Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0125%/8h= −13.6% APRpaid last 24h −0.009%

Price spread now: Kalshi against Deribit−0.027%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.027%, 7d avg −0.026%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	116.44	0.0125	pay 0.0016% / 1h	9m 58s	$26.2M	$23.1M	50x
Short	Kalshi KXSOLPERP	116.40	0	get 0.0000% / 8h	7h 09m	$1.4M	$19.1M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.027%Rate

Funding earned: −$26.16
Price spread: −0.027% → −0.026%: −$0.1
Slippage, 4 orders: −$8.36
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$51.63
Costs to cover: 0.254%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 4 min ago	0.60 bp	4.7 bp −$5	5.0 bp −$50	14.4 bp −$1,437	doesn't fit
Sell Kalshi live order book, 4 min ago	1.24 bp	7.8 bp −$8	12.6 bp −$126	19.4 bp −$1,940	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
Hibachi SOL/USDT-P	−0.0208%	1h	116.43	−0.006%	$104K	$703K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.42	−0.015%	$31.4M	$102.3M	100x	as long as short
Vest SOL-PERP	−0.0106%	1h	116.33	−0.088%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.41	−0.024%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0066%	8h	116.33	−0.093%	$749.8M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.31	−0.105%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.38	−0.048%	$42K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.40	−0.027%	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0011%	1h	116.43	−0.006%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.42	−0.014%	$7.6M	$404.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0062%	1h	116.35	−0.070%	$147K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.38	−0.048%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0090%	8h	116.40	−0.034%	$480.4M	$447.1M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.39	−0.038%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.40	−0.033%	$13.1M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.39	−0.043%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.38	−0.044%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.34	−0.082%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.41	−0.025%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.36	−0.067%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.48	+0.038%	$701.6M	$396.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.39	−0.035%	$174.4M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.41	−0.024%	$15.7M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.42	−0.012%	$971.0M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.43	−0.005%	$367.4M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.37	−0.057%	$224K	$846K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.41	−0.022%	$920K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	+0.021%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.37	−0.057%	$854.7M	$668.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.45	+0.012%	$367.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.42	−0.017%	$128.7M	$224.3M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.38	−0.049%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.39	−0.040%	$23.0M	$40.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.28	−0.131%	$25.0M	$114.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.48	+0.037%	$93.5M	$400.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.47	+0.029%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.54	+0.086%	$1.3M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.46	+0.021%	$1.3M	$12.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.36	−0.065%	$319K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.38	−0.050%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.36	−0.061%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.39	−0.040%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.35	−0.077%	$225.4M	$48.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.40	−0.031%	$45.3M	$103.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.37	−0.057%	$8.3M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.227%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.38	−0.046%	—	$235.8M	500x	as long as short
Deribit SOL_USDC-PERPETUALlong	+0.0125%	1h	116.44	long leg	$26.2M	$23.1M	50x
Phoenix SOL	+0.0151%	1h	116.60	+0.141%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.33	−0.089%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.42	−0.014%	$51.9M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0179%	1h	116.36	−0.067%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.38	−0.052%	$129K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.45	+0.008%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0575%	1h	116.52	+0.069%	$25K	$52K	20x	as long as short