Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Backpack against Binance−0.008%7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 7 days−0.680%−$68 · spread now −0.008%, 7d avg +0.081%

Together, before fees−0.602%−$60 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 0.090% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SOLUSDT	118.67	0.0100	pay 0.0100% / 8h	2h 44m	$970.1M	$3.74B	100x
Short	Backpack SOL_USDC_PERP	118.66	0.0100	get 0.0013% / 1h	44m 39s	$24.2M	$38.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → +0.081%: −$8.97
Slippage, 4 orders: −$1.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$30.89
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Backpack: live order book, 5 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 Binance live order book, 14 min ago	0.42 bp	5.4 bp −$5	5.8 bp −$58	9.2 bp −$924	18.3 bp −$9,148
Sell Backpack live order book, 5 min ago	0.42 bp	5.7 bp −$6	6.2 bp −$62	7.8 bp −$784	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
Injective SOL/USDC PERP	−0.0151%	1h	118.89	+0.185%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.62	−0.038%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0080%	1h	118.73	+0.050%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.64	−0.025%	$841	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0049%	1h	118.89	+0.188%	$24K	$48K	20x	as long as short
dYdX SOL-USD	−0.0006%	1h	118.67	0.000%	$4.9M	$26.8M	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	118.76	+0.076%	$48K	—	150x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	118.79	+0.101%	$1.2M	$20.8M	3.1x	as long as short
Perpl SOL	0.0000%	43m	118.81	+0.115%	$179K	$4.1M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0009%	1h	118.73	+0.052%	$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	+0.042%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.75	+0.067%	$104K	$153K	20x	as long as short
HTX SOL-USDT	+0.0073%	8h	118.61	−0.054%	$231.1M	$43.6M	75x	as long as short
ApeX Omni SOLUSDT	+0.0074%	1h	118.90	+0.194%	$1.5M	$6.2M	50x	as long as short
Gate SOL_USDT	+0.0084%	8h	118.67	0.000%	$857.2M	$676.9M	100x	as long as short
KuCoin SOLUSDTM	+0.0093%	8h	118.65	−0.019%	$143.5M	$196.5M	75x	as long as short
Lighter SOL	+0.0096%	1h	118.65	−0.013%	$13.4M	$53.2M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.67	0.000%	$2.0M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.68	+0.011%	$353K	$741K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.65	−0.018%	$1.0M	$525K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.71	+0.034%	$45K	$785K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.76	+0.076%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.73	+0.051%	$715.9M	$424.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.67	0.000%	$178.9M	$173.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.70	+0.027%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDTlong	+0.0100%	8h	118.67	long leg	$970.1M	$3.74B	100x
Bybit SOLUSDT	+0.0100%	8h	118.68	+0.010%	$818.4M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.65	−0.017%	$369.7M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.65	−0.017%	$233K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.77	+0.080%	$1.9M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.88	+0.178%	$133.2M	$12.7M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.67	0.000%	$465.7M	$1.07B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.70	+0.023%	$495.4M	$448.7M	100x	as long as short
BingX SOL-USDC	+0.0100%	8h	118.65	−0.015%	—	$10.5M	—	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	118.66	−0.008%	$24.2M	$38.0M	50x
Variational Omni SOL	+0.0100%	8h	118.85	+0.148%	$27.6M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.91	+0.202%	$95.5M	$397.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.83	+0.134%	$48.6M	$33.0M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.88	+0.177%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.76	+0.076%	$362K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.73	+0.048%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.72	+0.041%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.74	+0.063%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.65	−0.017%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.69	+0.017%	$46.3M	$100.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	118.69	+0.014%	$8.6M	$37.2M	50x	as long as short
Hibachi SOL/USDT-P	+0.0112%	1h	118.87	+0.169%	$123K	$606K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0048%	1h	118.77	+0.087%	—	$218.1M	500x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.72	+0.038%	$8.0M	$413.3M	50x	as long as short
Phoenix SOL	+0.0154%	1h	118.92	+0.211%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.76	+0.073%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.76	+0.075%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.75	+0.066%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.67	0.000%	$51.7M	$87.0M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.68	+0.006%	$36.0M	$89.8M	100x	as long as short