Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Hyperliquid against Bybit+0.054%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.023%−$2 · spread now +0.054%, 7d avg +0.029%

Together, before fees+0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.025% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	118.76	0.0100	pay 0.0100% / 8h	2h 44m	$818.9M	$1.26B	100x
Short	Hyperliquid SOL	118.82	0.0100	get 0.0013% / 1h	44m 17s	$716.4M	$424.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → +0.029%: $2.54
Slippage, 4 orders: −$1.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$19.14
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 10 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 Bybit live order book, 5 min ago	0.42 bp	5.9 bp −$6	6.7 bp −$67	10.3 bp −$1,032	21.5 bp −$10.7K
Sell Hyperliquid live order book, 10 min ago	0.42 bp	4.9 bp −$5	5.9 bp −$59	9.1 bp −$908	14.7 bp −$7,369

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	118.89	+0.113%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.65	−0.087%	$2.0M	$3.2M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.64	−0.098%	$841	$8K	25x	as long as short
Vest SOL-PERP	−0.0080%	1h	118.68	−0.064%	—	$724K	20x	as long as short
Aftermath Perps SOLUSD	−0.0046%	1h	118.86	+0.085%	$24K	$48K	20x	as long as short
dYdX SOL-USD	−0.0006%	1h	118.67	−0.072%	$4.9M	$26.8M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.76	0.000%	$48K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.72	−0.028%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.69	−0.058%	$179K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0053%	1h	118.78	+0.020%	$26.6M	$27.7M	50x	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	+0.0059%	8h	118.74	−0.015%	$1.1M	$5.9M	100x	as long as short
BingX SOL-USDT	+0.0069%	8h	118.74	−0.013%	—	$372.7M	—	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.75	−0.005%	$104K	$153K	20x	as long as short
HTX SOL-USDT	+0.0072%	8h	118.65	−0.093%	$231.2M	$43.6M	75x	as long as short
ApeX Omni SOLUSDT	+0.0074%	1h	118.90	+0.121%	$1.5M	$6.2M	50x	as long as short
Gate SOL_USDT	+0.0084%	8h	118.72	−0.030%	$857.6M	$677.0M	100x	as long as short
KuCoin SOLUSDTM	+0.0094%	8h	118.74	−0.013%	$143.7M	$196.5M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.72	−0.028%	$13.4M	$53.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.71	−0.041%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.70	−0.046%	$353K	$741K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.65	−0.090%	$1.0M	$525K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.71	−0.039%	$45K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.65	−0.093%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOLshort	+0.0100%	1h	118.82	+0.054%	$716.4M	$424.8M	20x
Aster SOLUSDT	+0.0100%	8h	118.73	−0.025%	$179.0M	$173.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.70	−0.045%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.73	−0.020%	$970.6M	$3.74B	100x	as long as short
Bybit SOLUSDTlong	+0.0100%	8h	118.76	long leg	$818.9M	$1.26B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	118.74	−0.013%	$370.0M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.65	−0.089%	$233K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.77	+0.008%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.106%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.73	−0.022%	$465.8M	$1.07B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.71	−0.040%	$495.4M	$448.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.66	−0.081%	$24.2M	$38.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.85	+0.075%	$27.6M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	+0.129%	$95.5M	$397.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.83	+0.061%	$48.6M	$33.0M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.88	+0.104%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.73	−0.022%	$365K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.73	−0.024%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.71	−0.041%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.73	−0.018%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.70	−0.047%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.73	−0.022%	$46.3M	$99.8M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.69	−0.055%	$8.6M	$37.2M	50x	as long as short
Hibachi SOL/USDT-P	+0.0112%	1h	118.77	+0.013%	$123K	$606K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.76	+0.003%	$8.0M	$413.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.69	−0.052%	—	$217.8M	500x	as long as short
Phoenix SOL	+0.0154%	1h	118.92	+0.138%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.75	−0.005%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.76	+0.002%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.73	−0.023%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.67	−0.072%	$51.7M	$87.0M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.74	−0.015%	$36.0M	$89.8M	100x	as long as short