SOL

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0380%/8h= −41.6% APRnext payment −$0.47 per $10,000 · paid last 24h +0.007%

Price spread now: Hibachi against Backpack+0.020%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Backpack Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.375%+$38 · spread now +0.020%, 7d avg +0.045%

Together, before fees+0.277%+ Points / potential airdropHibachi: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Hibachi is 0.024% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	116.59	0.0100	pay 0.0013% / 1h	29m 09s	$23.0M	$35.7M	50x
Short	Hibachi SOL/USDT-P	116.61	−0.0280	pay 0.0035% / 1h	29m 09s	$98K	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.020%Rate

Funding earned: −$79.8
Price spread: +0.020% → +0.045%: −$2.43
Slippage, 4 orders: −$2.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$103.52
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Hibachi: live order book, 18 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, 3 min ago	0.43 bp	5.7 bp −$6	7.1 bp −$71	9.9 bp −$989	2222.1 bp −$1.11M
Sell Hibachi live order book, 18 min ago	0.38 bp	5.2 bp −$5	17.3 bp −$173	doesn't fit	doesn't fit

SOL on 54 exchanges

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
Hibachi SOL/USDT-Pshort	−0.0280%	1h	116.61	+0.020%	$98K	$636K	20x
Bybit SOLUSDT	−0.0049%	8h	116.55	−0.038%	$725.3M	$1.23B	100x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.60	+0.011%	$41K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.62	+0.027%	$1.3M	$15.4M	3.1x	as long as short
Perpl SOL	0.0000%	43m	116.58	−0.007%	$99K	$2.6M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0001%	1h	116.68	+0.081%	$26.3M	$17.8M	50x	as long as short
Vest SOL-PERP	+0.0006%	1h	116.60	+0.007%	—	$272K	20x	as long as short
Bitget SOLUSDT	+0.0021%	8h	116.55	−0.036%	$480.2M	$393.7M	100x	as long as short
SoDEX SOL-USD	+0.0023%	1h	116.62	+0.026%	$6.0M	$11.2M	20x	as long as short
Aster SOLUSDT	+0.0037%	8h	116.60	+0.007%	$176.7M	$155.4M	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0040%	1h	116.64	+0.043%	$101K	$183K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0040%	1h	116.64	+0.045%	$8.4M	$363.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0043%	8h	116.61	+0.015%	$991K	$5.0M	100x	as long as short
Aevo SOL-PERP	+0.0064%	1h	116.58	−0.007%	$347K	$260K	20x	as long as short
Binance SOLUSDT	+0.0066%	8h	116.60	+0.013%	$965.2M	$3.41B	100x	as long as short
MEXC SOL_USDT	+0.0066%	8h	116.57	−0.017%	$505.3M	$961.0M	300x	as long as short
Phoenix SOL	+0.0075%	1h	116.67	+0.069%	$6.7M	$12.2M	25x	as long as short
Hotstuff SOL-PERP	+0.0080%	1h	117.16	+0.489%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	+0.0083%	1h	116.67	+0.071%	$33.3M	$92.6M	100x	as long as short
Gate SOL_USDT	+0.0084%	8h	116.61	+0.017%	$836.9M	$592.4M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.63	+0.035%	$13.0M	$55.1M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.61	+0.018%	$2.2M	$13.6M	25x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.57	−0.017%	$44K	$886K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.61	+0.014%	$1.0M	$554K	50x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.63	+0.034%	$997K	$6.6M	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.57	−0.013%	$5.6M	$38.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.72	+0.112%	$719.2M	$369.5M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.62	+0.025%	$15.7M	$116.3M	20x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.55	−0.034%	$358.2M	$1.54B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.53	−0.051%	$219K	$740K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.66	+0.060%	$1.2M	$8.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.95	+0.309%	$126.9M	$10.6M	20x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.60	+0.008%	$133.0M	$223.9M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.53	−0.050%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	116.59	long leg	$23.0M	$35.7M	50x
Variational Omni SOL	+0.0100%	8h	116.55	−0.036%	$24.9M	$96.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.56	−0.027%	$93.6M	$366.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.51	−0.069%	$47.7M	$25.8M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	116.51	−0.069%	$1.3M	$10.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.61	+0.017%	$321K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.63	+0.038%	$283K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.59	+0.003%	$25K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.59	−0.004%	$189K	$1.4M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.58	−0.008%	$225.5M	$40.3M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.60	+0.009%	$45.3M	$99.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.56	−0.024%	$8.5M	$33.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	116.59	−0.004%	—	$210.1M	500x	as long as short
BloFin SOL-USDT	+0.0186%	8h	116.58	−0.009%	$51.6M	$56.5M	125x	as long as short
Reya SOLRUSDPERP	+0.0200%	1h	116.50	−0.075%	$1.1M	$88K	25x	as long as short
dYdX SOL-USD	+0.0201%	1h	116.63	+0.036%	$9.2M	$17.9M	20x	as long as short
Injective SOL/USDC PERP	+0.0206%	1h	116.85	+0.223%	$4K	$117	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0171%	1h	116.63	+0.037%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0250%	1h	116.63	+0.034%	$2.1M	$4.0M	20x	as long as short
Aftermath Perps SOLUSD	+0.0383%	1h	116.71	+0.102%	$25K	$46K	20x	as long as short