SOL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0155%/8h= +17.0% APRnext payment +$0.19 per $10,000 · paid last 24h +0.004%

Price spread now: Backpack against Kraken Futures+0.041%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now +0.041%, 7d avg +0.004%

Together, before fees+0.290%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.037% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SOLUSD	117.45	−0.0055	get 0.0007% / 1h	44m 29s	$31.5M	$98.1M	100x
Short	Backpack SOL_USDC_PERP	117.50	0.0100	get 0.0013% / 1h	44m 29s	$23.7M	$37.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.041%Rate

Funding earned: $32.59
Price spread: +0.041% → +0.004%: $3.68
Slippage, 4 orders: −$7.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $9.25
Costs to cover: 0.270%
Break-even: 5.0 days

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 5 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 Kraken Futures live order book, 5 min ago	2.56 bp	7.6 bp −$8	9.2 bp −$92	12.7 bp −$1,274	23.5 bp −$11.7K
Sell Backpack live order book, 5 min ago	0.43 bp	5.6 bp −$6	7.4 bp −$74	9.6 bp −$958	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	117.42	−0.029%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0058%	1h	117.34	−0.095%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSDlong	−0.0055%	1h	117.45	long leg	$31.5M	$98.1M	100x
Derive SOL-PERP	−0.0010%	1h	117.40	−0.046%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.32	−0.112%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.41	−0.036%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.53	+0.071%	$1.4M	$19.4M	3.1x	as long as short
HTX SOL-USDT	+0.0045%	8h	117.42	−0.024%	$228.1M	$45.6M	75x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.39	−0.052%	$100K	$163K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.48	+0.025%	$8.0M	$402.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUAL	+0.0064%	1h	117.51	+0.050%	$26.4M	$25.2M	50x	as long as short
Hibachi SOL/USDT-P	+0.0072%	1h	117.49	+0.032%	$100K	$691K	20x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.35	−0.087%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.37	−0.070%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.41	−0.035%	$13.0M	$59.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.40	−0.043%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.46	+0.007%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.35	−0.087%	$67K	$835K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.43	−0.018%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.39	−0.054%	$5.7M	$39.6M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.41	−0.035%	$176.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.44	−0.006%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.32	−0.113%	$966.2M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.36	−0.078%	$819.7M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.36	−0.078%	$365.4M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.206%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.41	−0.039%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	−0.001%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.39	−0.052%	$857.7M	$646.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.36	−0.078%	$423.8M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.37	−0.067%	$130.1M	$212.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.36	−0.075%	$486.6M	$433.3M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	117.50	+0.041%	$23.7M	$37.1M	50x
Variational Omni SOL	+0.0100%	8h	117.36	−0.074%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.27	−0.158%	$94.2M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.27	−0.158%	$48.0M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.138%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.36	−0.078%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.36	−0.078%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.32	−0.113%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.47	+0.016%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.49	+0.032%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.47	+0.016%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.45	−0.001%	$45.7M	$100.3M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.37	−0.070%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.48	+0.022%	—	$220.8M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.56	+0.092%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.47	+0.015%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0157%	1h	117.49	+0.033%	$717.4M	$393.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.34	−0.098%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	−0.061%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.47	+0.016%	—	$70.5M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.31	−0.118%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0381%	1h	117.40	−0.043%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.40	−0.042%	$128K	$3.8M	8.3x	as long as short