Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Hyperliquid against Backpack+0.151%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs$0as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.556%+$56 · spread now +0.151%, 7d avg −0.054%

Together, before fees+0.510%+ Points / potential airdropHyperliquid: Season 2 · farm board+$51 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: Hyperliquid is 0.205% dearer against Backpack than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	119.23	0.0100	pay 0.0013% / 1h	56m 21s	$24.1M	$38.7M	50x
Short	Hyperliquid SOL	119.41	0.0100	get 0.0013% / 1h	56m 21s	$720.4M	$415.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.151%Rate

Funding earned: $0
Price spread: +0.151% → −0.054%: $20.54
Slippage, 4 orders: −$1.79
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$0.25
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Hyperliquid: live order book, 8 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	0.42 bp	5.5 bp −$6	7.4 bp −$74	9.3 bp −$925	2208.1 bp −$1.10M
Sell Hyperliquid live order book, 8 min ago	0.42 bp	4.9 bp −$5	5.3 bp −$53	8.9 bp −$891	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
Derive SOL-PERP	−0.0100%	1h	119.25	+0.013%	$2.0M	$3.1M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.34	+0.095%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0063%	1h	119.23	−0.001%	—	$724K	20x	as long as short
dYdX SOL-USD	−0.0011%	1h	119.33	+0.084%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.34	+0.092%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	119.17	−0.046%	$1.2M	$20.7M	3.1x	as long as short
Hibachi SOL/USDT-P	0.0000%	1h	119.14	−0.075%	$120K	$625K	20x	as long as short
Perpl SOL	0.0000%	43m	119.32	+0.075%	$179K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	119.17	−0.050%	$26.7M	$27.6M	50x	as long as short
Aftermath Perps SOLUSD	+0.0053%	1h	119.23	+0.004%	$24K	$47K	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	+0.0063%	8h	119.34	+0.095%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0065%	8h	119.15	−0.071%	$232.1M	$44.7M	75x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.31	+0.071%	—	$374.9M	—	as long as short
01 Exchange SOLUSD	+0.0088%	1h	119.36	+0.109%	$104K	$153K	20x	as long as short
Gate SOL_USDT	+0.0092%	8h	119.29	+0.050%	$869.4M	$674.8M	100x	as long as short
ApeX Omni SOLUSDT	+0.0095%	1h	119.15	−0.067%	$1.5M	$6.2M	50x	as long as short
Lighter SOL	+0.0096%	1h	119.36	+0.109%	$13.6M	$54.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.34	+0.093%	$2.1M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.31	+0.067%	$353K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.31	+0.070%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.28	+0.042%	$46K	$791K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.33	+0.084%	$6.3M	$42.0M	40x	as long as short
Hyperliquid SOLshort	+0.0100%	1h	119.41	+0.151%	$720.4M	$415.0M	20x
Aster SOLUSDT	+0.0100%	8h	119.30	+0.063%	$178.9M	$175.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.37	+0.117%	$12.4M	$116.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.33	+0.084%	$978.3M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.35	+0.101%	$824.2M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.32	+0.075%	$372.5M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.19	−0.034%	$233K	$875K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.42	+0.155%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.05	−0.148%	$133.5M	$10.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.33	+0.084%	$437.2M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.31	+0.070%	$140.7M	$199.1M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.31	+0.071%	$497.3M	$453.5M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	119.23	long leg	$24.1M	$38.7M	50x
Variational Omni SOL	+0.0100%	8h	119.18	−0.042%	$27.4M	$127.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.12	−0.091%	$95.7M	$396.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.08	−0.125%	$48.7M	$33.0M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.17	−0.050%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.30	+0.059%	$365K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.31	+0.068%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.33	+0.081%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.08	−0.122%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.11	−0.101%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.16	−0.059%	$46.6M	$102.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.36	+0.106%	$8.7M	$36.6M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.16	−0.058%	$8.2M	$415.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.22	−0.010%	—	$222.1M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0150%	1h	119.11	−0.104%	$33.6M	$93.6M	100x	as long as short
Phoenix SOL	+0.0154%	1h	119.22	−0.008%	$6.5M	$12.3M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.34	+0.089%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	119.29	+0.049%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.36	+0.110%	$1.6M	$6.0M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.41	+0.151%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.11	−0.101%	$52.0M	$86.9M	125x	as long as short