Live market
Perp spread in basis points, live
The spread shown here is the live distance between the best bid and best ask on this perpetual book, in dollars and basis points, read at page load.
Spread in basis points is what a maker earns and a taker pays. This is the real one, off the book, right now.
Read from the Pacifica perpetual book at 2026-09-06 17:30 UTC, through our own keyless relay, and refreshed at most every five minutes. Any figure quoted from this page is accurate as of that time and not afterwards.
Solana, and why the funding rate is worth watching here
Solana's perpetual funding tends to swing harder than bitcoin's, because positioning crowds more easily in a smaller market. A sharply positive rate means longs are paying meaningfully to stay long, which is a crowded trade rather than a bullish signal. Reading the funding alongside the price is more useful than reading either alone.
What the funding rate is telling you
Funding is how a perpetual contract, which never expires, is kept close to the spot price. At each interval one side pays the other: when the perpetual trades above spot, longs pay shorts, and when it trades below, shorts pay longs. A positive rate on this page means holding a long costs you money every interval, whether or not the price moves. Over a long hold that cost can exceed the move you were right about, which is why funding is better understood as a cost of time than as a trading fee.
What the spread costs you
The spread is the distance between the best bid and the best ask, shown here in dollars and in basis points. It is the immediate cost of entering and leaving a position at market: cross it twice and you have paid it twice before the price has moved at all. A spread of one basis point on a large position is a rounding error; ten basis points on a small one can be most of the trade. This is the number that decides whether a strategy which looks profitable on paper survives contact with the book.
Why the mark and oracle prices differ
The oracle price is an external reference, aggregated from other venues, and it is what liquidations are measured against. The mark price is what this venue uses for unrealised profit and loss. They track each other closely and diverge slightly when this book moves ahead of or behind the wider market. A large gap between them is worth noticing: it usually means this venue is thin, or something is happening faster here than elsewhere.
Open interest, and what it does not tell you
Open interest is the total size of positions currently held, counted once rather than twice. Rising open interest alongside a rising price generally means new money entering; rising open interest on a falling price means positions are being built into the decline. What it does not tell you is direction, because every long is matched by a short. It measures how much is at stake, not which way.
Rather than read this page, run the thing that reads it.
Pacifica Market Maker quotes both sides of this spread and shows you what it captures.