Hey i recently realized as I play that my pinky gets way to far from the fretbord, almost straight up in the air.However my other fingers stay close.When I play faster thing my pinky slows me down because it takes longer to get to the string. Is there an excercise that I could do to keep my pinky lower?
Everyone has this problem to start I'm pretty sure... It's because the pinky and the ring finger share a tendon. If you try to move the ring and pinky independently you'll notice they will pull eachother sometimes.

I think the reason the pinky flies backwards sometimes is because since the 2 fingers share a tendon, when the pinky isn't being used, it will just go along with similar movements of the ring finger involuntarily.

What I did to fix this is do simple finger independence exercises.

Basically all you do, is go through note by note, only moving 1 finger at a time... but while moving that one finger, you have to concentrate extremely hard on keeping the other fingers still. If you practice this a lot your fingers will keep still automatically when you're not using them.

Mainly what I do is focus on the pinky and focusing on keeping it still, or trying to keep it still the best I can when moving the ring finger. Of course you wont gain complete independence of the pinky and ring because they are physically connected together by a tendon, but you can make it so the pinky doesn't do wild movements on its on.

Here's a vid: