Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.163%

Price spread now: Injective against Katana Perps−0.118%7-day average — · you buy dearer than you sell

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

Long on Katana Perps Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.118% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.118% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 5.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps SOL-USD	118.80	0.0100	pay 0.0100% / 8h	7h 32m	$47K	$778K	20x
Short	Injective SOL/USDC PERP	118.66	0.0173	get 0.0022% / 1h	32m 03s	$4K	$2K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Katana Perps. 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 Katana PerpsbpFee InjectivebpOrdersPrice spread, now −0.118%Rate

Funding earned: $15.37
Price spread: −0.118% → 0.000%: −$11.78
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$0.23
Costs to cover: 0.038%
Break-even: 7.1 days

Slippage unknown: Katana Perps: no order-book sample; Injective: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Katana Perps and Injective: 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
Bluefin SOL-PERP	−0.0146%	1h	118.91	+0.094%	$37K	$17K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.87	+0.061%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0076%	1h	118.81	+0.009%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.84	+0.035%	$2.0M	$2.7M	13x	as long as short
HTX SOL-USDT	−0.0042%	8h	118.81	+0.009%	$231.2M	$43.9M	75x	as long as short
dYdX SOL-USD	−0.0019%	1h	118.92	+0.099%	$5.0M	$25.7M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.98	+0.151%	$32.4M	$96.5M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.93	+0.107%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.87	+0.056%	$1.2M	$20.2M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.79	−0.005%	$158K	$3.9M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0040%	1h	118.83	+0.025%	$104K	$159K	20x	as long as short
Hibachi SOL/USDT-P	+0.0056%	1h	119.00	+0.169%	$101K	$656K	20x	as long as short
Phemex SOLUSDT	+0.0069%	8h	118.92	+0.101%	$46.6M	$100.5M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.99	+0.160%	—	$366.0M	—	as long as short
Orderly PERP_SOL_USDC	+0.0081%	8h	118.94	+0.116%	$1.0M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.98	+0.152%	$8.0M	$410.7M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.94	+0.120%	$14.2M	$55.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.94	+0.118%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.94	+0.119%	$349K	$248K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.81	+0.009%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USDlong	+0.0100%	8h	118.80	long leg	$47K	$778K	20x
Nado SOL-PERP	+0.0100%	1h	118.78	−0.017%	$5.9M	$40.9M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.93	+0.105%	$179.2M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.89	+0.074%	$12.2M	$123.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.96	+0.135%	$979.4M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.99	+0.161%	$824.1M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.97	+0.143%	$371.2M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.95	+0.126%	$233K	$842K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.81	+0.012%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.80	0.000%	$134.2M	$6.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.97	+0.143%	$859.0M	$664.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.96	+0.135%	$428.2M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.98	+0.152%	$138.2M	$202.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.97	+0.146%	$493.8M	$441.3M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.00	+0.168%	$24.2M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.01	+0.174%	$27.0M	$128.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.94	+0.119%	$95.5M	$404.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.92	+0.101%	$48.7M	$29.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.01	+0.176%	$1.5M	$6.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.97	+0.143%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.89	+0.076%	$357K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.90	+0.087%	$202K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.82	+0.017%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.95	+0.126%	$6.3M	$10.8M	20x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.07	+0.227%	$721.7M	$399.2M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.91	+0.093%	$8.6M	$35.2M	50x	as long as short
Phoenix SOL	+0.0114%	1h	119.01	+0.177%	$6.5M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.86	+0.049%	—	$219.8M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0132%	1h	119.01	+0.178%	$26.7M	$24.8M	50x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.79	−0.008%	$1.8M	$4.6M	20x	as long as short
Aftermath Perps SOLUSD	+0.0164%	1h	118.93	+0.109%	$25K	$50K	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0081%	1h	118.92	+0.100%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERPshort	+0.0173%	1h	118.66	−0.118%	$4K	$2K	12x
Reya SOLRUSDPERP	+0.0186%	1h	118.86	+0.053%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.90	+0.084%	$51.9M	$77.5M	125x	as long as short