Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Backpack−0.056%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 7 days+0.789%+$79 · spread now −0.056%, 7d avg −0.059%

Together, before fees+0.724%+$72 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.059%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SOL_USDC_PERP	118.86	0.0100	pay 0.0013% / 1h	39m 47s	$24.3M	$38.0M	50x
Short	Kalshi KXSOLPERP	118.79	0	get 0.0000% / 8h	6h 39m	$1.2M	$20.8M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.056%Rate

Funding earned: −$21
Price spread: −0.056% → −0.059%: $0.33
Slippage, 4 orders: −$9.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$50.42
Costs to cover: 0.297%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Kalshi: live order book, 4 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 Backpack live order book, 4 min ago	0.42 bp	6.0 bp −$6	7.5 bp −$75	10.4 bp −$1,037	2171.0 bp −$1.09M
Sell Kalshi live order book, 4 min ago	1.30 bp	8.7 bp −$9	11.6 bp −$116	18.6 bp −$1,864	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	+0.025%	$4K	$2K	12x	as long as short
Derive SOL-PERP	−0.0104%	1h	118.69	−0.140%	$2.0M	$3.2M	13x	as long as short
Vest SOL-PERP	−0.0080%	1h	118.72	−0.120%	—	$724K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	118.75	−0.088%	$842	$8K	25x	as long as short
Aftermath Perps SOLUSD	−0.0035%	1h	118.82	−0.032%	$24K	$48K	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	118.78	−0.067%	$54K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	118.79	−0.056%	$1.2M	$20.8M	3.1x
Perpl SOL	0.0000%	43m	118.78	−0.068%	$179K	$4.0M	8.3x	as long as short
dYdX SOL-USD	0.0000%	1h	118.80	−0.050%	$4.9M	$26.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0039%	1h	118.74	−0.101%	$1.5M	$6.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit SOL_USDC-PERPETUAL	+0.0048%	1h	118.83	−0.022%	$26.7M	$27.7M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0060%	8h	118.78	−0.069%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0069%	8h	118.66	−0.172%	$231.2M	$43.7M	75x	as long as short
BingX SOL-USDT	+0.0070%	8h	118.75	−0.088%	—	$371.7M	—	as long as short
01 Exchange SOLUSD	+0.0072%	1h	118.77	−0.076%	$104K	$152K	20x	as long as short
Gate SOL_USDT	+0.0081%	8h	118.83	−0.025%	$858.1M	$678.3M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.81	−0.040%	$13.4M	$53.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.81	−0.046%	$2.0M	$16.7M	25x	as long as short
KuCoin SOLUSDTM	+0.0096%	8h	118.78	−0.064%	$143.6M	$196.6M	75x	as long as short
Hibachi SOL/USDT-P	+0.0096%	1h	118.83	−0.024%	$123K	$606K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.73	−0.106%	$353K	$741K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	118.74	−0.104%	$1.0M	$525K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	118.73	−0.109%	$45K	$780K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	118.74	−0.097%	$5.5M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	118.83	−0.025%	$716.5M	$412.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.84	−0.015%	$179.0M	$174.6M	100x	as long as short
Pacifica SOL	+0.0100%	1h	118.80	−0.053%	$12.3M	$113.8M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.76	−0.087%	$971.0M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.77	−0.079%	$821.1M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.72	−0.118%	$369.6M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	118.65	−0.177%	$233K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	118.80	−0.049%	$1.9M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.77	−0.076%	$466.8M	$1.08B	300x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.73	−0.111%	$495.7M	$448.9M	100x	as long as short
Backpack SOL_USDC_PERPlong	+0.0100%	1h	118.86	long leg	$24.3M	$38.0M	50x
Variational Omni SOL	+0.0100%	8h	118.76	−0.088%	$27.4M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	118.77	−0.075%	$95.4M	$397.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	118.66	−0.170%	$48.6M	$33.1M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	118.77	−0.076%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	118.77	−0.076%	$364K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	118.75	−0.090%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.77	−0.080%	$37K	$15K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.76	−0.086%	$193K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.76	−0.084%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.82	−0.034%	$46.3M	$99.9M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.71	−0.127%	$133.1M	$11.8M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	118.77	−0.077%	$8.6M	$37.1M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	118.86	+0.001%	$8.1M	$414.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	118.78	−0.071%	—	$217.4M	500x	as long as short
Phoenix SOL	+0.0154%	1h	118.92	+0.050%	$6.7M	$12.5M	25x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0091%	1h	118.78	−0.063%	$3.6M	—	200x	as long as short
RISEx SOL/USDC	+0.0175%	1h	118.78	−0.064%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0180%	1h	118.77	−0.078%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.75	−0.093%	$51.8M	$86.7M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0224%	1h	118.84	−0.020%	$36.1M	$89.7M	100x	as long as short