Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.010%

Price spread now: Backpack against BingX−0.019%7-day average +0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 7 days−0.727%−$73 · spread now −0.019%, 7d avg +0.136%

Together, before fees−0.656%−$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.155% cheaper against BingX than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.136%). If the spread goes back, that is −$15 on $10k: about 26 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SOL-USDC	118.04	0.0080	pay 0.0080% / 8h	6h 52m	—	$10.6M	—
Short	Backpack SOL_USDC_PERP	118.02	0.0100	get 0.0013% / 1h	52m 39s	$23.8M	$36.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.019%Rate

Funding earned: $4.2
Price spread: −0.019% → +0.136%: −$15.5
Slippage, 4 orders: −$6.68
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$37.97
Costs to cover: 0.267%
Break-even: 70.3 days

Slippage from BingX: live order book, 15 min ago; Backpack: live order book, 2 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 BingX live order book, 15 min ago	0.34 bp	5.7 bp −$6	7.7 bp −$77	13.6 bp −$1,362	23.7 bp −$11.9K
Sell Backpack live order book, 2 min ago	0.42 bp	5.8 bp −$6	6.2 bp −$62	8.0 bp −$799	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
ApeX Omni SOLUSDT	−0.1080%	1h	118.05	+0.005%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.62	−0.356%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.56	−0.407%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.77	−0.227%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0072%	8h	117.87	−0.142%	$229.2M	$44.9M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.86	−0.156%	$2.0M	$2.7M	13x	as long as short
Gate SOL_USDT	−0.0008%	8h	118.06	+0.015%	$852.4M	$649.7M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.93	−0.095%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	118.07	+0.025%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.76	−0.239%	$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	−0.172%	$131K	$4.0M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	118.04	+0.001%	$1.8M	$4.6M	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.94	−0.088%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.88	−0.137%	$102K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.98	−0.049%	$7.9M	$410.6M	50x	as long as short
BingX SOL-USDClong	+0.0080%	8h	118.04	long leg	—	$10.6M	—
Orderly PERP_SOL_USDC	+0.0083%	8h	117.96	−0.073%	$1.1M	$5.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0093%	1h	117.99	−0.046%	$26.4M	$25.3M	50x	as long as short
Lighter SOL	+0.0096%	1h	118.00	−0.035%	$13.5M	$58.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.99	−0.047%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.92	−0.105%	$346K	$262K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.04	+0.001%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.74	−0.256%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.82	−0.184%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.08	+0.032%	$177.6M	$180.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.05	+0.005%	$12.9M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.04	−0.004%	$977.1M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.10	+0.046%	$821.8M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.05	+0.007%	$366.7M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.10	+0.049%	$255K	$909K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.08	+0.030%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.091%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.07	+0.024%	$423.0M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.05	+0.004%	$133.7M	$207.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.06	+0.011%	$490.0M	$445.6M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	118.02	−0.019%	$23.8M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	117.61	−0.369%	$24.4M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.09	+0.041%	$94.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.64	−0.343%	$48.2M	$29.6M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.58	−0.391%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.88	−0.137%	$351K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.93	−0.093%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.92	−0.107%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.93	−0.092%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.94	−0.086%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.96	−0.069%	$46.0M	$100.8M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	−0.273%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	118.05	+0.003%	$8.3M	$35.7M	50x	as long as short
Hyperliquid SOL	+0.0111%	1h	118.12	+0.066%	$718.0M	$400.9M	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.74	−0.257%	—	$228.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	117.89	−0.127%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	−0.053%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.235%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.92	−0.103%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	+0.002%	$25K	$51K	20x	as long as short