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: Backpack against Bybit−0.009%7-day average +0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days−0.239%−$24 · spread now −0.009%, 7d avg +0.105%

Together, before fees−0.131%−$13 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 0.114% cheaper against Bybit than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOLUSDT	117.35	0.0100	pay 0.0100% / 8h	5h 40m	$819.2M	$1.24B	100x
Short	Backpack SOL_USDC_PERP	117.34	0.0100	get 0.0013% / 1h	40m 13s	$23.6M	$36.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0
Price spread: −0.009% → +0.105%: −$11.35
Slippage, 4 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.35
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Bybit: 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 Bybit live order book, 4 min ago	0.43 bp	5.9 bp −$6	6.8 bp −$68	10.7 bp −$1,074	20.5 bp −$10.3K
Sell Backpack live order book, 4 min ago	0.43 bp	5.4 bp −$5	5.4 bp −$54	7.4 bp −$743	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	117.39	+0.032%	$918	$8K	25x	as long as short
Vest SOL-PERP	−0.0059%	1h	117.30	−0.045%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.33	−0.019%	$31.6M	$98.4M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.27	−0.070%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.34	−0.011%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.38	+0.026%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.41	+0.052%	$1.4M	$19.4M	3.1x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0048%	1h	117.39	+0.031%	$26.4M	$25.2M	50x	as long as short
01 Exchange SOLUSD	+0.0056%	1h	117.40	+0.043%	$100K	$163K	20x	as long as short
HTX SOL-USDT	+0.0061%	8h	117.29	−0.051%	$227.8M	$45.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.34	−0.004%	$8.0M	$402.8M	50x	as long as short
Hibachi SOL/USDT-P	+0.0072%	1h	117.52	+0.147%	$100K	$691K	20x	as long as short
BingX SOL-USDT	+0.0080%	8h	117.34	−0.008%	—	$363.0M	—	as long as short
Orderly PERP_SOL_USDC	+0.0089%	8h	117.35	+0.003%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.33	−0.018%	$13.0M	$59.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.32	−0.025%	$2.1M	$16.2M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.33	−0.020%	$344K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.33	−0.017%	$65K	$839K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.39	+0.038%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.38	+0.023%	$5.8M	$39.5M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.33	−0.017%	$176.1M	$178.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.38	+0.022%	$14.5M	$127.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.32	−0.022%	$965.6M	$3.73B	100x	as long as short
Bybit SOLUSDTlong	+0.0100%	8h	117.35	long leg	$819.2M	$1.24B	100x
OKX SOL-USDT-SWAP	+0.0100%	8h	117.32	−0.026%	$365.3M	$1.63B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.38	+0.026%	$238K	$848K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.37	+0.014%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.45	+0.085%	$134.7M	$15.8M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.32	−0.026%	$857.1M	$647.3M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.32	−0.026%	$423.3M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.35	−0.002%	$129.9M	$212.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.33	−0.014%	$486.4M	$433.5M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	117.34	−0.009%	$23.6M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	117.24	−0.092%	$24.3M	$117.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.40	+0.043%	$94.3M	$398.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.46	+0.094%	$48.1M	$28.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.39	+0.031%	$1.5M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.52	+0.145%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.34	−0.009%	$352K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.33	−0.018%	$200K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.31	−0.030%	$25K	$27K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.36	+0.008%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.33	−0.017%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.32	−0.026%	$45.7M	$100.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	117.31	−0.033%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.31	−0.036%	—	$220.9M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.38	+0.026%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.44	+0.077%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0164%	1h	117.45	+0.085%	$717.4M	$393.5M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.32	−0.030%	$1.1M	$526K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.38	+0.026%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.24	−0.094%	$51.8M	$70.9M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.33	−0.015%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0383%	1h	117.40	+0.042%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.39	+0.034%	$127K	$3.8M	8.3x	as long as short