Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Backpack+0.114%7-day average −0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$1as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.002%$0 · spread now +0.114%, 7d avg −0.084%

Together, before fees−0.002%+ Points / potential airdropNado: Active · farm board$0 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: Nado is 0.197% dearer against Backpack than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	116.70	0.0100	pay 0.0013% / 1h	31m 26s	$23.5M	$37.9M	50x
Short	Nado SOL-PERP	116.83	0.0100	get 0.0012% / 1h	31m 26s	$5.4M	$39.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → −0.084%: $19.73
Slippage, 4 orders: −$1.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $1.02
Costs to cover: 0.187%
Break-even: from the start

Slippage from Backpack: live order book, 3 min ago; Nado: 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	7.2 bp −$72	10.0 bp −$996	2084.0 bp −$1.04M
Sell Nado live order book, 3 min ago	0.43 bp	3.9 bp −$4	4.3 bp −$43	8.4 bp −$837	27.2 bp −$13.6K

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
Vest SOL-PERP	−0.0096%	1h	116.75	+0.046%	—	$602K	20x	as long as short
Hibachi SOL/USDT-P	−0.0096%	1h	116.63	−0.060%	$103K	$701K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.71	+0.008%	$913	$8K	25x	as long as short
Derive SOL-PERP	−0.0060%	1h	116.64	−0.051%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.84	+0.120%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.74	+0.033%	$1.5M	$18.7M	3.1x	as long as short
dYdX SOL-USD	+0.0001%	1h	116.79	+0.075%	$4.4M	$24.2M	20x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.86	+0.137%	$100K	$171K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.73	+0.026%	$7.5M	$405.2M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.71	+0.012%	$31.1M	$100.3M	100x	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_USDC	+0.0091%	8h	116.84	+0.119%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.81	+0.095%	$13.1M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.79	+0.080%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.71	+0.004%	$347K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.75	+0.043%	$51K	$867K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.84	+0.123%	$989K	$534K	50x	as long as short
Nado SOL-PERPshort	+0.0100%	1h	116.83	+0.114%	$5.4M	$39.6M	40x
Hyperliquid SOL	+0.0100%	1h	116.91	+0.180%	$705.9M	$395.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.82	+0.106%	$175.1M	$182.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.84	+0.122%	$15.7M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.82	+0.100%	$967.2M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.79	+0.077%	$786.4M	$1.34B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.83	+0.111%	$369.5M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.67	−0.026%	$231K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.84	+0.119%	$928K	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.214%	$133.2M	$20.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.84	+0.120%	$844.0M	$659.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.85	+0.129%	$411.8M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.81	+0.095%	$126.7M	$218.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.83	+0.108%	$480.2M	$441.6M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.84	+0.117%	—	$365.1M	—	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	116.70	long leg	$23.5M	$37.9M	50x
Variational Omni SOL	+0.0100%	8h	116.25	−0.382%	$24.4M	$114.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.43	−0.234%	$93.5M	$398.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.45	−0.218%	$47.6M	$29.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.60	−0.085%	$1.2M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.68	−0.017%	$1.3M	$13.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.84	+0.120%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.82	+0.103%	$149K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.81	+0.097%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.68	−0.016%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.71	+0.009%	$6.0M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.62	−0.068%	$226.3M	$47.1M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.70	0.000%	$45.7M	$101.9M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.77	+0.056%	$8.1M	$36.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.83	+0.107%	—	$230.6M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.56	−0.120%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.80	+0.086%	$6.5M	$13.4M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0160%	1h	116.77	+0.062%	$26.3M	$25.3M	50x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.81	+0.098%	$1.1M	$540K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.66	−0.034%	$51.7M	$72.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	116.83	+0.112%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.83	+0.112%	$140K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0533%	1h	116.64	−0.048%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.89	+0.165%	$1.9M	$4.9M	20x	as long as short