Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Bybit−0.003%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

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

costs, in and out, $10k−$230.229% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days−0.674%−$67 · spread now −0.003%, 7d avg +0.083%

Together, before fees−0.562%−$56 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: Backpack is 0.086% cheaper against Bybit than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	119.71	0.0100	pay 0.0100% / 8h	2h 18m	$827.9M	$1.27B	100x
Short	Backpack SOL_USDC_PERP	119.71	0.0100	get 0.0013% / 1h	18m 08s	$24.4M	$38.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → +0.083%: −$8.6
Slippage, 4 orders: −$1.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.47
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Backpack: 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 Bybit live order book, 1 min ago	0.42 bp	6.1 bp −$6	7.3 bp −$73	11.8 bp −$1,175	22.7 bp −$11.3K
Sell Backpack live order book, 1 min ago	0.42 bp	5.4 bp −$5	5.7 bp −$57	8.1 bp −$810	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
Injective SOL/USDC PERP	−0.0151%	1h	119.15	−0.470%	$4K	$2K	12x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.76	+0.038%	$849	$8K	25x	as long as short
Vest SOL-PERP	−0.0074%	1h	119.72	+0.008%	—	$724K	20x	as long as short
Derive SOL-PERP	−0.0045%	1h	119.67	−0.034%	$2.0M	$3.2M	13x	as long as short
dYdX SOL-USD	−0.0001%	1h	119.77	+0.044%	$5.1M	$27.0M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.78	+0.054%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.76	+0.038%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.78	+0.059%	$180K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0006%	1h	119.80	+0.072%	$26.9M	$27.7M	50x	as long as short
Aftermath Perps SOLUSD	+0.0025%	1h	119.64	−0.060%	$24K	$47K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SOL-USDT	+0.0054%	8h	119.67	−0.035%	$233.1M	$44.6M	75x	as long as short
Hibachi SOL/USDT-P	+0.0056%	1h	119.86	+0.125%	$120K	$622K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0062%	8h	119.77	+0.049%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.81	+0.081%	$105K	$152K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.68	−0.031%	—	$372.7M	—	as long as short
Gate SOL_USDT	+0.0090%	8h	119.69	−0.019%	$874.1M	$687.4M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.72	+0.002%	$13.7M	$55.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.71	−0.006%	$2.1M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.75	+0.027%	$355K	$747K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.72	+0.009%	$1.1M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.77	+0.048%	$49K	$788K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.75	+0.032%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.79	+0.065%	$723.4M	$413.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.77	+0.051%	$180.3M	$175.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.77	+0.050%	$12.4M	$115.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.70	−0.007%	$981.3M	$3.78B	100x	as long as short
Bybit SOLUSDTlong	+0.0100%	8h	119.71	long leg	$827.9M	$1.27B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	119.66	−0.044%	$372.7M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.78	+0.056%	$235K	$875K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.81	+0.084%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.66	−0.046%	$134.1M	$11.3M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.69	−0.019%	$439.4M	$1.12B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.74	+0.020%	$141.3M	$197.7M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.67	−0.038%	$500.2M	$452.3M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	119.71	−0.003%	$24.4M	$38.1M	50x
Variational Omni SOL	+0.0100%	8h	119.82	+0.088%	$27.5M	$127.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.73	+0.013%	$96.2M	$400.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.58	−0.111%	$49.0M	$33.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.75	+0.027%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.81	+0.081%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.77	+0.048%	$371K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.76	+0.038%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.76	+0.040%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.75	+0.032%	$195K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.73	+0.014%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.73	+0.014%	$46.8M	$101.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.71	+0.002%	$8.8M	$37.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.78	+0.052%	$8.2M	$418.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.77	+0.049%	—	$220.9M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.75	+0.031%	$6.6M	$12.5M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.80	+0.073%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0179%	1h	119.76	+0.037%	$1.1M	$562K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.69	−0.019%	$51.7M	$87.0M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0222%	1h	119.76	+0.037%	$35.7M	$91.2M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0172%	1h	119.77	+0.050%	$3.6M	—	200x	as long as short