Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.011%

Price spread now: Deribit against Kalshi+0.030%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now +0.030%, 7d avg +0.025%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.074%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.46	0	get 0.0000% / 8h	6h 18m	$1.5M	$19.3M	3.1x
Short	Deribit SOL_USDC-PERPETUAL	116.49	0.0160	get 0.0020% / 1h	18m 57s	$26.3M	$22.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.030%Rate

Funding earned: $33.52
Price spread: +0.030% → +0.025%: $0.5
Slippage, 4 orders: −$9.3
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $7.72
Costs to cover: 0.263%
Break-even: 5.4 days

Slippage from Kalshi: live order book, 5 min ago; Deribit: live order book, 5 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, 5 min ago	1.51 bp	7.7 bp −$8	12.7 bp −$127	22.0 bp −$2,202	doesn't fit
Sell Deribit live order book, 5 min ago	0.09 bp	5.0 bp −$5	5.6 bp −$56	12.4 bp −$1,244	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
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.43	−0.025%	$31.9M	$102.9M	100x	as long as short
Hibachi SOL/USDT-P	−0.0136%	1h	116.29	−0.143%	$104K	$693K	20x	as long as short
BingX SOL-USDT	−0.0112%	8h	116.46	0.000%	—	$369.6M	—	as long as short
Bybit SOLUSDT	−0.0108%	8h	116.36	−0.085%	$742.6M	$1.42B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.43	−0.029%	$1K	$8K	25x	as long as short
Vest SOL-PERP	−0.0059%	1h	116.38	−0.070%	—	$625K	20x	as long as short
Derive SOL-PERP	−0.0015%	1h	116.37	−0.080%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.46	−0.003%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.46	long leg	$1.5M	$19.3M	3.1x
Perpl SOL	0.0000%	43m	116.43	−0.029%	$113K	$3.7M	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	+0.0010%	1h	116.43	−0.027%	$4.3M	$24.0M	20x	as long as short
01 Exchange SOLUSD	+0.0024%	1h	116.43	−0.026%	$99K	$177K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.43	−0.028%	$7.8M	$405.0M	50x	as long as short
Bitget SOLUSDT	+0.0064%	8h	116.34	−0.106%	$479.2M	$458.9M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0096%	8h	116.45	−0.004%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.43	−0.027%	$13.0M	$61.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.41	−0.046%	$2.2M	$16.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.44	−0.018%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.35	−0.094%	$64K	$912K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.42	−0.031%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.37	−0.077%	$5.2M	$40.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.55	+0.077%	$692.7M	$404.0M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.41	−0.040%	$176.0M	$177.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.42	−0.030%	$15.7M	$130.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.41	−0.041%	$970.2M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.37	−0.077%	$364.4M	$1.74B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.36	−0.086%	$216K	$877K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.44	−0.021%	$913K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	115.85	−0.522%	$123.9M	$22.0M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.41	−0.043%	$841.9M	$672.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.33	−0.112%	$355.2M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.36	−0.088%	$126.4M	$230.2M	75x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.46	0.000%	$23.0M	$38.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.99	−0.400%	$24.8M	$114.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.07	−0.339%	$93.2M	$407.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.84	−0.532%	$47.4M	$30.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	115.75	−0.607%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.23	−0.197%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.43	−0.026%	$320K	$2.7M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.45	−0.010%	$147K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.44	−0.014%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.45	−0.012%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	−0.017%	$6.1M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.43	−0.027%	$225.5M	$50.0M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.42	−0.034%	$45.3M	$105.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.32	−0.123%	$8.0M	$39.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.46	+0.001%	—	$239.3M	500x	as long as short
Deribit SOL_USDC-PERPETUALshort	+0.0160%	1h	116.49	+0.030%	$26.3M	$22.0M	50x
Injective SOL/USDC PERP	+0.0173%	1h	115.66	−0.687%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.37	−0.077%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	116.40	−0.054%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.44	−0.017%	$51.7M	$68.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.45	−0.011%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.48	+0.018%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0569%	1h	116.03	−0.371%	$25K	$55K	20x	as long as short