Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.064%

Price spread now: Hibachi against Variational Omni+0.013%7-day average +0.037% · you sell dearer than you buy

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

Long on Variational Omni Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.031%+$3 on $10k

Price spread, last 3 days (all we have)+0.402%+$40 · spread now +0.013%, 7d avg +0.037%

Together, before fees+0.433%+ Points / potential airdropVariational Omni: Active · Hibachi: Active · farm board+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hibachi is 0.024% cheaper against Variational Omni than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOL	119.18	0.0100	pay 0.0100% / 8h	2h 00m	$27.4M	$127.8M	—
Short	Hibachi SOL/USDT-P	119.20	0.0056	get 0.0007% / 1h	0m 20s	$120K	$633K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Variational Omni. 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 Variational OmnibpFee HibachibpOrdersPrice spread, now +0.013%Rate

Funding earned: −$9.24
Price spread: +0.013% → +0.037%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$20.6
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Hibachi: live order book, 24 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 Variational Omni RFQ quote, 4 min ago	1.17 bp	doesn't fit	1.2 bp −$12	8.7 bp −$873	doesn't fit
Sell Hibachi live order book, 24 min ago	0.50 bp	5.0 bp −$5	21.7 bp −$217	doesn't fit	doesn't fit

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	+0.193%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0100%	1h	119.07	−0.090%	$2.0M	$3.1M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.08	−0.079%	$844	$8K	25x	as long as short
Vest SOL-PERP	−0.0066%	1h	119.10	−0.070%	—	$724K	20x	as long as short
dYdX SOL-USD	−0.0008%	1h	119.14	−0.035%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.18	−0.003%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.20	+0.019%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.16	−0.015%	$179K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0003%	1h	119.20	+0.021%	$26.7M	$27.7M	50x	as long as short
Aftermath Perps SOLUSD	+0.0045%	1h	119.23	+0.040%	$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
Hibachi SOL/USDT-Pshort	+0.0056%	1h	119.20	+0.013%	$120K	$633K	20x
Orderly PERP_SOL_USDC	+0.0063%	8h	119.18	0.000%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0063%	8h	119.19	+0.010%	$232.2M	$44.7M	75x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.18	0.000%	$104K	$153K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.15	−0.023%	—	$374.8M	—	as long as short
Gate SOL_USDT	+0.0091%	8h	119.15	−0.025%	$868.2M	$690.3M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.12	−0.051%	$13.6M	$55.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.11	−0.059%	$2.1M	$17.1M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.15	−0.025%	$353K	$748K	20x	as long as short
ApeX Omni SOLUSDT	+0.0097%	1h	119.07	−0.095%	$1.5M	$6.2M	50x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.09	−0.079%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.09	−0.075%	$48K	$787K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.12	−0.051%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.26	+0.067%	$719.4M	$414.6M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.15	−0.022%	$178.7M	$176.1M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.16	−0.015%	$12.4M	$115.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.15	−0.025%	$976.5M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.16	−0.016%	$821.8M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.16	−0.016%	$371.8M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.10	−0.067%	$233K	$874K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.17	−0.004%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.05	−0.106%	$133.5M	$10.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.15	−0.025%	$437.9M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.17	−0.012%	$140.7M	$198.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.15	−0.027%	$496.5M	$453.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.09	−0.075%	$24.3M	$38.2M	50x	as long as short
Variational Omni SOLlong	+0.0100%	8h	119.18	long leg	$27.4M	$127.8M	—
edgeX SOLUSDC	+0.0100%	4h	119.17	−0.008%	$95.7M	$398.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.15	−0.027%	$48.8M	$33.1M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.19	+0.009%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.15	−0.025%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.14	−0.030%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.14	−0.030%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.13	−0.038%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.14	−0.033%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.13	−0.042%	$46.5M	$102.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.12	−0.046%	$8.7M	$36.6M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.17	−0.012%	$8.2M	$416.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.09	−0.073%	—	$222.1M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.22	+0.034%	$6.5M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.17	−0.006%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.17	−0.012%	$1.6M	$6.0M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.14	−0.037%	$1.1M	$558K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.05	−0.109%	$52.0M	$86.7M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.15	−0.028%	$35.4M	$91.3M	100x	as long as short