Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Backpack against OKX−0.017%7-day average +0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.709%−$71 · spread now −0.017%, 7d avg +0.099%

Together, before fees−0.618%−$62 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 0.115% cheaper against OKX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SOL-USDT-SWAP	119.75	0.0100	pay 0.0100% / 8h	1h 41m	$373.1M	$1.72B	100x
Short	Backpack SOL_USDC_PERP	119.73	0.0100	get 0.0013% / 1h	41m 56s	$24.2M	$38.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → +0.099%: −$11.53
Slippage, 4 orders: −$1.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.2
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from OKX: live order book, 2 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 OKX live order book, 2 min ago	0.42 bp	5.4 bp −$5	5.4 bp −$54	8.5 bp −$850	18.8 bp −$9,379
Sell Backpack live order book, 2 min ago	0.42 bp	5.4 bp −$5	6.6 bp −$66	9.3 bp −$934	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
Bluefin SOL-PERP	−0.0474%	1h	119.69	−0.048%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0095%	1h	119.59	−0.131%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.53	−0.185%	$847	$8K	25x	as long as short
Vest SOL-PERP	−0.0064%	1h	119.58	−0.138%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0002%	1h	119.68	−0.061%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.72	−0.025%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.69	−0.053%	$1.2M	$20.6M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.66	−0.075%	$179K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0008%	1h	119.53	−0.186%	$120K	$611K	20x	as long as short
Phoenix SOL	+0.0054%	1h	119.50	−0.209%	$6.6M	$13.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SOLUSD	+0.0062%	1h	119.43	−0.263%	$24K	$47K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0066%	8h	119.69	−0.051%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0074%	8h	119.66	−0.079%	$233.1M	$44.5M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.72	−0.026%	—	$10.5M	—	as long as short
01 Exchange SOLUSD	+0.0088%	1h	119.72	−0.025%	$105K	$153K	20x	as long as short
Gate SOL_USDT	+0.0092%	8h	119.68	−0.058%	$872.8M	$678.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.72	−0.021%	$13.7M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.71	−0.033%	$2.1M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.65	−0.083%	$354K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.61	−0.117%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.68	−0.058%	$46K	$790K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.66	−0.074%	$6.2M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.83	+0.067%	$722.2M	$415.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.72	−0.023%	$179.2M	$175.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.66	−0.071%	$12.4M	$116.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.76	+0.005%	$987.0M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.78	+0.022%	$828.4M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAPlong	+0.0100%	8h	119.75	long leg	$373.1M	$1.72B	100x
Ondo Perps SOL-USD.P	+0.0100%	1h	119.58	−0.142%	$234K	$887K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.72	−0.025%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.15	−0.500%	$133.6M	$9.3M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.79	+0.033%	$456.2M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.79	+0.031%	$141.3M	$199.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.75	+0.003%	$496.9M	$454.1M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	119.73	−0.017%	$24.2M	$38.7M	50x
Variational Omni SOL	+0.0100%	8h	119.38	−0.306%	$27.7M	$127.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.46	−0.244%	$95.9M	$398.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.44	−0.260%	$48.9M	$32.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.49	−0.216%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.48	−0.225%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.68	−0.058%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.69	−0.052%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.70	−0.042%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.69	−0.050%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.70	−0.042%	$46.8M	$101.9M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0102%	1h	119.74	−0.006%	$26.8M	$27.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.73	−0.018%	$8.7M	$36.5M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.74	−0.008%	$8.2M	$415.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.70	−0.038%	—	$221.8M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.70	−0.042%	$32.7M	$95.3M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.72	−0.024%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.66	−0.072%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.71	−0.031%	$1.7M	$5.9M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.13	−0.518%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.52	−0.192%	$52.1M	$82.5M	125x	as long as short