Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0173%/8h= +18.9% APRpaid last 24h +0.036%

Price spread now: GMX against Kalshi−0.008%7-day average +0.040% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.158%+$16 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.008%, 7d avg +0.040%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.048% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.008% now, against its 7-day average of +0.040%). If the spread goes back, that is −$5 on $10k: about 22 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.01	0	get 0.0000% / 8h	6h 36m	$1.5M	$19.3M	3.1x
Short	GMX SOL/USD [SOL-USDC]	116.00	L +0.0233% / S −0.0173%	get 0.0022% / 1h	36m 42s	$3.5M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.008%Rate

Funding earned: $36.26
Price spread: −0.008% → +0.040%: −$4.83
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $9.44
Costs to cover: 0.220%
Break-even: 5.2 days

Slippage unknown: Kalshi: live order book, 2 min ago; GMX: 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, 2 min ago	0.82 bp	9.7 bp −$10	12.1 bp −$121	20.5 bp −$2,054	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Kraken Futures PF_SOLUSD	−0.0241%	1h	116.01	−0.001%	$31.7M	$103.8M	100x	as long as short
Hibachi SOL/USDT-P	−0.0216%	1h	115.89	−0.102%	$104K	$706K	20x	as long as short
Derive SOL-PERP	−0.0125%	1h	115.90	−0.093%	$1.9M	$2.9M	13x	as long as short
Bybit SOLUSDT	−0.0116%	8h	116.04	+0.028%	$741.4M	$1.41B	100x	as long as short
Vest SOL-PERP	−0.0115%	1h	115.94	−0.059%	—	$625K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.14	+0.118%	$1K	$8K	25x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.00	−0.004%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.01	long leg	$1.5M	$19.3M	3.1x
Perpl SOL	0.0000%	43m	115.95	−0.048%	$113K	$3.7M	8.3x	as long as short
01 Exchange SOLUSD	+0.0008%	1h	115.95	−0.050%	$99K	$177K	20x	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	+0.0013%	1h	116.05	+0.037%	$4.3M	$24.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.00	−0.006%	$7.8M	$404.7M	50x	as long as short
Bullet SOL-USD	+0.0068%	1h	115.99	−0.020%	$147K	$1.6M	20x	as long as short
Bitget SOLUSDT	+0.0070%	8h	116.05	+0.034%	$480.6M	$454.8M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0095%	1h	116.08	+0.059%	$26.3M	$22.2M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.01	+0.002%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.07	+0.050%	$13.0M	$60.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.06	+0.046%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.02	+0.009%	$349K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.02	+0.010%	$65K	$906K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	116.11	+0.090%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	115.95	−0.050%	$5.3M	$40.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.11	+0.088%	$688.2M	$398.8M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.06	+0.045%	$174.2M	$184.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.10	+0.076%	$15.6M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.10	+0.079%	$968.2M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.07	+0.053%	$361.4M	$1.73B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.00	−0.007%	$216K	$875K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.11	+0.085%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.24	+0.198%	$130.1M	$16.3M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.07	+0.053%	$839.6M	$665.4M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.08	+0.062%	$361.9M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.07	+0.052%	$124.0M	$229.0M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.03	+0.017%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	115.97	−0.033%	$22.9M	$40.4M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	115.96	−0.045%	$25.0M	$114.1M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	115.75	−0.223%	$92.9M	$405.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	115.84	−0.146%	$47.4M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	115.77	−0.209%	$1.1M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	115.88	−0.110%	$1.3M	$12.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	115.94	−0.059%	$316K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	115.98	−0.021%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	115.98	−0.020%	$188K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.00	−0.007%	$6.0M	$10.9M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	115.97	−0.034%	$224.7M	$49.9M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	115.98	−0.024%	$45.2M	$104.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.03	+0.017%	$7.9M	$38.9M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	115.98	−0.020%	—	$238.9M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.55	+0.467%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.27	+0.226%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0193%	1h	115.94	−0.062%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	115.96	−0.041%	$51.9M	$67.9M	125x	as long as short
GMX SOL/USD [SOL-USDC]short	L +0.0233% / S −0.0173%	1h	116.00	−0.008%	$3.5M	—	200x
RISEx SOL/USDC	+0.0547%	1h	116.14	+0.117%	$2.0M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0603%	1h	116.08	+0.062%	$25K	$52K	20x	as long as short