Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.002%

Price spread now: Hyperliquid against Binance+0.085%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 7 days−0.062%−$6 · spread now +0.085%, 7d avg +0.028%

Together, before fees−0.031%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.057% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SOLUSDT	117.90	0.0100	pay 0.0100% / 8h	6h 30m	$972.8M	$3.81B	100x
Short	Hyperliquid SOL	118.00	0.0103	get 0.0013% / 1h	30m 13s	$720.7M	$402.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0.53
Price spread: +0.085% → +0.028%: $5.72
Slippage, 4 orders: −$1.7
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.45
Costs to cover: 0.207%
Break-even: 199.0 days

Slippage from Binance: live order book, 14 min ago; Hyperliquid: live order book, 4 min ago.

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 Binance live order book, 14 min ago	0.42 bp	5.4 bp −$5	6.4 bp −$64	8.8 bp −$881	14.1 bp −$7,049
Sell Hyperliquid live order book, 4 min ago	0.42 bp	4.9 bp −$5	5.9 bp −$59	8.6 bp −$864	doesn't fit

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	117.76	−0.116%	$921	$8K	25x	as long as short
Vest SOL-PERP	−0.0071%	1h	117.75	−0.125%	—	$607K	20x	as long as short
Hibachi SOL/USDT-P	−0.0056%	1h	117.84	−0.053%	$92K	$692K	20x	as long as short
ApeX Omni SOLUSDT	−0.0052%	1h	117.67	−0.198%	$1.5M	$6.1M	50x	as long as short
Derive SOL-PERP	−0.0049%	1h	117.78	−0.099%	$2.0M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.85	−0.042%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.71	−0.161%	$4.5M	$24.3M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.81	−0.074%	$1.4M	$21.2M	3.1x	as long as short
Perpl SOL	0.0000%	43m	117.86	−0.033%	$129K	$3.9M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.82	−0.070%	$2.0M	$4.6M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SOL-USDT	+0.0020%	8h	117.81	−0.075%	$229.0M	$45.6M	75x	as long as short
Gate SOL_USDT	+0.0033%	8h	117.92	+0.017%	$854.5M	$660.3M	100x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.89	−0.005%	$31.6M	$98.8M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.89	−0.004%	$8.0M	$410.6M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0075%	1h	117.92	+0.017%	$26.4M	$25.5M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.93	+0.024%	—	$369.8M	—	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	117.88	−0.014%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.89	−0.008%	$13.1M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.88	−0.020%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.90	0.000%	$103K	$164K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.88	−0.020%	$345K	$259K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.76	−0.121%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.78	−0.102%	$63K	$853K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.86	−0.034%	$5.7M	$41.7M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.87	−0.027%	$177.0M	$180.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.78	−0.103%	$14.4M	$131.0M	20x	as long as short
Binance SOLUSDTlong	+0.0100%	8h	117.90	long leg	$972.8M	$3.81B	100x
Bybit SOLUSDT	+0.0100%	8h	117.92	+0.017%	$821.8M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.90	0.000%	$366.3M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.57	−0.280%	$238K	$890K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.84	−0.054%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.55	−0.294%	$134.7M	$14.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.90	0.000%	$428.5M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.88	−0.021%	$131.8M	$210.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.89	−0.008%	$488.0M	$441.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.91	+0.008%	$23.8M	$37.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.72	−0.155%	$24.4M	$125.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.62	−0.234%	$94.5M	$405.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.61	−0.247%	$48.2M	$29.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.81	−0.076%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.83	−0.059%	$358K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.84	−0.054%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.86	−0.033%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.86	−0.036%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.89	−0.008%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.88	−0.017%	$45.9M	$101.7M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.89	−0.008%	$6.5M	$13.5M	25x	as long as short
Hyperliquid SOLshort	+0.0103%	1h	118.00	+0.085%	$720.7M	$402.1M	20x
Extended SOL-USD	+0.0104%	1h	117.85	−0.044%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.72	−0.156%	—	$227.1M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.82	−0.069%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.254%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0172%	1h	117.84	−0.051%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0314%	1h	117.75	−0.128%	$25K	$51K	20x	as long as short