Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Backpack+0.014%7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 7 days+0.607%+$61 · spread now +0.014%, 7d avg −0.096%

Together, before fees+0.499%+$50 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.110% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	118.02	0.0100	pay 0.0013% / 1h	52m 53s	$23.8M	$36.9M	50x
Short	Bybit SOLUSDT	118.04	0.0100	get 0.0100% / 8h	6h 52m	$821.3M	$1.29B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0
Price spread: +0.014% → −0.096%: $11.03
Slippage, 4 orders: −$3.92
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$13.89
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	0.42 bp	6.9 bp −$7	7.8 bp −$78	10.0 bp −$998	2111.1 bp −$1.06M
Sell Bybit live order book, 1 min ago	0.42 bp	5.9 bp −$6	6.8 bp −$68	11.6 bp −$1,155	23.1 bp −$11.5K

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
ApeX Omni SOLUSDT	−0.1080%	1h	118.05	+0.024%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.62	−0.337%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.56	−0.388%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.77	−0.209%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0072%	8h	117.87	−0.123%	$229.2M	$44.9M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.86	−0.137%	$2.0M	$2.7M	13x	as long as short
Gate SOL_USDT	−0.0008%	8h	118.06	+0.034%	$852.4M	$649.7M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.93	−0.076%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.82	−0.169%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.76	−0.220%	$1.5M	$21.4M	3.1x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl SOL	0.0000%	43m	117.84	−0.153%	$131K	$4.0M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.82	−0.169%	$1.8M	$4.6M	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.94	−0.069%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.88	−0.119%	$102K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.98	−0.031%	$7.9M	$410.6M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.08	+0.047%	—	$369.3M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	117.96	−0.054%	$1.1M	$5.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0093%	1h	117.99	−0.027%	$26.4M	$25.3M	50x	as long as short
Lighter SOL	+0.0096%	1h	117.94	−0.069%	$13.1M	$57.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.94	−0.068%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.92	−0.087%	$346K	$262K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	117.75	−0.232%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.74	−0.237%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.82	−0.165%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.00	−0.017%	$177.4M	$180.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.81	−0.175%	$12.8M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.03	+0.010%	$977.1M	$3.81B	100x	as long as short
Bybit SOLUSDTshort	+0.0100%	8h	118.04	+0.014%	$821.3M	$1.29B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	118.02	0.000%	$366.8M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.74	−0.237%	$255K	$901K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.84	−0.151%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.110%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.10	+0.068%	$423.2M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.07	+0.042%	$133.8M	$207.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	−0.009%	$489.8M	$445.7M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	118.02	long leg	$23.8M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	117.61	−0.350%	$24.4M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.09	+0.060%	$94.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.64	−0.324%	$48.2M	$29.6M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.58	−0.373%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.88	−0.119%	$351K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.93	−0.075%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.92	−0.088%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.93	−0.073%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.94	−0.068%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.96	−0.051%	$46.0M	$100.8M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	−0.254%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	118.05	+0.022%	$8.3M	$35.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.74	−0.238%	—	$228.6M	500x	as long as short
Hyperliquid SOL	+0.0126%	1h	118.08	+0.051%	$717.7M	$400.8M	20x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	117.89	−0.108%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	−0.034%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.254%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.92	−0.085%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	+0.021%	$25K	$51K	20x	as long as short