Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.055%

Price spread now: Variational Omni against Hibachi−0.062%7-day average −0.037% · you buy dearer than you sell

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.538%−$54 · spread now −0.062%, 7d avg −0.037%

Together, before fees−0.562%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board−$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.025% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of −0.037%). If the spread goes back, that is −$3 on $10k: about 34 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi SOL/USDT-P	117.85	0.0040	pay 0.0005% / 1h	10m 40s	$105K	$696K	20x
Short	Variational Omni SOL	117.77	0.0100	get 0.0100% / 8h	5h 10m	$24.4M	$114.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.062%Rate

Funding earned: $12.6
Price spread: −0.062% → −0.037%: −$2.52
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.08
Costs to cover: 0.090%
Break-even: 6.4 days

Slippage unknown: Hibachi: live order book, 53 min ago; Variational Omni: RFQ quote, 4 min ago. 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 Hibachi live order book, 53 min ago	0.04 bp	4.5 bp −$5	16.8 bp −$168	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	1.19 bp	doesn't fit	1.2 bp −$12	4.0 bp −$399	doesn't fit

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
Hotstuff SOL-PERP	−0.0080%	1h	117.75	−0.083%	$921	$8K	25x	as long as short
Bluefin SOL-PERP	−0.0079%	1h	117.88	+0.030%	$25K	$28K	25x	as long as short
Vest SOL-PERP	−0.0071%	1h	117.74	−0.087%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.93	+0.070%	$31.6M	$98.8M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.82	−0.022%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.87	+0.021%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.99	+0.120%	$4.5M	$24.1M	20x	as long as short
Hibachi SOL/USDT-Plong	+0.0040%	1h	117.85	long leg	$105K	$696K	20x
01 Exchange SOLUSD	+0.0064%	1h	117.84	−0.004%	$100K	$166K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.95	+0.088%	$7.9M	$404.9M	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	+0.0090%	8h	117.91	+0.057%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.96	+0.100%	$13.2M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.95	+0.091%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.92	+0.064%	$346K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.80	−0.038%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.01	+0.139%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.72	−0.106%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.95	+0.089%	$177.6M	$180.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.99	+0.124%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.97	+0.107%	$972.6M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.97	+0.106%	$831.8M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.97	+0.106%	$366.8M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.91	+0.055%	$234K	$864K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.99	+0.125%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.96	+0.101%	$136.3M	$17.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.93	+0.072%	$860.0M	$654.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.96	+0.097%	$425.9M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.97	+0.104%	$131.0M	$213.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.97	+0.106%	$489.0M	$431.5M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.98	+0.115%	—	$363.2M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.93	+0.072%	$23.7M	$37.3M	50x	as long as short
Variational Omni SOLshort	+0.0100%	8h	117.77	−0.062%	$24.4M	$114.5M	—
edgeX SOLUSDC	+0.0100%	4h	117.84	−0.007%	$94.6M	$391.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.69	−0.133%	$48.2M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	−0.013%	$1.7M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.72	−0.106%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.82	−0.021%	$352K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.84	−0.001%	$200K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.90	+0.047%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.91	+0.055%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.81	−0.033%	$228.8M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.92	+0.063%	$46.0M	$100.5M	50x	as long as short
Kalshi KXSOLPERP	+0.0102%	8h	117.81	−0.030%	$1.4M	$19.3M	3.1x	as long as short
Extended SOL-USD	+0.0104%	1h	117.92	+0.068%	$8.2M	$36.1M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0109%	1h	117.97	+0.105%	$26.5M	$24.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.69	−0.128%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.89	+0.038%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.90	+0.046%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0175%	1h	118.08	+0.199%	$722.5M	$390.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.80	−0.042%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.301%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.85	+0.004%	$52.0M	$71.6M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.81	−0.027%	$127K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.84	−0.001%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0416%	1h	117.89	+0.042%	$25K	$52K	20x	as long as short