Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h 0.000%

Price spread now: Katana Perps against Backpack+0.026%7-day average −0.151% · you sell dearer than you buy

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

Long on Backpack Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.070%+$7 · spread now +0.026%, 7d avg −0.151%

Together, before fees+0.069%+$7 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: Katana Perps is 0.176% dearer against Backpack than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.151%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	116.64	0.0100	pay 0.0013% / 1h	56m 54s	$23.1M	$39.1M	50x
Short	Katana Perps SOL-USD	116.67	0.0099	get 0.0099% / 8h	3h 56m	$50K	$882K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$0.24
Price spread: +0.026% → −0.151%: $17.64
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $3.6
Costs to cover: 0.138%
Break-even: from the start

Slippage unknown: Backpack: live order book, 2 min ago; Katana Perps: no order-book sample. 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 Backpack live order book, 2 min ago	0.43 bp	5.4 bp −$5	6.7 bp −$67	8.7 bp −$865	1987.4 bp −$993.7K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.66	+0.014%	$30.9M	$100.3M	100x	as long as short
Hibachi SOL/USDT-P	−0.0176%	1h	116.71	+0.058%	$103K	$698K	20x	as long as short
Vest SOL-PERP	−0.0098%	1h	116.63	−0.008%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.70	+0.056%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.66	+0.017%	$54K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	116.70	+0.051%	$1.5M	$19.0M	3.1x	as long as short
dYdX SOL-USD	+0.0005%	1h	116.67	+0.026%	$4.4M	$24.2M	20x	as long as short
Derive SOL-PERP	+0.0030%	1h	116.58	−0.055%	$1.9M	$2.8M	13x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.68	+0.032%	$7.4M	$404.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0093%	8h	116.66	+0.015%	$1.0M	$5.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter SOL	+0.0096%	1h	116.66	+0.017%	$13.0M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.65	+0.009%	$2.2M	$16.7M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	116.75	+0.094%	$99K	$173K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.64	+0.001%	$347K	$244K	20x	as long as short
Katana Perps SOL-USDshort	+0.0099%	8h	116.67	+0.026%	$50K	$882K	20x
Paradex SOL-USD-PERP	+0.0100%	8h	116.79	+0.127%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.69	+0.044%	$5.4M	$40.0M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.72	+0.069%	$704.8M	$395.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.62	−0.017%	$174.6M	$182.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.75	+0.095%	$15.8M	$130.2M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.62	−0.017%	$971.6M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.55	−0.077%	$776.4M	$1.36B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.63	−0.009%	$368.9M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.66	+0.017%	$231K	$836K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.74	+0.082%	$926K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.70	+0.049%	$134.0M	$22.5M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.65	+0.009%	$843.3M	$654.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.63	−0.009%	$369.3M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.61	−0.023%	$128.9M	$221.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.58	−0.047%	$478.8M	$441.7M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.58	−0.054%	—	$365.5M	—	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	116.64	long leg	$23.1M	$39.1M	50x
Variational Omni SOL	+0.0100%	8h	116.91	+0.235%	$24.6M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.79	+0.125%	$93.8M	$397.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.61	−0.026%	$47.7M	$30.1M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.79	+0.130%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.72	+0.069%	$1.3M	$12.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.66	+0.017%	$321K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.65	+0.012%	$148K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.65	+0.008%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.72	+0.065%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.66	+0.017%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.64	+0.004%	$226.2M	$47.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.65	+0.009%	$45.6M	$102.4M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.57	−0.057%	$8.3M	$37.4M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.72	+0.069%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.64	0.000%	—	$231.3M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0120%	1h	116.70	+0.050%	$26.3M	$23.3M	50x	as long as short
Phoenix SOL	+0.0137%	1h	116.80	+0.137%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.61	−0.022%	$1.1M	$541K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.67	+0.026%	$51.9M	$67.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.66	+0.014%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0447%	43m	116.71	+0.063%	$139K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0509%	1h	116.77	+0.109%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.79	+0.125%	$1.9M	$4.8M	20x	as long as short