Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0213%/8h= −23.4% APRpaid last 24h −0.189%

Price spread now: Kalshi against Injective+0.306%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.306% dearer against Injective than usual: you sell high and buy low (spread +0.306% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 4.8 days. At the pace of the last 7 days (−0.057% in total) that is about 37 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective SOL/USDC PERP	119.13	0.0213	pay 0.0027% / 1h	36m 48s	$4K	$2K	12x
Short	Kalshi KXSOLPERP	119.50	0	get 0.0000% / 8h	5h 36m	$1.2M	$20.6M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now +0.306%Rate

Funding earned: −$44.81
Price spread: +0.306% → 0.000%: $30.64
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$24.19
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	1.09 bp	7.6 bp −$8	13.1 bp −$131	20.4 bp −$2,041	doesn't fit

Injective: 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	−0.0301%	1h	119.44	+0.256%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0095%	1h	119.33	+0.171%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.53	+0.333%	$847	$8K	25x	as long as short
Vest SOL-PERP	−0.0062%	1h	119.43	+0.253%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0002%	1h	119.53	+0.339%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.44	+0.260%	$54K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	119.50	+0.306%	$1.2M	$20.6M	3.1x
Perpl SOL	0.0000%	43m	119.47	+0.286%	$182K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0016%	1h	119.72	+0.492%	$120K	$611K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0020%	1h	119.48	+0.293%	$26.7M	$27.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix SOL	+0.0054%	1h	119.84	+0.596%	$6.6M	$13.6M	25x	as long as short
Aftermath Perps SOLUSD	+0.0066%	1h	119.56	+0.360%	$24K	$47K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0067%	8h	119.44	+0.264%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0078%	8h	119.41	+0.237%	$232.6M	$44.7M	75x	as long as short
BingX SOL-USDC	+0.0080%	8h	119.40	+0.226%	—	$10.5M	—	as long as short
Gate SOL_USDT	+0.0083%	8h	119.43	+0.252%	$872.7M	$680.7M	100x	as long as short
Lighter SOL	+0.0096%	1h	119.39	+0.219%	$13.6M	$55.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	119.39	+0.214%	$2.1M	$16.7M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	119.48	+0.294%	$104K	$153K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.41	+0.238%	$354K	$748K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	119.45	+0.267%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.47	+0.285%	$45K	$790K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.47	+0.290%	$6.2M	$41.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.47	+0.285%	$719.3M	$415.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.43	+0.249%	$178.8M	$175.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.53	+0.332%	$12.4M	$117.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.34	+0.174%	$987.1M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.42	+0.247%	$825.6M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.39	+0.218%	$372.0M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.74	+0.512%	$234K	$889K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.55	+0.349%	$2.0M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.42	+0.243%	$453.3M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.43	+0.254%	$141.1M	$200.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.40	+0.225%	$496.0M	$454.7M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.45	+0.269%	$24.1M	$38.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.76	+0.530%	$27.8M	$127.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.62	+0.409%	$96.1M	$399.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.61	+0.407%	$49.0M	$31.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.56	+0.361%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.71	+0.487%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.42	+0.243%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.44	+0.260%	$201K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.41	+0.237%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.42	+0.243%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.42	+0.243%	$46.7M	$101.9M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.75	+0.519%	$134.3M	$8.4M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	119.40	+0.223%	$8.7M	$36.2M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.44	+0.264%	$8.3M	$415.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.55	+0.355%	—	$222.2M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.43	+0.253%	$32.6M	$95.5M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0086%	1h	119.46	+0.278%	$3.7M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.41	+0.231%	$1.1M	$557K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.52	+0.329%	$1.7M	$6.0M	20x	as long as short
Injective SOL/USDC PERPlong	+0.0213%	1h	119.13	long leg	$4K	$2K	12x
BloFin SOL-USDT	+0.0220%	8h	119.45	+0.269%	$52.2M	$82.9M	125x	as long as short