Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.003%

Price spread now: Backpack against Gate+0.025%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

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

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days−0.715%−$72 · spread now +0.025%, 7d avg +0.080%

Together, before fees−0.592%−$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.055% cheaper against Gate than usual: you would sell low and buy high (spread +0.025% now, against its 7-day average of +0.080%). If the spread goes back, that is −$6 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.123% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SOL_USDT	118.94	0.0083	pay 0.0083% / 8h	2h 38m	$858.9M	$678.8M	100x
Short	Backpack SOL_USDC_PERP	118.97	0.0100	get 0.0013% / 1h	38m 03s	$24.3M	$38.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $3.57
Price spread: +0.025% → +0.080%: −$5.5
Slippage, 4 orders: −$1.92
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.85
Costs to cover: 0.269%
Break-even: 63.6 days

Slippage from Gate: live order book, 1 min ago; Backpack: live order book, 1 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 Gate live order book, 1 min ago	0.42 bp	8.2 bp −$8	11.6 bp −$116	17.0 bp −$1,696	29.8 bp −$14.9K
Sell Backpack live order book, 1 min ago	0.42 bp	5.4 bp −$5	5.7 bp −$57	7.7 bp −$768	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
Injective SOL/USDC PERP	−0.0151%	1h	118.89	−0.042%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.85	−0.075%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0081%	1h	118.77	−0.141%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.72	−0.182%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0033%	1h	118.83	−0.093%	$24K	$47K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.93	−0.008%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.86	−0.068%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.86	−0.068%	$179K	$4.0M	8.3x	as long as short
dYdX SOL-USD	0.0000%	1h	118.81	−0.109%	$4.8M	$26.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0042%	1h	118.74	−0.168%	$1.5M	$6.2M	50x	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	+0.0060%	8h	118.94	−0.001%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0068%	8h	118.66	−0.235%	$231.2M	$43.6M	75x	as long as short
BingX SOL-USDT	+0.0070%	8h	118.95	+0.008%	—	$371.2M	—	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.89	−0.042%	$105K	$151K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0074%	1h	119.00	+0.052%	$26.7M	$27.7M	50x	as long as short
Gate SOL_USDTlong	+0.0083%	8h	118.94	long leg	$858.9M	$678.8M	100x
Hibachi SOL/USDT-P	+0.0088%	1h	118.79	−0.124%	$123K	$606K	20x	as long as short
Lighter SOL	+0.0096%	1h	118.93	−0.008%	$13.4M	$53.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.92	−0.013%	$2.0M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.93	−0.009%	$353K	$741K	20x	as long as short
KuCoin SOLUSDTM	+0.0098%	8h	118.92	−0.013%	$143.5M	$196.6M	75x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.79	−0.130%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.84	−0.084%	$45K	$780K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.74	−0.165%	$5.5M	$40.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.01	+0.059%	$717.5M	$412.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.94	−0.001%	$179.1M	$174.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.82	−0.103%	$12.4M	$114.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.98	+0.037%	$972.8M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.01	+0.059%	$823.0M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.99	+0.042%	$370.2M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.76	−0.151%	$233K	$861K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.87	−0.062%	$1.9M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.94	0.000%	$467.8M	$1.08B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.01	+0.055%	$496.8M	$448.5M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	118.97	+0.025%	$24.3M	$38.0M	50x
Variational Omni SOL	+0.0100%	8h	118.76	−0.155%	$27.4M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.71	−0.192%	$95.3M	$397.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.74	−0.166%	$48.6M	$33.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.80	−0.118%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.86	−0.067%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.89	−0.042%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.91	−0.026%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.91	−0.023%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.92	−0.017%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.89	−0.042%	$46.4M	$99.8M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.71	−0.194%	$133.1M	$11.8M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.99	+0.039%	$8.6M	$37.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.97	+0.025%	$8.1M	$414.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.83	−0.092%	—	$217.2M	500x	as long as short
Phoenix SOL	+0.0154%	1h	118.79	−0.126%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.93	−0.008%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.89	−0.041%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.86	−0.066%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.63	−0.261%	$51.6M	$86.7M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.95	+0.012%	$36.1M	$89.4M	100x	as long as short