Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bulk against Kalshi−0.213%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.096%+$10 on $10k

Price spread, last 7 days+0.123%+$12 · spread now −0.213%, 7d avg −0.016%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.198% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.213% now, against its 7-day average of −0.016%). If the spread goes back, that is −$20 on $10k: about 6.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.80	0	get 0.0000% / 8h	4h 46m	$1.5M	$19.3M	3.1x
Short	Bulk SOL-USD	116.55	0.0100	get 0.0013% / 1h	46m 38s	$125.5M	$25.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.213%Rate

Funding earned: $21
Price spread: −0.213% → −0.016%: −$19.77
Slippage, 4 orders: −$13.93
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$29.7
Costs to cover: 0.309%
Break-even: 16.9 days

Slippage from Kalshi: live order book, 2 min ago; Bulk: 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	0.94 bp	7.2 bp −$7	10.6 bp −$106	17.0 bp −$1,697	doesn't fit
Sell Bulk live order book, 2 min ago	4.29 bp	7.8 bp −$8	7.8 bp −$78	7.8 bp −$779	7.8 bp −$3,893

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	−0.0176%	1h	116.76	−0.033%	$96K	$682K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0153%	1h	116.77	−0.025%	$32.4M	$106.1M	100x	as long as short
Bybit SOLUSDT	−0.0110%	8h	116.74	−0.051%	$737.6M	$1.43B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.75	−0.040%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0080%	1h	116.68	−0.099%	$1.9M	$3.0M	13x	as long as short
Injective SOL/USDC PERP	−0.0055%	1h	116.62	−0.154%	$4K	$2K	12x	as long as short
Vest SOL-PERP	−0.0046%	1h	116.74	−0.053%	—	$631K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.79	−0.010%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.80	long leg	$1.5M	$19.3M	3.1x
Perpl SOL	0.0000%	43m	116.74	−0.054%	$106K	$3.5M	8.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SOL-USD	+0.0008%	1h	116.77	−0.029%	$4.3M	$23.6M	20x	as long as short
Lighter RH SOL	+0.0016%	1h	116.74	−0.051%	$2.2M	$16.6M	25x	as long as short
Bitget SOLUSDT	+0.0029%	8h	116.74	−0.050%	$481.8M	$457.8M	100x	as long as short
SoDEX SOL-USD	+0.0043%	1h	116.72	−0.068%	$6.1M	$11.0M	20x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.80	0.000%	$99K	$177K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.77	−0.027%	$8.0M	$402.3M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0055%	1h	116.81	+0.012%	$26.5M	$22.0M	50x	as long as short
Aster SOLUSDT	+0.0063%	8h	116.73	−0.062%	$177.2M	$168.5M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0077%	8h	116.74	−0.048%	$1.0M	$5.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0094%	8h	116.75	−0.046%	$1.0M	$554K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.74	−0.051%	$13.2M	$60.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.73	−0.056%	$352K	$256K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.71	−0.077%	$66K	$909K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.74	−0.050%	$5.3M	$41.5M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.83	+0.026%	$704.3M	$408.0M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.80	−0.001%	$15.8M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.74	−0.051%	$966.4M	$3.86B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.74	−0.051%	$368.6M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.66	−0.120%	$217K	$832K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.77	−0.029%	$900K	$8.5M	20x	as long as short
Bulk SOL-USDshort	+0.0100%	1h	116.55	−0.213%	$125.5M	$25.2M	20x
Gate SOL_USDT	+0.0100%	8h	116.75	−0.043%	$850.7M	$659.0M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.75	−0.043%	$367.9M	$1.06B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.74	−0.049%	$132.5M	$233.3M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.69	−0.092%	—	$10.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.73	−0.060%	$23.1M	$36.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.53	−0.229%	$25.0M	$110.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.63	−0.149%	$93.6M	$406.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.55	−0.214%	$47.7M	$29.5M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.70	−0.088%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.71	−0.077%	$1.3M	$11.7M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.76	−0.034%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.77	−0.025%	$242K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.77	−0.024%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.77	−0.023%	$190K	$1.7M	30x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.72	−0.072%	$226.0M	$50.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.76	−0.034%	$45.4M	$104.7M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.70	−0.083%	$8.2M	$38.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.78	−0.017%	—	$234.0M	500x	as long as short
Phoenix SOL	+0.0130%	1h	116.64	−0.137%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0195%	1h	116.74	−0.050%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.75	−0.043%	$52.2M	$66.1M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.78	−0.018%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0485%	1h	116.83	+0.023%	$2.1M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0486%	1h	116.70	−0.083%	$25K	$57K	20x	as long as short