Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.003%

Price spread now: Katana Perps against Hyperliquid−0.120%7-day average −0.075% · you buy dearer than you sell

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

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.120%, 7d avg −0.075%

Together, before fees+0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 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: Katana Perps is 0.045% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	116.48	0.0100	pay 0.0013% / 1h	10m 08s	$701.6M	$396.0M	20x
Short	Katana Perps SOL-USD	116.34	0.0099	get 0.0099% / 8h	3h 10m	$61K	$896K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hyperliquid. 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 HyperliquidbpFee Katana PerpsbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$0.18
Price spread: −0.120% → −0.075%: −$4.52
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$17.5
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Katana Perps: 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 Hyperliquid live order book, 4 min ago	0.43 bp	4.9 bp −$5	4.9 bp −$49	7.7 bp −$775	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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
Hibachi SOL/USDT-P	−0.0208%	1h	116.43	−0.043%	$104K	$703K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.42	−0.053%	$31.4M	$102.3M	100x	as long as short
Vest SOL-PERP	−0.0106%	1h	116.33	−0.126%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.41	−0.062%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0066%	8h	116.31	−0.146%	$749.9M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.31	−0.143%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.38	−0.086%	$42K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.40	−0.064%	$1.4M	$19.1M	3.1x	as long as short
dYdX SOL-USD	+0.0011%	1h	116.43	−0.044%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.42	−0.052%	$7.6M	$404.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0062%	1h	116.35	−0.108%	$147K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.38	−0.086%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0090%	8h	116.38	−0.088%	$480.3M	$447.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.39	−0.076%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.40	−0.070%	$13.1M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.39	−0.081%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.38	−0.082%	$350K	$247K	20x	as long as short
Katana Perps SOL-USDshort	+0.0099%	8h	116.34	−0.120%	$61K	$896K	20x
Paradex SOL-USD-PERP	+0.0100%	8h	116.41	−0.062%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.36	−0.105%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOLlong	+0.0100%	1h	116.48	long leg	$701.6M	$396.0M	20x
Aster SOLUSDT	+0.0100%	8h	116.39	−0.077%	$174.3M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.41	−0.062%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.42	−0.052%	$971.0M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.40	−0.069%	$367.3M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.37	−0.094%	$224K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.41	−0.060%	$920K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	−0.017%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.37	−0.094%	$854.7M	$668.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.40	−0.069%	$368.0M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.37	−0.091%	$128.7M	$224.3M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.38	−0.083%	—	$365.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.39	−0.077%	$23.0M	$40.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.28	−0.169%	$25.0M	$114.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.48	−0.001%	$93.5M	$400.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.47	−0.009%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.54	+0.048%	$1.3M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.46	−0.017%	$1.3M	$12.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.36	−0.103%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.38	−0.088%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.36	−0.099%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.39	−0.077%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.35	−0.114%	$225.4M	$48.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.40	−0.069%	$45.3M	$103.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.34	−0.122%	$8.3M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.189%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.38	−0.083%	—	$235.8M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0125%	1h	116.44	−0.038%	$26.2M	$23.1M	50x	as long as short
Phoenix SOL	+0.0151%	1h	116.60	+0.103%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.33	−0.127%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.42	−0.052%	$51.9M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0179%	1h	116.36	−0.105%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.38	−0.089%	$129K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.45	−0.029%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0575%	1h	116.52	+0.032%	$25K	$52K	20x	as long as short