Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0029%/8h= +3.1% APRpaid last 24h +0.010%

Price spread now: Lighter against Orderly−0.095%7-day average +0.005% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.095%, 7d avg +0.005%

Together, before fees+0.259%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.100% cheaper against Orderly than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of +0.005%). If the spread goes back, that is −$10 on $10k: about 12 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.028% in total) that is about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SOL_USDC	119.23	0.0067	pay 0.0067% / 8h	1h 26m	$1.1M	$5.9M	100x
Short	Lighter SOL	119.12	0.0096	get 0.0012% / 1h	26m 02s	$13.6M	$55.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.095%Rate

Funding earned: $6
Price spread: −0.095% → +0.005%: −$9.98
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$9.98
Costs to cover: 0.060%
Break-even: 18.6 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 8 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 8 min ago	0.80 bp	1.1 bp −$1	2.1 bp −$21	6.2 bp −$624	22.0 bp −$11.0K

Orderly: 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	−0.0117%	1h	118.34	−0.751%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0086%	1h	119.14	−0.080%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.26	+0.022%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0061%	1h	119.19	−0.039%	—	$722K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0005% / S +0.0004%	1h	119.25	+0.013%	$106K	—	150x	as long as short
dYdX SOL-USD	−0.0001%	1h	119.28	+0.042%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.20	−0.029%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.26	+0.021%	$178K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0032%	1h	119.27	+0.034%	$119K	$611K	20x	as long as short
Phoenix SOL	+0.0054%	1h	119.24	+0.006%	$6.5M	$13.6M	25x	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_USDClong	+0.0067%	8h	119.23	long leg	$1.1M	$5.9M	100x
Aftermath Perps SOLUSD	+0.0079%	1h	119.30	+0.060%	$24K	$47K	20x	as long as short
01 Exchange SOLUSD	+0.0080%	1h	119.24	+0.006%	$104K	$154K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.08	−0.124%	—	$374.4M	—	as long as short
HTX SOL-USDT	+0.0083%	8h	119.04	−0.162%	$231.8M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0087%	8h	119.10	−0.112%	$869.7M	$683.8M	100x	as long as short
Lighter SOLshort	+0.0096%	1h	119.12	−0.095%	$13.6M	$55.8M	25x
Lighter RH SOL	+0.0096%	1h	119.11	−0.105%	$2.1M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.16	−0.065%	$353K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.15	−0.073%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.21	−0.019%	$47K	$794K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.21	−0.019%	$6.2M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.15	−0.070%	$717.5M	$417.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.12	−0.092%	$178.3M	$176.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.26	+0.020%	$12.3M	$117.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.10	−0.112%	$984.8M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.11	−0.099%	$823.6M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.10	−0.112%	$370.8M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.31	+0.065%	$234K	$886K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.24	+0.004%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.16	−0.064%	$133.7M	$8.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.12	−0.095%	$451.7M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.13	−0.085%	$140.3M	$201.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.09	−0.118%	$494.8M	$455.8M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.11	−0.103%	$24.1M	$38.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.26	+0.023%	$27.9M	$128.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.21	−0.019%	$95.7M	$400.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.31	+0.062%	$48.8M	$31.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.25	+0.017%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.28	+0.039%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.23	−0.003%	$365K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.23	−0.004%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.24	+0.003%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.12	−0.095%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.14	−0.078%	$46.5M	$102.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.08	−0.128%	$8.7M	$36.3M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.17	−0.056%	$8.2M	$415.4M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.28	+0.036%	—	$223.3M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0124%	1h	119.25	+0.017%	$26.7M	$27.6M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0150%	1h	119.12	−0.092%	$32.6M	$95.8M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0085%	1h	119.25	+0.013%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.22	−0.014%	$1.1M	$557K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.24	+0.009%	$1.7M	$6.0M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.38	+0.123%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.28	+0.039%	$52.3M	$82.8M	125x	as long as short