Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Backpack against Perpl−0.055%7-day average +0.110% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 on $10k

Price spread, last 7 days−0.615%−$61 · spread now −0.055%, 7d avg +0.110%

Together, before fees−0.274%+ Points / potential airdropPerpl: Active · farm board−$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.166% cheaper against Perpl than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.110%). If the spread goes back, that is −$17 on $10k: about 5.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl SOL	118.09	0	get 0.0000% / 43m	13m 38s	$131K	$4.0M	8.3x
Short	Backpack SOL_USDC_PERP	118.03	0.0100	get 0.0013% / 1h	51m 38s	$23.8M	$36.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Perpl. 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 PerplbpFee BackpackbpOrdersPrice spread, now −0.055%Rate

Funding earned: $21
Price spread: −0.055% → +0.110%: −$16.55
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.35
Costs to cover: 0.238%
Break-even: 13.5 days

Slippage unknown: Perpl: no order-book sample; Backpack: live order book, 3 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell Backpack live order book, 3 min ago	0.42 bp	5.8 bp −$6	6.2 bp −$62	8.0 bp −$799	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0556%	1h	117.84	−0.217%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.92	−0.145%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.92	−0.146%	$922	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.94	−0.128%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0066%	8h	117.92	−0.149%	$229.3M	$44.9M	75x	as long as short
Gate SOL_USDT	−0.0044%	8h	117.89	−0.174%	$846.9M	$650.9M	100x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.88	−0.183%	$2.0M	$2.7M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.97	−0.105%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.93	−0.139%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.01	−0.069%	$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 SOLlong	0.0000%	43m	118.09	long leg	$131K	$4.0M	8.3x
RISEx SOL/USDC	+0.0018%	1h	117.94	−0.132%	$1.8M	$4.6M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0037%	1h	118.02	−0.064%	$26.4M	$25.3M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.98	−0.096%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	117.95	−0.123%	$102K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	118.01	−0.069%	$7.9M	$410.8M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.90	−0.162%	—	$369.5M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	117.98	−0.099%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.86	−0.196%	$13.5M	$58.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.89	−0.171%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.97	−0.107%	$346K	$264K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	117.83	−0.223%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.89	−0.174%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.03	−0.059%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.93	−0.137%	$177.3M	$181.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.90	−0.161%	$12.8M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.92	−0.151%	$976.1M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.90	−0.166%	$820.7M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.86	−0.199%	$366.6M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.10	+0.004%	$239K	$909K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.94	−0.135%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.047%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.88	−0.182%	$422.1M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.87	−0.191%	$133.5M	$207.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.90	−0.168%	$489.3M	$445.5M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	118.03	−0.055%	$23.8M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	117.61	−0.413%	$24.4M	$130.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.73	−0.309%	$94.6M	$402.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.06	−0.029%	$48.4M	$29.6M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.86	−0.199%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.04	−0.047%	$353K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.98	−0.097%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.96	−0.115%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.95	−0.119%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.98	−0.097%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.00	−0.080%	$45.9M	$101.2M	50x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.02	−0.064%	$717.3M	$401.0M	20x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	−0.318%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.91	−0.161%	$8.3M	$35.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	118.06	−0.029%	—	$228.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0187%	1h	118.00	−0.078%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	−0.097%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.190%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.98	−0.099%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	−0.045%	$25K	$51K	20x	as long as short