Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.038%

Price spread now: Derive against Bybit−0.089%7-day average −0.038% · you buy dearer than you sell

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

Long on Bybit Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.089%, 7d avg −0.038%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Derive is 0.051% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.050% in total (about 2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	118.91	0.0100	pay 0.0100% / 8h	1m 06s	$824.0M	$1.28B	100x
Short	Derive SOL-PERP	118.80	−0.0100	pay 0.0013% / 1h	1m 06s	$2.0M	$2.8M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Bybit. 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 BybitbpFee DerivebpOrdersPrice spread, now −0.089%Rate

Funding earned: −$42.05
Price spread: −0.089% → −0.038%: −$5.1
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Derive: 3 bp × 2 orders: −$6
Net: −$64.15
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 8 min ago; Derive: 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 Bybit live order book, 8 min ago	0.42 bp	5.9 bp −$6	6.5 bp −$65	10.0 bp −$997	19.0 bp −$9,515
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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
Derive SOL-PERPshort	−0.0100%	1h	118.80	−0.089%	$2.0M	$2.8M	13x
Hotstuff SOL-PERP	−0.0080%	1h	118.80	−0.093%	$842	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	118.76	−0.124%	—	$723K	20x	as long as short
dYdX SOL-USD	−0.0021%	1h	118.82	−0.073%	$4.8M	$28.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.88	−0.026%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.83	−0.071%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.80	−0.093%	$175K	$3.9M	8.3x	as long as short
ApeX Omni SOLUSDT	+0.0020%	1h	118.73	−0.148%	$1.5M	$6.1M	50x	as long as short
Gate SOL_USDT	+0.0065%	8h	118.90	−0.008%	$861.3M	$690.1M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.82	−0.076%	$104K	$158K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0078%	8h	118.89	−0.016%	$1.0M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0079%	8h	118.77	−0.119%	$231.2M	$45.0M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	118.87	−0.036%	—	$10.5M	—	as long as short
Hibachi SOL/USDT-P	+0.0088%	1h	118.81	−0.085%	$122K	$642K	20x	as long as short
Lighter SOL	+0.0096%	1h	118.91	−0.002%	$13.4M	$56.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.91	−0.001%	$2.1M	$17.1M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.90	−0.011%	$352K	$748K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0096%	1h	118.97	+0.047%	$8.2M	$417.1M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0098%	1h	118.97	+0.050%	$26.6M	$25.7M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.82	−0.072%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.78	−0.109%	$45K	$797K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.79	−0.097%	$5.8M	$40.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.01	+0.084%	$719.9M	$408.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.87	−0.034%	$178.6M	$177.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.84	−0.059%	$12.2M	$122.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.91	+0.002%	$981.1M	$3.82B	100x	as long as short
Bybit SOLUSDTlong	+0.0100%	8h	118.91	long leg	$824.0M	$1.28B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	118.89	−0.017%	$371.3M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.76	−0.126%	$231K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.84	−0.061%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.65	−0.221%	$133.6M	$4.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.90	−0.008%	$426.6M	$1.14B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.93	+0.019%	$137.9M	$207.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.89	−0.018%	$493.3M	$458.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.93	+0.017%	$24.2M	$38.6M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.79	−0.102%	$27.0M	$128.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.73	−0.148%	$95.4M	$403.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.57	−0.288%	$48.6M	$30.4M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.81	−0.084%	$1.4M	$13.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.82	−0.076%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.82	−0.072%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.89	−0.019%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.80	−0.095%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.91	0.000%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.91	0.000%	$46.5M	$102.5M	50x	as long as short
Phoenix SOL	+0.0100%	1h	118.85	−0.050%	$6.6M	$13.7M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	118.88	−0.023%	$8.7M	$36.0M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0105%	1h	118.94	+0.028%	$32.6M	$97.1M	100x	as long as short
Aftermath Perps SOLUSD	+0.0116%	1h	118.72	−0.163%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.82	−0.073%	—	$225.8M	500x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0166% / S −0.0070%	1h	118.85	−0.046%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0170%	1h	118.66	−0.210%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0185%	1h	118.80	−0.095%	$1.1M	$539K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.93	+0.017%	$51.9M	$80.3M	125x	as long as short
RISEx SOL/USDC	+0.0226%	1h	118.80	−0.091%	$1.8M	$4.8M	20x	as long as short