Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0027%/8hnext payment −$0.03 per $10,000 · paid last 24h +0.024%

Price spread now: Lighter against Deribit−0.059%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$110.111% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.059%, 7d avg −0.007%

Together, before fees+0.209%+ Points / potential airdropLighter: Season 3 · farm board+$21 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 Lighter is 0.052% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.093%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	118.04	0.0123	pay 0.0015% / 1h	7m 00s	$26.5M	$27.2M	50x
Short	Lighter SOL	117.97	0.0096	get 0.0012% / 1h	7m 00s	$13.3M	$50.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$5.64
Price spread: −0.059% → −0.007%: −$5.16
Slippage, 4 orders: −$4.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$21.94
Costs to cover: 0.111%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Lighter: live order book, 6 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 Deribit live order book, 2 min ago	0.68 bp	5.7 bp −$6	5.9 bp −$59	25.7 bp −$2,574	doesn't fit
Sell Lighter live order book, 6 min ago	0.04 bp	0.7 bp −$1	1.8 bp −$18	5.4 bp −$542	17.7 bp −$8,844

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	−0.0627%	1h	118.30	+0.216%	$4K	$41K	12x	as long as short
dYdX SOL-USD	−0.0129%	1h	118.02	−0.021%	$4.7M	$25.3M	20x	as long as short
Vest SOL-PERP	−0.0105%	1h	117.95	−0.078%	—	$731K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.99	−0.050%	$837	$8K	25x	as long as short
Derive SOL-PERP	−0.0041%	1h	117.93	−0.099%	$1.9M	$3.0M	13x	as long as short
Aftermath Perps SOLUSD	−0.0011%	1h	118.09	+0.035%	$24K	$49K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.04	−0.002%	$56K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.07	+0.024%	$1.3M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.04	−0.007%	$166K	$4.0M	8.3x	as long as short
HTX SOL-USDT	+0.0037%	8h	117.93	−0.101%	$230.0M	$41.9M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SOL-USDC	+0.0052%	8h	117.95	−0.076%	—	$10.4M	—	as long as short
Orderly PERP_SOL_USDC	+0.0052%	8h	118.02	−0.022%	$1.1M	$5.6M	100x	as long as short
KuCoin SOLUSDTM	+0.0053%	8h	117.95	−0.079%	$140.9M	$172.5M	75x	as long as short
Kraken Futures PF_SOLUSD	+0.0061%	1h	118.00	−0.040%	$34.1M	$84.4M	100x	as long as short
ApeX Omni SOLUSDT	+0.0064%	1h	118.04	−0.004%	$1.5M	$6.3M	50x	as long as short
Bitget SOLUSDT	+0.0065%	8h	117.95	−0.080%	$494.7M	$436.8M	100x	as long as short
Gate SOL_USDT	+0.0077%	8h	117.95	−0.080%	$857.2M	$666.6M	100x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	118.02	−0.021%	$114K	$133K	20x	as long as short
OKX SOL-USDT-SWAP	+0.0085%	8h	117.94	−0.089%	$366.5M	$1.66B	100x	as long as short
Lighter SOLshort	+0.0096%	1h	117.97	−0.059%	$13.3M	$50.1M	25x
Lighter RH SOL	+0.0096%	1h	117.96	−0.068%	$2.0M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.95	−0.082%	$350K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0097%	8h	117.97	−0.060%	$1.0M	$437K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.03	−0.012%	$42K	$735K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.98	−0.051%	$5.5M	$39.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.06	+0.013%	$710.8M	$424.6M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.95	−0.080%	$178.1M	$169.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.01	−0.028%	$13.3M	$106.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.96	−0.072%	$965.8M	$3.64B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.96	−0.072%	$814.4M	$1.23B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.99	−0.046%	$233K	$854K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.02	−0.021%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.05	+0.004%	$131.0M	$16.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.96	−0.072%	$483.0M	$1.06B	300x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.97	−0.063%	$24.1M	$37.3M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.99	−0.043%	$28.0M	$118.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.05	+0.006%	$94.8M	$384.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.04	−0.002%	$48.3M	$32.6M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.00	−0.038%	$1.4M	$13.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.02	−0.021%	$359K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.00	−0.040%	$199K	$1.8M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.98	−0.053%	$37K	$14K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.98	−0.053%	$191K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.95	−0.080%	$6.2M	$10.9M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	−0.038%	$45.9M	$96.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.96	−0.075%	$8.6M	$37.1M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0104%	1h	118.00	−0.034%	$7.8M	$398.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0048%	1h	118.04	−0.005%	—	$206.8M	500x	as long as short
Deribit SOL_USDC-PERPETUALlong	+0.0123%	1h	118.04	long leg	$26.5M	$27.2M	50x
Phoenix SOL	+0.0149%	1h	118.13	+0.072%	$7.3M	$11.4M	25x	as long as short
Hibachi SOL/USDT-P	+0.0152%	1h	118.06	+0.017%	$118K	$557K	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0172% / S −0.0075%	1h	118.04	−0.007%	$3.7M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	117.99	−0.047%	$1.1M	$534K	25x	as long as short
RISEx SOL/USDC	+0.0185%	1h	118.04	−0.007%	$1.6M	$6.5M	20x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.95	−0.080%	$51.7M	$90.2M	125x	as long as short