Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0275%/8h= +30.1% APRpaid last 24h −0.003%

Price spread now: Gate against Hibachi−0.119%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Hibachi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.173%−$17 · spread now −0.119%, 7d avg −0.045%

Together, before fees−0.184%+ Points / potential airdropHibachi: Active · farm board−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.074% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.119% now, against its 7-day average of −0.045%). If the spread goes back, that is −$7 on $10k: about 22 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.011% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi SOL/USDT-P	116.74	−0.0184	get 0.0023% / 1h	48m 45s	$99K	$646K	20x
Short	Gate SOL_USDT	116.60	0.0091	get 0.0091% / 8h	4h 48m	$836.5M	$571.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpFee GatebpOrdersPrice spread, now −0.119%Rate

Funding earned: $57.75
Price spread: −0.119% → −0.045%: −$7.4
Slippage, 4 orders: −$2.64
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $23.71
Costs to cover: 0.266%
Break-even: 4.1 days

Slippage from Hibachi: live order book, 58 min ago; Gate: live order book, 3 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 Hibachi live order book, 58 min ago	0.38 bp	4.9 bp −$5	19.7 bp −$197	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.43 bp	8.0 bp −$8	9.4 bp −$94	13.9 bp −$1,386	28.1 bp −$14.1K

SOL on 55 exchanges

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-Plong	−0.0184%	1h	116.74	long leg	$99K	$646K	20x
Hotstuff SOL-PERP	−0.0080%	1h	117.10	+0.306%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0046%	8h	116.73	−0.007%	$725.9M	$1.22B	100x	as long as short
Derive SOL-PERP	−0.0008%	1h	116.37	−0.318%	$1.8M	$2.5M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.39	−0.296%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.52	−0.191%	$1.3M	$15.3M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.50	−0.206%	$99K	$2.6M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0006%	1h	116.51	−0.194%	$26.2M	$17.6M	50x	as long as short
Vest SOL-PERP	+0.0015%	1h	116.55	−0.161%	—	$272K	20x	as long as short
Bitget SOLUSDT	+0.0017%	8h	116.70	−0.033%	$479.4M	$390.7M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0024%	1h	116.47	−0.230%	$8.5M	$360.3M	50x	as long as short
Injective SOL/USDC PERP	+0.0033%	1h	116.85	+0.095%	$4K	$113	12x	as long as short
Orderly PERP_SOL_USDC	+0.0038%	8h	116.41	−0.286%	$963K	$5.0M	100x	as long as short
Aster SOLUSDT	+0.0045%	8h	116.73	−0.007%	$176.1M	$156.3M	100x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.63	−0.093%	$102K	$185K	20x	as long as short
SoDEX SOL-USD	+0.0061%	1h	116.52	−0.187%	$6.0M	$11.2M	20x	as long as short
MEXC SOL_USDT	+0.0064%	8h	116.74	+0.001%	$459.0M	$949.9M	300x	as long as short
Aevo SOL-PERP	+0.0064%	1h	116.36	−0.326%	$341K	$261K	20x	as long as short
Binance SOLUSDT	+0.0065%	8h	116.74	+0.001%	$968.6M	$3.39B	100x	as long as short
ApeX Omni SOLUSDT	+0.0082%	1h	116.58	−0.136%	$996K	$6.6M	50x	as long as short
Gate SOL_USDTshort	+0.0091%	8h	116.60	−0.119%	$836.5M	$571.8M	100x
Lighter SOL	+0.0096%	1h	116.75	+0.008%	$12.9M	$54.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.73	−0.006%	$2.2M	$12.8M	25x	as long as short
dYdX SOL-USD	+0.0099%	1h	116.74	+0.002%	$9.1M	$17.9M	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.54	−0.170%	$24K	$891K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.76	+0.020%	$1.0M	$554K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.34	−0.337%	$5.5M	$38.8M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.80	+0.053%	$719.2M	$364.2M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.78	+0.039%	$15.8M	$116.2M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.74	+0.001%	$358.9M	$1.53B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.39	−0.299%	$219K	$724K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.71	−0.021%	$1.2M	$7.7M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.71	−0.024%	$133.0M	$224.3M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.73	−0.008%	—	$330.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.48	−0.222%	$23.1M	$35.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.53	−0.175%	$24.9M	$94.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.55	−0.162%	$93.6M	$356.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.58	−0.132%	$47.7M	$25.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.71	−0.025%	$1.3M	$9.6M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.54	−0.170%	$324K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.47	−0.229%	$283K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.39	−0.300%	$26K	$34K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.38	−0.305%	$189K	$1.4M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.51	−0.195%	$225.3M	$39.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.50	−0.204%	$45.2M	$98.4M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.75	+0.010%	$127.3M	$9.4M	20x	as long as short
Phoenix SOL	+0.0103%	1h	116.81	+0.061%	$6.7M	$11.6M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	116.55	−0.161%	$8.4M	$32.6M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.57	−0.148%	—	$210.8M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0129%	1h	116.48	−0.222%	$33.1M	$91.9M	100x	as long as short
BloFin SOL-USDT	+0.0185%	8h	116.44	−0.256%	$51.7M	$55.6M	125x	as long as short
Reya SOLRUSDPERP	+0.0201%	1h	116.51	−0.196%	$1.1M	$90K	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0181%	1h	116.45	−0.250%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	116.62	−0.106%	$2.2M	$3.7M	20x	as long as short
Aftermath Perps SOLUSD	+0.0428%	1h	116.68	−0.052%	$25K	$45K	20x	as long as short