Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h +0.085%

Price spread now: Hibachi against Kalshi0.000%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.343%+$34 · spread now 0.000%, 7d avg +0.036%

Together, before fees+0.314%+ Points / potential airdropHibachi: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hibachi is 0.036% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	117.83	0.0103	pay 0.0103% / 8h	1h 12m	$1.4M	$19.3M	3.1x
Short	Hibachi SOL/USDT-P	117.84	0.0048	get 0.0006% / 1h	12m 47s	$105K	$696K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now 0.000%Rate

Funding earned: −$11.48
Price spread: 0.000% → +0.036%: −$3.63
Slippage, 4 orders: −$9.4
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$43.51
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Hibachi: live order book, 51 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, 1 min ago	1.32 bp	9.9 bp −$10	12.8 bp −$128	19.6 bp −$1,958	doesn't fit
Sell Hibachi live order book, 51 min ago	0.04 bp	6.3 bp −$6	22.7 bp −$227	doesn't fit	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
Bluefin SOL-PERP	−0.0096%	1h	117.73	−0.089%	$25K	$28K	25x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.88	+0.039%	$922	$8K	25x	as long as short
Vest SOL-PERP	−0.0069%	1h	117.82	−0.009%	—	$605K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0055%	1h	117.71	−0.107%	$31.5M	$98.8M	100x	as long as short
Derive SOL-PERP	−0.0010%	1h	117.66	−0.151%	$1.9M	$2.8M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.80	−0.030%	$57K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.88	+0.035%	$4.5M	$24.1M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0017%	1h	117.76	−0.068%	$26.4M	$24.9M	50x	as long as short
Hibachi SOL/USDT-Pshort	+0.0048%	1h	117.84	0.000%	$105K	$696K	20x
01 Exchange SOLUSD	+0.0064%	1h	117.88	+0.038%	$100K	$165K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SOL-PERP-INTX	+0.0064%	1h	117.74	−0.084%	$7.9M	$404.1M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0090%	8h	117.74	−0.083%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.72	−0.101%	$13.2M	$60.0M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.68	−0.131%	$2.1M	$16.3M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.73	−0.090%	$345K	$226K	20x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.89	+0.047%	$54K	$852K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.88	+0.041%	$1.0M	$516K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.87	+0.031%	$5.8M	$38.8M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.72	−0.098%	$177.3M	$180.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.92	+0.070%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.73	−0.089%	$970.6M	$3.72B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.77	−0.055%	$831.5M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.74	−0.081%	$366.2M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.80	−0.030%	$239K	$864K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.89	+0.042%	$2.0M	$9.1M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.96	+0.110%	$136.3M	$17.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	117.67	−0.140%	$858.2M	$654.0M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.68	−0.132%	$426.1M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.70	−0.116%	$130.6M	$213.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.75	−0.071%	$487.9M	$431.3M	100x	as long as short
BingX SOL-USDT	+0.0100%	8h	117.73	−0.089%	—	$362.9M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.68	−0.132%	$23.7M	$36.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	118.04	+0.176%	$24.4M	$114.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.86	+0.022%	$94.7M	$394.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.96	+0.106%	$48.3M	$28.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	117.83	−0.004%	$1.7M	$5.9M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	117.86	+0.021%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.87	+0.030%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.82	−0.011%	$199K	$1.6M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.89	+0.047%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.71	−0.106%	$6.2M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	117.81	−0.024%	$228.8M	$45.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.71	−0.106%	$45.9M	$100.4M	50x	as long as short
Kalshi KXSOLPERPlong	+0.0103%	8h	117.83	long leg	$1.4M	$19.3M	3.1x
Extended SOL-USD	+0.0104%	1h	117.64	−0.166%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.84	+0.006%	—	$215.6M	500x	as long as short
Phoenix SOL	+0.0129%	1h	117.89	+0.047%	$6.5M	$13.4M	25x	as long as short
RISEx SOL/USDC	+0.0136%	1h	117.94	+0.089%	$1.9M	$4.9M	20x	as long as short
Hyperliquid SOL	+0.0173%	1h	117.86	+0.021%	$721.1M	$390.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0190%	1h	117.83	−0.001%	$1.1M	$537K	25x	as long as short
Injective SOL/USDC PERP	+0.0218%	1h	117.49	−0.293%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.69	−0.123%	$51.8M	$71.5M	125x	as long as short
Perpl SOL	+0.0223%	43m	117.88	+0.039%	$128K	$3.8M	8.3x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0232% / S −0.0170%	1h	117.80	−0.031%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0413%	1h	117.92	+0.068%	$25K	$51K	20x	as long as short