Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.036%

Price spread now: Perpl against Katana Perps−0.069%7-day average +0.021% · you buy dearer than you sell

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

Long on Katana Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.201%−$20 on $10k

Price spread, last 7 days+0.086%+$9 · spread now −0.069%, 7d avg +0.021%

Together, before fees−0.115%+ Points / potential airdropPerpl: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.090% cheaper against Katana Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps SOL-USD	118.81	0.0100	pay 0.0100% / 8h	7h 55m	$45K	$797K	20x
Short	Perpl SOL	118.73	0	get 0.0000% / 43m	34m 48s	$175K	$3.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$20.96
Price spread: −0.069% → +0.021%: −$8.99
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$47.54
Costs to cover: 0.176%
Break-even: never at this rate

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

Katana Perps and Perpl: 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
Hotstuff SOL-PERP	−0.0080%	1h	118.86	+0.044%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0079%	1h	118.71	−0.081%	—	$723K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.69	−0.100%	$2.0M	$2.8M	13x	as long as short
dYdX SOL-USD	−0.0023%	1h	118.74	−0.056%	$4.9M	$28.0M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	118.82	+0.007%	$32.6M	$97.0M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.75	−0.051%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.90	+0.080%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOLshort	0.0000%	43m	118.73	−0.069%	$175K	$3.9M	8.3x
ApeX Omni SOLUSDT	+0.0029%	1h	118.78	−0.024%	$1.5M	$6.1M	50x	as long as short
Gate SOL_USDT	+0.0037%	8h	118.78	−0.025%	$861.0M	$658.0M	100x	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	118.77	−0.034%	$103K	$159K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0078%	8h	118.78	−0.027%	$1.0M	$5.9M	100x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.75	−0.048%	—	$370.0M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	118.87	+0.050%	$121K	$642K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	118.82	+0.008%	$8.1M	$416.2M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.68	−0.106%	$13.4M	$54.6M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.70	−0.092%	$2.1M	$16.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.78	−0.026%	$352K	$570K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.64	−0.144%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USDlong	+0.0100%	8h	118.81	long leg	$45K	$797K	20x
Nado SOL-PERP	+0.0100%	1h	118.74	−0.061%	$5.8M	$41.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.83	+0.017%	$719.5M	$408.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.73	−0.070%	$178.3M	$177.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.70	−0.089%	$12.2M	$122.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.66	−0.126%	$977.9M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.67	−0.114%	$822.7M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.62	−0.160%	$370.6M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.58	−0.194%	$231K	$876K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.64	−0.146%	$1.9M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.81	+0.003%	$133.9M	$4.4M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.67	−0.118%	$429.4M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.69	−0.103%	$137.9M	$207.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.61	−0.165%	$492.1M	$457.5M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.81	0.000%	$24.2M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.86	+0.041%	$27.1M	$128.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.86	+0.040%	$95.5M	$402.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.90	+0.076%	$48.7M	$30.5M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.86	+0.042%	$1.4M	$13.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.74	−0.059%	$355K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.72	−0.074%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.77	−0.030%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.79	−0.019%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.79	−0.017%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	118.71	−0.087%	$231.0M	$45.0M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.80	−0.008%	$46.5M	$102.4M	50x	as long as short
Phoenix SOL	+0.0100%	1h	118.85	+0.034%	$6.6M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	118.75	−0.048%	$8.7M	$36.0M	50x	as long as short
Aftermath Perps SOLUSD	+0.0119%	1h	118.80	−0.005%	$24K	$47K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.88	+0.061%	—	$224.9M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0127%	1h	118.83	+0.013%	$26.6M	$25.3M	50x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.79	−0.013%	$1.8M	$4.8M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0166% / S −0.0084%	1h	118.73	−0.065%	$3.5M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	118.66	−0.126%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0185%	1h	118.70	−0.093%	$1.1M	$531K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.84	+0.025%	$51.8M	$80.2M	125x	as long as short