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: Nado against Backpack−0.024%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−$14as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Backpack Short on Nado

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+0.136%+$14 · spread now −0.024%, 7d avg −0.084%

Together, before fees+0.136%+ Points / potential airdropNado: Active · farm board+$14 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: Nado is 0.060% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	116.57	0.0100	pay 0.0013% / 1h	45m 30s	$23.2M	$37.5M	50x
Short	Nado SOL-PERP	116.54	0.0100	get 0.0012% / 1h	45m 30s	$5.5M	$39.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.024%Rate

Funding earned: $0
Price spread: −0.024% → −0.084%: $5.98
Slippage, 4 orders: −$3.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$14.08
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Nado: 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 Backpack live order book, 4 min ago	0.43 bp	6.8 bp −$7	8.5 bp −$85	10.9 bp −$1,087	2329.4 bp −$1.16M
Sell Nado live order book, 4 min ago	0.43 bp	3.9 bp −$4	4.2 bp −$42	8.7 bp −$871	26.3 bp −$13.1K

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
Vest SOL-PERP	−0.0087%	1h	116.56	−0.008%	—	$602K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.51	−0.048%	$911	$8K	25x	as long as short
Hibachi SOL/USDT-P	−0.0048%	1h	116.55	−0.015%	$103K	$700K	20x	as long as short
Derive SOL-PERP	−0.0016%	1h	116.49	−0.071%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.64	+0.060%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.57	−0.003%	$1.4M	$18.7M	3.1x	as long as short
dYdX SOL-USD	0.0000%	1h	116.55	−0.018%	$4.4M	$24.2M	20x	as long as short
01 Exchange SOLUSD	+0.0032%	1h	116.65	+0.069%	$99K	$169K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.59	+0.021%	$7.6M	$404.3M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.59	+0.014%	$31.0M	$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	116.65	+0.067%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.57	−0.003%	$13.0M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.54	−0.029%	$2.2M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.56	−0.008%	$342K	$236K	20x	as long as short
Katana Perps SOL-USD	+0.0098%	8h	116.57	0.000%	$50K	$866K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.64	+0.063%	$988K	$534K	50x	as long as short
Nado SOL-PERPshort	+0.0100%	1h	116.54	−0.024%	$5.5M	$39.4M	40x
Hyperliquid SOL	+0.0100%	1h	116.68	+0.094%	$706.6M	$395.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.60	+0.026%	$175.2M	$182.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.62	+0.039%	$15.7M	$129.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.64	+0.057%	$965.5M	$3.77B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.59	+0.017%	$788.9M	$1.33B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.64	+0.060%	$366.1M	$1.67B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.51	−0.051%	$232K	$851K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.55	−0.015%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.66	+0.075%	$133.8M	$20.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.61	+0.034%	$845.7M	$655.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.64	+0.060%	$416.4M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.62	+0.039%	$126.4M	$217.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.62	+0.040%	$479.1M	$441.0M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.63	+0.047%	—	$364.9M	—	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	116.57	long leg	$23.2M	$37.5M	50x
Variational Omni SOL	+0.0100%	8h	116.49	−0.066%	$24.4M	$114.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.46	−0.091%	$93.5M	$398.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.48	−0.076%	$47.6M	$29.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.58	+0.005%	$1.2M	$6.5M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.58	+0.009%	$1.3M	$13.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.62	+0.043%	$322K	$2.5M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.62	+0.045%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.52	−0.039%	$25K	$29K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.58	+0.009%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.58	+0.009%	$6.0M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.52	−0.043%	$226.1M	$46.4M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.54	−0.026%	$45.5M	$101.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.54	−0.024%	$7.9M	$36.6M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0104%	1h	116.63	+0.048%	$26.3M	$25.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.59	+0.021%	—	$228.3M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.56	−0.009%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.52	−0.043%	$6.5M	$13.4M	25x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.61	+0.037%	$1.1M	$539K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.46	−0.094%	$51.6M	$71.8M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	116.63	+0.055%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.62	+0.042%	$141K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0497%	1h	116.68	+0.095%	$25K	$51K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	116.70	+0.111%	$1.9M	$4.9M	20x	as long as short