Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Backpack against Kalshi−0.048%7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Kalshi Short on Backpack

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−0.363%−$36 · spread now −0.048%, 7d avg +0.078%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.126% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.048% now, against its 7-day average of +0.078%). If the spread goes back, that is −$13 on $10k: about 4.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.065% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	117.81	0	get 0.0000% / 8h	2h 31m	$1.4M	$21.3M	3.1x
Short	Backpack SOL_USDC_PERP	117.75	0.0100	get 0.0013% / 1h	31m 59s	$23.7M	$37.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.048%Rate

Funding earned: $21
Price spread: −0.048% → +0.078%: −$12.6
Slippage, 4 orders: −$7.15
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$18.75
Costs to cover: 0.272%
Break-even: 13.3 days

Slippage from Kalshi: live order book, 2 min ago; Backpack: live order book, 2 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 Kalshi live order book, 2 min ago	1.23 bp	7.8 bp −$8	12.0 bp −$120	19.6 bp −$1,964	doesn't fit
Sell Backpack live order book, 2 min ago	0.43 bp	6.2 bp −$6	7.6 bp −$76	10.0 bp −$1,004	doesn't fit

SOL on 54 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
Hotstuff SOL-PERP	−0.0080%	1h	117.63	−0.148%	$920	$8K	25x	as long as short
Vest SOL-PERP	−0.0072%	1h	117.75	−0.047%	—	$609K	20x	as long as short
Hibachi SOL/USDT-P	−0.0064%	1h	117.62	−0.157%	$92K	$692K	20x	as long as short
ApeX Omni SOLUSDT	−0.0052%	1h	117.67	−0.120%	$1.5M	$6.1M	50x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.71	−0.079%	$2.0M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.80	−0.006%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.83	+0.020%	$4.5M	$24.4M	20x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	117.81	long leg	$1.4M	$21.3M	3.1x
Perpl SOL	0.0000%	43m	117.83	+0.019%	$129K	$3.9M	8.3x	as long as short
HTX SOL-USDT	+0.0010%	8h	117.74	−0.054%	$228.9M	$45.5M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx SOL/USDC	+0.0018%	1h	117.80	−0.002%	$2.0M	$4.6M	20x	as long as short
Gate SOL_USDT	+0.0026%	8h	117.79	−0.014%	$854.5M	$659.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0040%	1h	117.82	+0.008%	$26.4M	$25.5M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.73	−0.064%	$31.5M	$98.7M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.78	−0.019%	$8.0M	$410.2M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.73	−0.064%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	117.81	+0.003%	$1.1M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.73	−0.065%	$13.0M	$59.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.72	−0.070%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.86	+0.045%	$103K	$164K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.80	−0.003%	$345K	$259K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.80	−0.004%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.76	−0.040%	$63K	$856K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.83	+0.020%	$5.7M	$41.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.82	+0.011%	$719.6M	$402.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.78	−0.023%	$177.0M	$180.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.82	+0.011%	$14.4M	$131.0M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.76	−0.044%	$971.6M	$3.82B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.77	−0.028%	$821.2M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.76	−0.040%	$365.9M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.57	−0.201%	$238K	$891K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.83	+0.020%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.55	−0.216%	$134.7M	$14.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.75	−0.048%	$428.0M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.77	−0.036%	$131.7M	$210.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.75	−0.044%	$487.4M	$442.2M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	117.75	−0.048%	$23.7M	$37.6M	50x
Variational Omni SOL	+0.0100%	8h	117.66	−0.128%	$24.4M	$128.8M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.62	−0.156%	$94.5M	$405.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.77	−0.031%	$48.2M	$29.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.60	−0.176%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.84	+0.028%	$359K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.81	+0.002%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.81	−0.001%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.78	−0.025%	$191K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.77	−0.031%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.74	−0.057%	$45.8M	$101.9M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.33	−0.405%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.71	−0.079%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.73	−0.065%	—	$227.6M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.82	+0.014%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.334%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0172%	1h	117.81	−0.001%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0314%	1h	117.72	−0.074%	$25K	$51K	20x	as long as short