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

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

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

Long on Nado Short on Backpack

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: Backpack is 0.197% cheaper against Nado than usual: you would sell low and buy high, −$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	Nado SOL-PERP	116.83	0.0100	pay 0.0012% / 1h	31m 37s	$5.4M	$39.6M	40x
Short	Backpack SOL_USDC_PERP	116.70	0.0100	get 0.0013% / 1h	31m 37s	$23.5M	$37.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now −0.114%Rate

Funding earned: $0
Price spread: −0.114% → +0.084%: −$19.72
Slippage, 4 orders: −$1.72
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.44
Costs to cover: 0.187%
Break-even: 3948844170632060.5 days

Slippage from Nado: live order book, 2 min ago; Backpack: 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 Nado live order book, 2 min ago	0.43 bp	3.9 bp −$4	4.4 bp −$44	8.6 bp −$858	25.1 bp −$12.6K
Sell Backpack live order book, 3 min ago	0.43 bp	5.4 bp −$5	6.2 bp −$62	8.2 bp −$820	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
Hibachi SOL/USDT-P	−0.0096%	1h	116.63	−0.174%	$103K	$701K	20x	as long as short
Vest SOL-PERP	−0.0096%	1h	116.62	−0.182%	—	$602K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.71	−0.106%	$913	$8K	25x	as long as short
Derive SOL-PERP	−0.0060%	1h	116.64	−0.165%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.71	−0.105%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.74	−0.081%	$1.5M	$18.7M	3.1x	as long as short
dYdX SOL-USD	+0.0001%	1h	116.79	−0.038%	$4.4M	$24.2M	20x	as long as short
01 Exchange SOLUSD	+0.0040%	1h	116.86	+0.023%	$100K	$171K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.73	−0.088%	$7.5M	$405.2M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.71	−0.102%	$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	116.73	−0.089%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.81	−0.019%	$13.1M	$59.9M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.79	−0.034%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.71	−0.109%	$347K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.75	−0.071%	$51K	$867K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.84	+0.009%	$989K	$534K	50x	as long as short
Nado SOL-PERPlong	+0.0100%	1h	116.83	long leg	$5.4M	$39.6M	40x
Hyperliquid SOL	+0.0100%	1h	116.84	+0.006%	$705.6M	$395.6M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.81	−0.019%	$175.1M	$182.5M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.84	+0.008%	$15.7M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.85	+0.015%	$967.5M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.82	−0.010%	$786.6M	$1.34B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.86	+0.023%	$369.5M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.67	−0.139%	$231K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.84	+0.005%	$928K	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.328%	$133.2M	$20.7M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.80	−0.028%	$843.2M	$659.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.82	−0.011%	$416.9M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.80	−0.031%	$126.6M	$218.2M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.79	−0.037%	$480.1M	$441.6M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.80	−0.026%	—	$365.0M	—	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	116.70	−0.114%	$23.5M	$37.9M	50x
Variational Omni SOL	+0.0100%	8h	116.25	−0.495%	$24.4M	$114.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.43	−0.348%	$93.5M	$398.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.45	−0.331%	$47.6M	$29.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.60	−0.198%	$1.2M	$6.6M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.68	−0.131%	$1.3M	$13.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.69	−0.122%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.69	−0.122%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.66	−0.145%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.68	−0.130%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.71	−0.105%	$6.0M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.62	−0.182%	$226.3M	$47.1M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.70	−0.114%	$45.7M	$101.9M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.77	−0.057%	$8.1M	$36.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.70	−0.109%	—	$230.2M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.56	−0.233%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.63	−0.174%	$6.5M	$13.4M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0160%	1h	116.77	−0.051%	$26.3M	$25.3M	50x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.66	−0.145%	$1.1M	$540K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.66	−0.148%	$51.7M	$72.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0171%	1h	116.70	−0.111%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.70	−0.111%	$140K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0533%	1h	116.61	−0.189%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.89	+0.052%	$1.9M	$4.9M	20x	as long as short