Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.002%

Price spread now: Backpack against HTX+0.108%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.108%, 7d avg +0.008%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.100% dearer against HTX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX SOL-USDT	119.16	−0.0004	get 0.0004% / 8h	7h 15m	$231.8M	$44.1M	75x
Short	Backpack SOL_USDC_PERP	119.29	0.0100	get 0.0013% / 1h	15m 10s	$24.0M	$36.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.108%Rate

Funding earned: $21.94
Price spread: +0.108% → +0.008%: $9.95
Slippage, 4 orders: −$2.11
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.78
Costs to cover: 0.241%
Break-even: 4.5 days

Slippage from HTX: 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 HTX live order book, 4 min ago	0.00 bp	6.6 bp −$7	12.3 bp −$123	21.9 bp −$2,192	58.3 bp −$29.2K
Sell Backpack live order book, 4 min ago	0.42 bp	6.0 bp −$6	6.2 bp −$62	7.9 bp −$794	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	119.23	+0.062%	$932	$8K	25x	as long as short
Vest SOL-PERP	−0.0079%	1h	119.19	+0.022%	—	$608K	20x	as long as short
Derive SOL-PERP	−0.0062%	1h	119.19	+0.020%	$2.0M	$2.7M	13x	as long as short
dYdX SOL-USD	−0.0020%	1h	119.30	+0.116%	$4.9M	$25.8M	20x	as long as short
Hibachi SOL/USDT-P	−0.0016%	1h	119.19	+0.024%	$101K	$650K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0014%	1h	119.28	+0.096%	$32.3M	$96.9M	100x	as long as short
HTX SOL-USDTlong	−0.0004%	8h	119.16	long leg	$231.8M	$44.1M	75x
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.29	+0.111%	$55K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.30	+0.116%	$1.2M	$20.1M	3.1x	as long as short
Perpl SOL	0.0000%	43m	119.26	+0.084%	$155K	$3.8M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0032%	1h	119.29	+0.108%	$104K	$160K	20x	as long as short
Bluefin SOL-PERP	+0.0074%	1h	119.25	+0.078%	$37K	$17K	25x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.27	+0.088%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	119.26	+0.084%	$1.1M	$5.9M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0088%	1h	119.29	+0.106%	$8.1M	$410.7M	50x	as long as short
Gate SOL_USDT	+0.0092%	8h	119.26	+0.083%	$856.7M	$670.4M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.26	+0.086%	$14.1M	$56.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.26	+0.083%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.28	+0.098%	$350K	$261K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0096%	1h	119.32	+0.135%	$26.7M	$24.8M	50x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.26	+0.082%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.21	+0.041%	$47K	$786K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.24	+0.067%	$6.3M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.39	+0.192%	$727.5M	$397.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.28	+0.099%	$180.2M	$176.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.27	+0.088%	$12.3M	$125.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.27	+0.090%	$982.0M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.31	+0.125%	$827.3M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.26	+0.083%	$371.7M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.12	−0.035%	$233K	$833K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.17	+0.007%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.76	−0.339%	$137.0M	$12.6M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.27	+0.091%	$433.0M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.28	+0.098%	$139.0M	$203.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.26	+0.084%	$494.6M	$439.2M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	119.29	+0.108%	$24.0M	$36.9M	50x
Variational Omni SOL	+0.0100%	8h	119.18	+0.013%	$24.9M	$130.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.97	−0.164%	$95.6M	$404.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.12	−0.036%	$48.8M	$29.3M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.04	−0.102%	$1.5M	$6.0M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.17	+0.007%	$1.4M	$13.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.27	+0.091%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.27	+0.089%	$203K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.25	+0.077%	$193K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.27	+0.091%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.27	+0.091%	$46.7M	$99.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.23	+0.061%	$8.6M	$34.9M	50x	as long as short
Phoenix SOL	+0.0114%	1h	119.10	−0.052%	$6.6M	$13.6M	25x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.22	+0.051%	—	$218.8M	500x	as long as short
RISEx SOL/USDC	+0.0161%	1h	119.23	+0.058%	$1.8M	$4.5M	20x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0165% / S −0.0081%	1h	119.28	+0.102%	$3.7M	—	200x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	119.01	−0.127%	$4K	$2K	12x	as long as short
Reya SOLRUSDPERP	+0.0186%	1h	119.26	+0.082%	$1.1M	$524K	25x	as long as short
Aftermath Perps SOLUSD	+0.0194%	1h	119.10	−0.053%	$25K	$50K	20x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.27	+0.091%	$51.9M	$75.1M	125x	as long as short