Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Backpack against Phemex+0.034%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$270.269% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)+0.291%+$29 · spread now +0.034%, 7d avg −0.003%

Together, before fees+0.377%+$38 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 0.037% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SOLUSDT	117.34	0.0100	pay 0.0100% / 8h	5h 45m	$45.7M	$100.3M	50x
Short	Backpack SOL_USDC_PERP	117.38	0.0100	get 0.0013% / 1h	45m 30s	$23.7M	$37.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → −0.003%: $3.68
Slippage, 4 orders: −$4.87
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.19
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Backpack: live order book, 4 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 Phemex live order book, 4 min ago	0.43 bp	6.9 bp −$7	8.0 bp −$80	16.7 bp −$1,669	doesn't fit
Sell Backpack live order book, 4 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	117.38	+0.037%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0058%	1h	117.39	+0.044%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.36	+0.019%	$31.4M	$98.0M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.30	−0.035%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.38	+0.037%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.36	+0.016%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.32	−0.020%	$1.4M	$19.4M	3.1x	as long as short
HTX SOL-USDT	+0.0043%	8h	117.33	−0.008%	$227.9M	$45.6M	75x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.50	+0.136%	$100K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.37	+0.022%	$8.0M	$402.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SOL-USDT	+0.0080%	8h	117.48	+0.119%	—	$362.9M	—	as long as short
Hibachi SOL/USDT-P	+0.0080%	1h	117.28	−0.050%	$100K	$690K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0087%	1h	117.42	+0.066%	$26.4M	$25.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.38	+0.030%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.40	+0.051%	$13.0M	$59.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.36	+0.017%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.39	+0.040%	$344K	$225K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.41	+0.060%	$67K	$831K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.49	+0.132%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.48	+0.119%	$5.7M	$39.7M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.39	+0.046%	$176.2M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.42	+0.072%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.49	+0.127%	$967.6M	$3.73B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.50	+0.136%	$820.1M	$1.24B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.48	+0.119%	$365.9M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.21	−0.111%	$237K	$847K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.48	+0.117%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	+0.094%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.44	+0.085%	$858.7M	$645.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.49	+0.128%	$424.2M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.48	+0.121%	$130.2M	$212.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.47	+0.115%	$487.0M	$432.4M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	117.38	+0.034%	$23.7M	$37.1M	50x
Variational Omni SOL	+0.0100%	8h	117.36	+0.021%	$24.3M	$119.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.27	−0.063%	$94.2M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.27	−0.063%	$48.0M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.29	−0.043%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.36	+0.017%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.48	+0.119%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.48	+0.119%	$201K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.34	+0.004%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.37	+0.024%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.37	+0.026%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDTlong	+0.0100%	8h	117.34	long leg	$45.7M	$100.3M	50x
Extended SOL-USD	+0.0104%	1h	117.45	+0.098%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.21	−0.114%	—	$220.8M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.56	+0.187%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.55	+0.179%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0159%	1h	117.59	+0.213%	$718.0M	$393.2M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.47	+0.112%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	+0.034%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.21	−0.111%	—	$70.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.38	+0.034%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0379%	1h	117.44	+0.087%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.50	+0.136%	$127K	$3.8M	8.3x	as long as short