Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Variational Omni−0.285%7-day average +0.072% · you buy dearer than you sell

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days−0.427%−$43 · spread now −0.285%, 7d avg +0.072%

Together, before fees−0.420%+ Points / potential airdropVariational Omni: Active · farm board−$42 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 0.357% cheaper against Variational Omni than usual: you would sell low and buy high, −$36 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SOL	119.22	0.0100	pay 0.0100% / 8h	1h 12m	$27.3M	$128.1M	—
Short	Backpack SOL_USDC_PERP	118.88	0.0100	get 0.0013% / 1h	12m 05s	$24.1M	$37.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now −0.285%Rate

Funding earned: $0
Price spread: −0.285% → +0.072%: −$35.69
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$45.69
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 2 min ago. 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 Variational Omni RFQ quote, 2 min ago	1.26 bp	doesn't fit	1.3 bp −$13	8.1 bp −$814	doesn't fit
Sell Backpack live order book, 2 min ago	0.42 bp	5.8 bp −$6	7.4 bp −$74	10.1 bp −$1,014	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
Bluefin SOL-PERP	−0.0287%	1h	118.91	−0.262%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0107%	1h	118.83	−0.331%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.93	−0.242%	$843	$8K	25x	as long as short
Vest SOL-PERP	−0.0066%	1h	118.91	−0.261%	—	$722K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0006% / S +0.0004%	1h	118.92	−0.254%	$112K	—	150x	as long as short
dYdX SOL-USD	−0.0001%	1h	118.95	−0.230%	$4.9M	$27.2M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.98	−0.204%	$1.2M	$20.7M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.94	−0.237%	$177K	$4.0M	8.3x	as long as short
Phoenix SOL	+0.0054%	1h	119.28	+0.050%	$6.5M	$13.6M	25x	as long as short
Hibachi SOL/USDT-P	+0.0056%	1h	119.00	−0.186%	$119K	$612K	20x	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	+0.0069%	8h	118.91	−0.258%	$1.0M	$5.9M	100x	as long as short
Aftermath Perps SOLUSD	+0.0069%	1h	119.16	−0.047%	$24K	$47K	20x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.97	−0.210%	$104K	$155K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0078%	1h	118.96	−0.215%	$26.6M	$27.7M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.82	−0.337%	—	$374.2M	—	as long as short
HTX SOL-USDT	+0.0080%	8h	118.89	−0.280%	$231.4M	$45.0M	75x	as long as short
Gate SOL_USDT	+0.0090%	8h	118.89	−0.277%	$868.5M	$687.6M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.90	−0.270%	$13.6M	$56.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.88	−0.285%	$2.2M	$17.0M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.90	−0.272%	$352K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.91	−0.259%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.95	−0.227%	$46K	$798K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.92	−0.249%	$6.1M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.92	−0.252%	$716.3M	$417.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.87	−0.295%	$178.0M	$176.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.98	−0.202%	$12.3M	$118.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.84	−0.319%	$979.3M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.88	−0.283%	$826.5M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.85	−0.310%	$371.6M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.98	−0.201%	$233K	$883K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.98	−0.199%	$1.9M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.28	+0.052%	$133.9M	$7.8M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.87	−0.294%	$453.5M	$1.13B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.91	−0.262%	$139.8M	$201.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.79	−0.362%	$494.3M	$456.2M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	118.88	−0.285%	$24.1M	$37.8M	50x
Variational Omni SOLlong	+0.0100%	8h	119.22	long leg	$27.3M	$128.1M	—
edgeX SOLUSDC	+0.0100%	4h	119.23	+0.011%	$95.8M	$401.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.17	−0.042%	$48.8M	$31.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.19	−0.024%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	118.98	−0.201%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.93	−0.243%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.91	−0.259%	$200K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.90	−0.270%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.90	−0.268%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.92	−0.252%	$46.5M	$102.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.87	−0.297%	$8.7M	$36.3M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.92	−0.249%	$8.2M	$415.5M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.95	−0.226%	—	$224.5M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0150%	1h	118.91	−0.258%	$32.6M	$97.0M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0170% / S −0.0072%	1h	118.91	−0.257%	$3.7M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0182%	1h	118.92	−0.252%	$1.1M	$552K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	118.98	−0.201%	$1.7M	$5.8M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.38	+0.134%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.98	−0.201%	$52.0M	$82.7M	125x	as long as short