Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.007%

Price spread now: Kalshi against Derive−0.011%54s7-day average +0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)+0.142%+$14 · spread now −0.011%, 7d avg +0.026%

Together, before fees+0.137%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.037% cheaper against Derive than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.026%). If the spread goes back, that is −$4 on $10k: about 31 hours of funding at the current rate (+$3 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive SOL-PERP	119.59	−0.0095	get 0.0012% / 1h	42m 17s	$2.0M	$3.0M	13x
Short	Kalshi KXSOLPERP	119.58	0	get 0.0000% / 8h	5h 42m	$1.2M	$20.6M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now −0.011%Rate

Funding earned: $19.95
Price spread: −0.011% → +0.026%: −$3.67
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $0.28
Costs to cover: 0.160%
Break-even: 6.9 days

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	1.25 bp	7.9 bp −$8	12.5 bp −$125	19.0 bp −$1,897	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin SOL-PERP	−0.0474%	1h	119.69	+0.084%	$37K	$17K	25x	as long as short
Derive SOL-PERPlong	−0.0095%	1h	119.59	long leg	$2.0M	$3.0M	13x
Hotstuff SOL-PERP	−0.0080%	1h	119.53	−0.054%	$847	$8K	25x	as long as short
Vest SOL-PERP	−0.0064%	1h	119.58	−0.007%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0002%	1h	119.68	+0.070%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.72	+0.106%	$55K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	119.58	−0.011%	$1.2M	$20.6M	3.1x
Perpl SOL	0.0000%	43m	119.66	+0.056%	$179K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0008%	1h	119.53	−0.055%	$120K	$611K	20x	as long as short
Phoenix SOL	+0.0054%	1h	119.50	−0.078%	$6.6M	$13.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SOLUSD	+0.0062%	1h	119.43	−0.132%	$24K	$47K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0066%	8h	119.69	+0.080%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0073%	8h	119.46	−0.112%	$232.7M	$44.5M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.69	+0.081%	—	$10.5M	—	as long as short
01 Exchange SOLUSD	+0.0088%	1h	119.72	+0.106%	$105K	$153K	20x	as long as short
Gate SOL_USDT	+0.0092%	8h	119.67	+0.064%	$872.9M	$678.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.62	+0.025%	$13.7M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.69	+0.082%	$2.1M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.65	+0.049%	$354K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.61	+0.014%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.68	+0.073%	$46K	$790K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.66	+0.057%	$6.2M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.76	+0.140%	$721.8M	$415.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.66	+0.056%	$179.1M	$175.8M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.66	+0.060%	$12.4M	$116.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.72	+0.106%	$986.7M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.74	+0.123%	$828.1M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.68	+0.073%	$373.0M	$1.72B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.58	−0.011%	$234K	$887K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.72	+0.106%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.15	−0.369%	$133.6M	$9.3M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.69	+0.081%	$456.4M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.68	+0.073%	$141.2M	$199.8M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.68	+0.074%	$496.6M	$454.1M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.57	−0.019%	$24.2M	$38.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.38	−0.175%	$27.7M	$127.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.46	−0.113%	$95.9M	$398.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.44	−0.129%	$48.9M	$32.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.49	−0.085%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.48	−0.095%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.68	+0.073%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.69	+0.079%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.70	+0.089%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.69	+0.081%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.54	−0.044%	$46.7M	$101.9M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0102%	1h	119.74	+0.125%	$26.8M	$27.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.67	+0.063%	$8.7M	$36.5M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.74	+0.123%	$8.2M	$415.8M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.70	+0.093%	—	$221.8M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.70	+0.090%	$32.7M	$95.3M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.72	+0.107%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.66	+0.059%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.71	+0.101%	$1.7M	$5.9M	20x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.13	−0.387%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.52	−0.061%	$52.1M	$82.5M	125x	as long as short