Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h −0.005%

Price spread now: Derive against Kalshi−0.135%7-day average −0.030% · you buy dearer than you sell

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

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now −0.135%, 7d avg −0.030%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.105% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.135% now, against its 7-day average of −0.030%). If the spread goes back, that is −$11 on $10k: about 23 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.002% in total) that is about 14 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	117.03	0	get 0.0000% / 8h	0m 42s	$1.4M	$18.8M	3.1x
Short	Derive SOL-PERP	116.87	0.0016	get 0.0002% / 1h	0m 42s	$1.9M	$2.8M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.135%Rate

Funding earned: $3.27
Price spread: −0.135% → −0.030%: −$10.53
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$23.26
Costs to cover: 0.160%
Break-even: 56.8 days

Slippage unknown: Kalshi: live order book, 3 min ago; Derive: no order-book sample. 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 Kalshi live order book, 3 min ago	1.33 bp	9.2 bp −$9	11.7 bp −$117	18.5 bp −$1,846	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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
Hibachi SOL/USDT-P	−0.0168%	1h	116.84	−0.163%	$103K	$698K	20x	as long as short
Vest SOL-PERP	−0.0098%	1h	116.89	−0.117%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.85	−0.149%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.96	−0.059%	$54K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	117.03	long leg	$1.4M	$18.8M	3.1x
dYdX SOL-USD	+0.0003%	1h	116.96	−0.058%	$4.4M	$24.2M	20x	as long as short
Derive SOL-PERPshort	+0.0016%	1h	116.87	−0.135%	$1.9M	$2.8M	13x
01 Exchange SOLUSD	+0.0056%	1h	117.01	−0.015%	$99K	$172K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0064%	1h	116.95	−0.069%	$7.5M	$404.8M	50x	as long as short
Kraken Futures PF_SOLUSD	+0.0075%	1h	116.93	−0.083%	$31.1M	$99.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_SOL_USDC	+0.0093%	8h	116.94	−0.071%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.94	−0.072%	$13.1M	$60.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.91	−0.100%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.94	−0.074%	$348K	$244K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.99	−0.032%	$51K	$872K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.03	+0.001%	$1.0M	$550K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.94	−0.076%	$5.4M	$39.9M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.01	−0.015%	$706.5M	$394.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.92	−0.091%	$175.0M	$182.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.01	−0.015%	$15.8M	$129.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.96	−0.057%	$974.4M	$3.80B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	116.90	−0.109%	$782.5M	$1.35B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.93	−0.083%	$369.8M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.87	−0.134%	$231K	$837K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.01	−0.013%	$927K	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.70	−0.282%	$134.0M	$22.5M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.91	−0.100%	$842.8M	$667.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.94	−0.074%	$372.8M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.91	−0.098%	$129.3M	$220.9M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	116.89	−0.116%	$480.1M	$441.1M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.90	−0.109%	—	$365.7M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.94	−0.074%	$23.3M	$39.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.91	−0.096%	$24.6M	$113.9M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.78	−0.211%	$93.8M	$397.9M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.84	−0.160%	$47.8M	$30.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.87	−0.134%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.79	−0.203%	$1.3M	$12.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.95	−0.066%	$322K	$2.6M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.96	−0.060%	$147K	$1.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.93	−0.081%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.92	−0.094%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.93	−0.083%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.94	−0.070%	$226.8M	$47.4M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.96	−0.057%	$45.7M	$102.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.87	−0.135%	$8.3M	$37.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.87	−0.132%	—	$231.3M	500x	as long as short
Injective SOL/USDC PERP	+0.0137%	1h	116.72	−0.262%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0137%	1h	116.99	−0.032%	$6.5M	$13.4M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0139%	1h	116.98	−0.038%	$26.4M	$23.5M	50x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	116.93	−0.084%	$1.1M	$541K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.95	−0.066%	$52.1M	$67.7M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.95	−0.064%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0447%	43m	117.00	−0.026%	$139K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0517%	1h	116.82	−0.174%	$25K	$50K	20x	as long as short
RISEx SOL/USDC	+0.0559%	1h	117.07	+0.035%	$1.9M	$4.8M	20x	as long as short