Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Variational Omni−0.037%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.037% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOL	116.51	0.0100	pay 0.0100% / 8h	1h 36m	$24.9M	$111.3M	—
Short	Hotstuff SOL-PERP	116.47	−0.0080	pay 0.0010% / 1h	36m 55s	$1K	$8K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$37.8
Price spread: −0.037% → 0.000%: −$3.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$46.54
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hotstuff: 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 Variational Omni RFQ quote, 2 min ago	1.20 bp	doesn't fit	1.2 bp −$12	5.5 bp −$550	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Hibachi SOL/USDT-P	−0.0136%	1h	116.41	−0.089%	$96K	$686K	20x	as long as short
Bybit SOLUSDT	−0.0116%	8h	116.39	−0.107%	$739.8M	$1.44B	100x	as long as short
Hotstuff SOL-PERPshort	−0.0080%	1h	116.47	−0.037%	$1K	$8K	25x
Kraken Futures PF_SOLUSD	−0.0072%	1h	116.50	−0.014%	$33.0M	$105.3M	100x	as long as short
Derive SOL-PERP	−0.0053%	1h	116.40	−0.098%	$1.9M	$3.0M	13x	as long as short
Vest SOL-PERP	−0.0016%	1h	116.45	−0.052%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.42	−0.079%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.50	−0.015%	$1.5M	$19.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.45	−0.057%	$110K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0013%	1h	116.47	−0.038%	$4.3M	$23.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SOL	+0.0032%	1h	116.46	−0.049%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.52	+0.005%	$100K	$177K	20x	as long as short
Bitget SOLUSDT	+0.0047%	8h	116.40	−0.098%	$479.4M	$462.1M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.50	−0.014%	$8.0M	$404.5M	50x	as long as short
SoDEX SOL-USD	+0.0086%	1h	116.47	−0.038%	$6.1M	$10.9M	20x	as long as short
Aster SOLUSDT	+0.0087%	8h	116.40	−0.098%	$175.7M	$174.6M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0088%	1h	116.54	+0.020%	$26.4M	$21.8M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	116.47	−0.036%	$1.0M	$6.0M	100x	as long as short
Paradex SOL-USD-PERP	+0.0095%	8h	116.48	−0.033%	$1.0M	$551K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.42	−0.077%	$13.1M	$60.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.49	−0.022%	$351K	$252K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.43	−0.073%	$64K	$906K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.47	−0.036%	$5.5M	$41.1M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.50	−0.013%	$697.1M	$409.1M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.50	−0.016%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.41	−0.094%	$966.4M	$3.90B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.42	−0.081%	$368.7M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.41	−0.090%	$217K	$886K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.50	−0.013%	$900K	$8.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.42	−0.081%	$843.4M	$667.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.43	−0.073%	$362.5M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.40	−0.096%	$129.7M	$232.5M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.37	−0.126%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.43	−0.073%	$23.0M	$37.9M	50x	as long as short
Variational Omni SOLlong	+0.0100%	8h	116.51	long leg	$24.9M	$111.3M	—
edgeX SOLUSDC	+0.0100%	4h	116.40	−0.098%	$93.4M	$409.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.54	+0.023%	$47.7M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.64	+0.108%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.43	−0.073%	$1.3M	$12.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.48	−0.030%	$312K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.48	−0.026%	$234K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.48	−0.033%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.48	−0.026%	$189K	$1.8M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.44	−0.060%	$225.5M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.43	−0.073%	$45.3M	$105.4M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.55	+0.030%	$124.9M	$24.9M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	116.39	−0.111%	$8.0M	$39.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.46	−0.050%	—	$236.9M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.50	−0.013%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.55	+0.030%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.45	−0.052%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.44	−0.064%	$52.2M	$68.0M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.49	−0.018%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.56	+0.040%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0498%	1h	116.55	+0.033%	$25K	$56K	20x	as long as short