Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.036%

Price spread now: BloFin against Backpack−0.025%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.422%−$42 · spread now −0.025%, 7d avg −0.004%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.021% cheaper against Backpack than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of −0.004%). If the spread goes back, that is −$2 on $10k: about 14 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	118.01	0.0100	pay 0.0013% / 1h	20m 58s	$23.7M	$36.5M	50x
Short	BloFin SOL-USDT	117.98	0.0220	get 0.0220% / 8h	5h 20m	$52.0M	$71.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.025%Rate

Funding earned: $25.2
Price spread: −0.025% → −0.004%: −$2.1
Slippage, 4 orders: −$1.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$0.6
Costs to cover: 0.237%
Break-even: 7.2 days

Slippage from Backpack: live order book, 3 min ago; BloFin: live order book, 3 min ago.

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 Backpack live order book, 3 min ago	0.43 bp	5.4 bp −$5	6.5 bp −$65	8.7 bp −$866	1643.1 bp −$821.6K
Sell BloFin live order book, 3 min ago	0.43 bp	6.4 bp −$6	6.6 bp −$66	8.3 bp −$825	12.5 bp −$6,265

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	118.08	+0.061%	$923	$8K	25x	as long as short
Bluefin SOL-PERP	−0.0066%	1h	117.98	−0.025%	$25K	$28K	25x	as long as short
Vest SOL-PERP	−0.0065%	1h	117.97	−0.031%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	118.00	−0.009%	$31.6M	$98.6M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.93	−0.067%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.98	−0.025%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.04	+0.022%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.05	+0.035%	$1.4M	$19.3M	3.1x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	118.08	+0.059%	$100K	$165K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	117.84	−0.144%	$105K	$695K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	118.03	+0.018%	$8.0M	$404.8M	50x	as long as short
BingX SOL-USDC	+0.0070%	8h	118.02	+0.012%	—	$10.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	118.02	+0.008%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.00	−0.006%	$13.2M	$59.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.99	−0.014%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.99	−0.013%	$346K	$226K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0097%	1h	118.03	+0.021%	$26.5M	$24.9M	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.04	+0.025%	$60K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.08	+0.058%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.06	+0.038%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.02	+0.012%	$177.8M	$180.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.04	+0.029%	$14.6M	$128.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.03	+0.015%	$971.1M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.05	+0.034%	$832.1M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.02	+0.008%	$367.9M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.91	−0.085%	$239K	$856K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.06	+0.046%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.59	−0.358%	$135.8M	$17.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.01	0.000%	$860.7M	$651.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.02	+0.008%	$425.0M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.00	−0.008%	$130.2M	$212.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	−0.003%	$488.8M	$431.8M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	118.01	long leg	$23.7M	$36.5M	50x
Variational Omni SOL	+0.0100%	8h	117.98	−0.023%	$24.4M	$115.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.54	−0.395%	$94.4M	$392.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.86	−0.127%	$48.3M	$28.6M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.82	−0.161%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.80	−0.178%	$1.3M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.06	+0.042%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.99	−0.019%	$201K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.06	+0.041%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.99	−0.017%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.94	−0.056%	$229.1M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	−0.008%	$46.0M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.99	−0.017%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.97	−0.030%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	118.08	+0.059%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	118.13	+0.105%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0182%	1h	118.13	+0.102%	$722.6M	$389.5M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	118.03	+0.017%	$1.1M	$536K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.441%	$4K	$2K	12x	as long as short
BloFin SOL-USDTshort	+0.0220%	8h	117.98	−0.025%	$52.0M	$71.7M	125x
Perpl SOL	+0.0223%	43m	118.05	+0.032%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	117.97	−0.030%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0399%	1h	117.77	−0.203%	$25K	$51K	20x	as long as short