−0.033%	$12.4M	$115.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.10	−0.084%	$976.1M	$3.78B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.12	−0.073%	$823.7M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.10	−0.087%	$371.2M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.08	−0.104%	$233K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.16	−0.039%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.25	+0.039%	$133.7M	$10.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.12	−0.070%	$444.8M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.12	−0.071%	$140.2M	$198.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.10	−0.090%	$496.9M	$453.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.15	−0.045%	$24.3M	$38.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.41	+0.175%	$27.4M	$127.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.32	+0.094%	$95.8M	$397.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.29	+0.076%	$48.8M	$33.1M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.18	−0.020%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.10	−0.087%	$363K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.15	−0.045%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.17	−0.027%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.17	−0.024%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.15	−0.045%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.15	−0.045%	$46.5M	$101.9M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.09	−0.099%	$8.7M	$36.6M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.19	−0.013%	$8.2M	$416.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.18	−0.024%	—	$221.8M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.34	+0.114%	$6.6M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.17	−0.030%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.15	−0.049%	$1.6M	$6.0M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.10	−0.091%	$1.1M	$558K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.15	−0.045%	$52.0M	$86.7M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.16	−0.034%	$35.4M	$91.3M	100x	as long as short