Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Phemex against Backpack−0.034%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.291%−$29 · spread now −0.034%, 7d avg +0.003%

Together, before fees−0.377%−$38 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: Phemex is 0.037% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	117.38	0.0100	pay 0.0013% / 1h	45m 40s	$23.7M	$37.1M	50x
Short	Phemex SOLUSDT	117.34	0.0100	get 0.0100% / 8h	5h 45m	$45.7M	$100.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → +0.003%: −$3.68
Slippage, 4 orders: −$4.87
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.54
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Phemex: 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, 3 min ago	0.43 bp	5.4 bp −$5	5.5 bp −$55	8.1 bp −$812	1545.0 bp −$772.5K
Sell Phemex live order book, 4 min ago	0.43 bp	8.9 bp −$9	9.0 bp −$90	17.4 bp −$1,737	doesn't fit

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	117.26	−0.103%	$917	$8K	25x	as long as short
Vest SOL-PERP	−0.0059%	1h	117.29	−0.081%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.36	−0.015%	$31.4M	$98.0M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.30	−0.069%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.38	+0.003%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.36	−0.018%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.32	−0.054%	$1.4M	$19.4M	3.1x	as long as short
HTX SOL-USDT	+0.0043%	8h	117.33	−0.042%	$227.9M	$45.6M	75x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.35	−0.026%	$100K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.37	−0.012%	$8.0M	$402.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SOL-USDC	+0.0080%	8h	117.41	+0.021%	—	$10.6M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	117.28	−0.084%	$100K	$690K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0087%	1h	117.42	+0.032%	$26.4M	$25.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.38	−0.004%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.40	+0.017%	$13.0M	$59.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.36	−0.017%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.39	+0.005%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.41	+0.026%	$67K	$831K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.49	+0.098%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.36	−0.013%	$5.7M	$39.6M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.38	−0.001%	$176.2M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.42	+0.037%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.42	+0.034%	$967.0M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.45	+0.060%	$819.8M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.47	+0.077%	$365.6M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.145%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.48	+0.083%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	+0.060%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.44	+0.051%	$858.7M	$645.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.42	+0.034%	$423.9M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.35	−0.024%	$130.1M	$212.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.47	+0.075%	$486.9M	$432.4M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	117.38	long leg	$23.7M	$37.1M	50x
Variational Omni SOL	+0.0100%	8h	117.36	−0.013%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.31	−0.061%	$94.2M	$400.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.56	+0.155%	$48.1M	$28.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.077%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.28	−0.085%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.36	−0.017%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.38	+0.003%	$200K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.34	−0.030%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.37	−0.010%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.37	−0.009%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTshort	+0.0100%	8h	117.34	−0.034%	$45.7M	$100.3M	50x
Extended SOL-USD	+0.0104%	1h	117.45	+0.064%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.21	−0.148%	—	$220.8M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	0.000%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.55	+0.145%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0154%	1h	117.46	+0.068%	$717.2M	$393.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.36	−0.019%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	0.000%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.21	−0.145%	—	$70.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.38	0.000%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0379%	1h	117.43	+0.047%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.37	−0.007%	$127K	$3.8M	8.3x	as long as short