Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.044%

Price spread now: Perpl against Backpack+0.124%7-day average −0.097% · you sell dearer than you buy

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

Long on Backpack Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.342%−$34 on $10k

Price spread, last 7 days+0.591%+$59 · spread now +0.124%, 7d avg −0.097%

Together, before fees+0.249%+ Points / potential airdropPerpl: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.221% dearer against Backpack than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of −0.097%): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	118.66	0.0100	pay 0.0013% / 1h	44m 41s	$24.2M	$38.0M	50x
Short	Perpl SOL	118.81	0	get 0.0000% / 43m	31m 41s	$179K	$4.1M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$21
Price spread: +0.124% → −0.097%: $22.13
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$22.67
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Perpl: 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, 4 min ago	0.42 bp	5.4 bp −$5	6.4 bp −$64	9.4 bp −$938	1823.8 bp −$911.9K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Injective SOL/USDC PERP	−0.0151%	1h	118.89	+0.194%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.62	−0.030%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0080%	1h	118.73	+0.058%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.64	−0.017%	$841	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0049%	1h	118.89	+0.196%	$24K	$48K	20x	as long as short
dYdX SOL-USD	−0.0006%	1h	118.67	+0.008%	$4.9M	$26.8M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.76	+0.084%	$48K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.79	+0.110%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOLshort	0.0000%	43m	118.81	+0.124%	$179K	$4.1M	8.3x
Deribit SOL_USDC-PERPETUAL	+0.0009%	1h	118.73	+0.060%	$26.6M	$27.7M	50x	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	+0.0058%	8h	118.72	+0.051%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.75	+0.076%	$104K	$153K	20x	as long as short
HTX SOL-USDT	+0.0073%	8h	118.61	−0.045%	$231.1M	$43.6M	75x	as long as short
ApeX Omni SOLUSDT	+0.0074%	1h	118.90	+0.202%	$1.5M	$6.2M	50x	as long as short
Gate SOL_USDT	+0.0084%	8h	118.67	+0.008%	$857.2M	$676.9M	100x	as long as short
KuCoin SOLUSDTM	+0.0093%	8h	118.65	−0.010%	$143.5M	$196.5M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.65	−0.005%	$13.4M	$53.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.67	+0.008%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.68	+0.019%	$353K	$741K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.65	−0.010%	$1.0M	$525K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.71	+0.042%	$45K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.76	+0.085%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.73	+0.059%	$715.9M	$424.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.67	+0.008%	$178.9M	$173.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.70	+0.036%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.67	+0.008%	$970.1M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.68	+0.019%	$818.4M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.65	−0.008%	$369.7M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.65	−0.008%	$233K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.77	+0.088%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.187%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.67	+0.008%	$465.7M	$1.07B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.70	+0.031%	$495.4M	$448.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.65	−0.007%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	118.66	long leg	$24.2M	$38.0M	50x
Variational Omni SOL	+0.0100%	8h	118.85	+0.156%	$27.6M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	+0.210%	$95.5M	$397.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.83	+0.142%	$48.6M	$33.0M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.88	+0.185%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.76	+0.084%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.73	+0.056%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.72	+0.050%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.74	+0.071%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.65	−0.008%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.69	+0.025%	$46.3M	$100.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.69	+0.023%	$8.6M	$37.2M	50x	as long as short
Hibachi SOL/USDT-P	+0.0112%	1h	118.87	+0.178%	$123K	$606K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0048%	1h	118.77	+0.095%	—	$218.1M	500x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.72	+0.046%	$8.0M	$413.3M	50x	as long as short
Phoenix SOL	+0.0154%	1h	118.92	+0.219%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.76	+0.081%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.76	+0.083%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.75	+0.075%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.67	+0.008%	$51.7M	$87.0M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.68	+0.015%	$36.0M	$89.8M	100x	as long as short