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 0.000%

Price spread now: Katana Perps against Backpack−0.085%7-day average −0.148% · you buy dearer than you sell

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

Long on Backpack Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.288%+$29 · spread now −0.085%, 7d avg −0.148%

Together, before fees+0.288%+$29 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: Katana Perps is 0.063% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.148%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	117.46	0.0100	pay 0.0013% / 1h	35m 55s	$23.6M	$36.9M	50x
Short	Katana Perps SOL-USD	117.36	0.0100	get 0.0100% / 8h	5h 35m	$65K	$839K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Backpack. 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 BackpackbpFee Katana PerpsbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$0.04
Price spread: −0.085% → −0.148%: $6.29
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.55
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Katana Perps: no order-book sample. 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 Backpack live order book, 3 min ago	0.43 bp	5.4 bp −$5	5.5 bp −$55	7.5 bp −$753	1997.1 bp −$998.6K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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
Hotstuff SOL-PERP	−0.0080%	1h	117.26	−0.167%	$917	$8K	25x	as long as short
Vest SOL-PERP	−0.0060%	1h	117.30	−0.133%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.49	+0.021%	$31.6M	$98.4M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.39	−0.059%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.45	−0.009%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.44	−0.019%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.39	−0.058%	$1.4M	$19.4M	3.1x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.42	−0.034%	$100K	$163K	20x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	117.32	−0.116%	$102K	$693K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.53	+0.060%	$8.0M	$403.6M	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	+0.0071%	1h	117.51	+0.047%	$26.4M	$24.9M	50x	as long as short
HTX SOL-USDT	+0.0073%	8h	117.30	−0.133%	$227.9M	$45.5M	75x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.43	−0.029%	—	$363.2M	—	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	117.47	+0.009%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.50	+0.032%	$13.1M	$59.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.48	+0.018%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.46	−0.002%	$344K	$226K	20x	as long as short
Katana Perps SOL-USDshort	+0.0100%	8h	117.36	−0.085%	$65K	$839K	20x
Paradex SOL-USD-PERP	+0.0100%	8h	117.47	+0.006%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.47	+0.013%	$5.8M	$39.2M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.45	−0.009%	$176.8M	$178.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.48	+0.018%	$14.5M	$128.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.42	−0.035%	$965.9M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.42	−0.034%	$823.1M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.41	−0.043%	$366.0M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.41	−0.043%	$237K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.45	−0.004%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	−0.009%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.43	−0.026%	$858.2M	$648.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.46	0.000%	$426.6M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.46	−0.003%	$129.8M	$212.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.45	−0.012%	$486.7M	$432.9M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	117.46	long leg	$23.6M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	117.44	−0.015%	$24.3M	$116.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.31	−0.123%	$94.2M	$398.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.16	−0.252%	$48.0M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.23	−0.196%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.28	−0.153%	$1.3M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.40	−0.051%	$352K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.42	−0.032%	$199K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.44	−0.013%	$25K	$28K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.43	−0.025%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.47	+0.009%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.48	+0.017%	$45.7M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.44	−0.019%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.37	−0.076%	—	$218.9M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	−0.068%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.48	+0.021%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0168%	1h	117.58	+0.099%	$718.2M	$392.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.37	−0.081%	$1.1M	$526K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	−0.068%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.36	−0.085%	$51.7M	$71.0M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.43	−0.029%	$127K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.43	−0.023%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0388%	1h	117.37	−0.073%	$25K	$51K	20x	as long as short