Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0078%/8h= −8.6% APRpaid last 24h −0.002%

Price spread now: HTX against Backpack−0.030%52s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.234% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.030%, 7d avg −0.008%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and HTX is 0.021% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	118.93	0.0100	pay 0.0013% / 1h	20m 18s	$24.1M	$37.1M	50x
Short	HTX SOL-USDT	118.89	0.0022	get 0.0022% / 8h	7h 20m	$231.3M	$44.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$16.45
Price spread: −0.030% → −0.008%: −$2.14
Slippage, 4 orders: −$1.36
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$41.95
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; HTX: live order book, 4 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, 4 min ago	0.42 bp	5.4 bp −$5	6.2 bp −$62	8.8 bp −$878	1535.4 bp −$767.7K
Sell HTX live order book, 4 min ago	0.00 bp	6.3 bp −$6	11.3 bp −$113	17.8 bp −$1,782	42.9 bp −$21.4K

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	118.92	−0.012%	$930	$8K	25x	as long as short
Vest SOL-PERP	−0.0077%	1h	118.90	−0.029%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	118.96	+0.023%	$2.0M	$2.7M	13x	as long as short
dYdX SOL-USD	−0.0022%	1h	118.98	+0.042%	$5.0M	$25.7M	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	119.05	+0.100%	$32.4M	$97.3M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.01	+0.067%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.95	+0.016%	$1.2M	$20.1M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.97	+0.036%	$154K	$3.8M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0016%	1h	118.97	+0.033%	$100K	$657K	20x	as long as short
HTX SOL-USDTshort	+0.0022%	8h	118.89	−0.030%	$231.3M	$44.0M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0032%	1h	118.97	+0.034%	$104K	$160K	20x	as long as short
Bluefin SOL-PERP	+0.0036%	1h	119.03	+0.083%	$37K	$17K	25x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.00	+0.058%	—	$366.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0082%	8h	119.06	+0.106%	$1.0M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	119.05	+0.103%	$8.1M	$409.9M	50x	as long as short
Lighter SOL	+0.0096%	1h	119.01	+0.066%	$14.2M	$56.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.93	+0.001%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.00	+0.060%	$349K	$251K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0096%	1h	119.08	+0.126%	$26.7M	$24.8M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	118.86	−0.059%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.93	0.000%	$47K	$786K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.88	−0.045%	$5.9M	$40.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.07	+0.118%	$724.8M	$396.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.97	+0.034%	$179.6M	$177.1M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.92	−0.007%	$12.2M	$124.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.01	+0.067%	$980.2M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.05	+0.101%	$824.5M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.04	+0.092%	$370.7M	$1.69B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.86	−0.059%	$233K	$830K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.92	−0.005%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.07	+0.118%	$136.4M	$9.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	118.99	+0.050%	$855.3M	$668.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.98	+0.042%	$429.5M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.96	+0.028%	$138.6M	$203.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.02	+0.078%	$494.1M	$439.6M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	118.93	long leg	$24.1M	$37.1M	50x
Variational Omni SOL	+0.0100%	8h	118.93	−0.004%	$25.0M	$130.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.00	+0.063%	$95.6M	$403.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.15	+0.184%	$48.8M	$29.2M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.04	+0.092%	$1.5M	$6.1M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.91	−0.017%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.96	+0.025%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.00	+0.056%	$204K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.94	+0.010%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.02	+0.076%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.02	+0.076%	$46.7M	$99.7M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.99	+0.049%	$8.6M	$34.9M	50x	as long as short
Phoenix SOL	+0.0114%	1h	119.17	+0.202%	$6.6M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.93	+0.002%	—	$219.5M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	118.92	−0.004%	$1.8M	$4.5M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0081%	1h	119.01	+0.064%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	119.01	+0.067%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0186%	1h	118.94	+0.007%	$1.1M	$524K	25x	as long as short
Aftermath Perps SOLUSD	+0.0190%	1h	119.04	+0.090%	$25K	$50K	20x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.91	−0.017%	$51.8M	$76.1M	125x	as long as short