Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h +0.007%

Price spread now: Hibachi against Variational Omni+0.052%7-day average +0.043% · you sell dearer than you buy

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

Long on Variational Omni Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now +0.052%, 7d avg +0.043%

Together, before fees+0.251%+ Points / potential airdropVariational Omni: Active · Hibachi: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.043%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.003% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOL	116.55	0.0100	pay 0.0100% / 8h	5h 27m	$24.9M	$96.9M	—
Short	Hibachi SOL/USDT-P	116.61	−0.0280	pay 0.0035% / 1h	27m 46s	$98K	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Variational Omni. 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 Variational OmnibpFee HibachibpOrdersPrice spread, now +0.052%Rate

Funding earned: −$79.8
Price spread: +0.052% → +0.043%: $0.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$87.87
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Hibachi: live order book, 19 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 Variational Omni RFQ quote, 5 min ago	1.20 bp	doesn't fit	1.2 bp −$12	5.4 bp −$541	doesn't fit
Sell Hibachi live order book, 19 min ago	0.38 bp	5.2 bp −$5	17.3 bp −$173	doesn't fit	doesn't fit

SOL on 54 exchanges

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-Pshort	−0.0280%	1h	116.61	+0.052%	$98K	$636K	20x
Bybit SOLUSDT	−0.0049%	8h	116.47	−0.062%	$724.6M	$1.23B	100x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.53	−0.013%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.61	+0.054%	$1.3M	$15.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.58	+0.024%	$99K	$2.6M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	116.57	+0.016%	$26.2M	$17.8M	50x	as long as short
Vest SOL-PERP	+0.0007%	1h	116.55	+0.004%	—	$272K	20x	as long as short
Bitget SOLUSDT	+0.0021%	8h	116.49	−0.046%	$480.2M	$394.1M	100x	as long as short
SoDEX SOL-USD	+0.0025%	1h	116.51	−0.032%	$6.0M	$11.2M	20x	as long as short
Aster SOLUSDT	+0.0036%	8h	116.50	−0.040%	$176.1M	$155.5M	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0040%	1h	116.57	+0.019%	$101K	$183K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0040%	1h	116.53	−0.013%	$8.4M	$362.7M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0043%	8h	116.50	−0.043%	$990K	$5.0M	100x	as long as short
Aevo SOL-PERP	+0.0064%	1h	116.49	−0.048%	$347K	$260K	20x	as long as short
MEXC SOL_USDT	+0.0065%	8h	116.52	−0.024%	$504.2M	$961.2M	300x	as long as short
Binance SOLUSDT	+0.0066%	8h	116.50	−0.041%	$964.4M	$3.41B	100x	as long as short
Phoenix SOL	+0.0075%	1h	116.67	+0.105%	$6.7M	$12.2M	25x	as long as short
Hotstuff SOL-PERP	+0.0080%	1h	117.24	+0.592%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	+0.0083%	1h	116.54	−0.009%	$33.2M	$92.3M	100x	as long as short
Gate SOL_USDT	+0.0087%	8h	116.52	−0.024%	$836.3M	$592.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.52	−0.020%	$13.0M	$55.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.51	−0.031%	$2.2M	$13.6M	25x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.52	−0.024%	$44K	$886K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.53	−0.019%	$1.0M	$554K	50x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.63	+0.071%	$997K	$6.6M	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.60	+0.045%	$5.6M	$38.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.62	+0.062%	$718.5M	$369.7M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.56	+0.006%	$15.7M	$116.3M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.47	−0.067%	$357.7M	$1.54B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.53	−0.015%	$219K	$740K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.63	+0.067%	$1.2M	$8.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.95	+0.345%	$126.9M	$10.6M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.51	−0.036%	$132.7M	$223.9M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.52	−0.022%	—	$332.5M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.54	−0.007%	$23.0M	$35.7M	50x	as long as short
Variational Omni SOLlong	+0.0100%	8h	116.55	long leg	$24.9M	$96.9M	—
edgeX SOLUSDC	+0.0100%	4h	116.56	+0.010%	$93.6M	$366.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.51	−0.033%	$47.7M	$25.8M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.58	+0.028%	$1.3M	$10.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.52	−0.024%	$320K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.55	+0.003%	$284K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.52	−0.024%	$25K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.51	−0.036%	$189K	$1.4M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.58	+0.028%	$225.5M	$40.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.52	−0.024%	$45.3M	$99.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.47	−0.065%	$8.5M	$33.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	116.59	+0.039%	—	$210.2M	500x	as long as short
BloFin SOL-USDT	+0.0186%	8h	116.58	+0.028%	$51.6M	$56.5M	125x	as long as short
dYdX SOL-USD	+0.0194%	1h	116.57	+0.021%	$9.2M	$17.9M	20x	as long as short
Reya SOLRUSDPERP	+0.0200%	1h	116.49	−0.046%	$1.1M	$88K	25x	as long as short
Injective SOL/USDC PERP	+0.0206%	1h	116.85	+0.259%	$4K	$117	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0171%	1h	116.63	+0.073%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	116.60	+0.044%	$2.1M	$4.0M	20x	as long as short
Aftermath Perps SOLUSD	+0.0383%	1h	116.69	+0.119%	$25K	$46K	20x	as long as short