Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: Kalshi against Lighter−0.063%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.063%, 7d avg +0.019%

Together, before fees+0.095%+ Points / potential airdropLighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.082% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SOL	119.28	0.0096	pay 0.0012% / 1h	27m 25s	$13.6M	$54.2M	25x
Short	Kalshi KXSOLPERP	119.20	0	get 0.0000% / 8h	6h 27m	$1.2M	$20.6M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.063%Rate

Funding earned: −$20.16
Price spread: −0.063% → +0.019%: −$8.18
Slippage, 4 orders: −$10.38
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$48.71
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Kalshi: 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 Lighter live order book, 6 min ago	0.63 bp	0.9 bp −$1	1.6 bp −$16	5.3 bp −$526	18.5 bp −$9,236
Sell Kalshi live order book, 2 min ago	1.09 bp	9.8 bp −$10	12.8 bp −$128	20.5 bp −$2,049	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
Injective SOL/USDC PERP	−0.0151%	1h	119.15	−0.106%	$4K	$2K	12x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.27	−0.005%	$846	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	119.22	−0.051%	—	$724K	20x	as long as short
Derive SOL-PERP	−0.0054%	1h	119.28	−0.001%	$2.0M	$3.2M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.33	+0.043%	$54K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	119.20	−0.063%	$1.2M	$20.6M	3.1x
Perpl SOL	0.0000%	43m	119.27	−0.006%	$180K	$4.0M	8.3x	as long as short
dYdX SOL-USD	0.0000%	1h	119.32	+0.032%	$4.9M	$26.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0009%	1h	119.10	−0.146%	$24K	$47K	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0040%	1h	119.43	+0.126%	$26.8M	$27.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi SOL/USDT-P	+0.0056%	1h	119.19	−0.069%	$122K	$600K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0060%	8h	119.37	+0.080%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0061%	8h	119.03	−0.204%	$231.9M	$43.6M	75x	as long as short
01 Exchange SOLUSD	+0.0072%	1h	119.32	+0.036%	$104K	$152K	20x	as long as short
ApeX Omni SOLUSDT	+0.0074%	1h	119.04	−0.199%	$1.5M	$6.2M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.31	+0.029%	—	$370.7M	—	as long as short
Gate SOL_USDT	+0.0085%	8h	119.28	+0.003%	$871.1M	$682.3M	100x	as long as short
Lighter SOLlong	+0.0096%	1h	119.28	long leg	$13.6M	$54.2M	25x
Lighter RH SOL	+0.0096%	1h	119.27	−0.003%	$2.1M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.35	+0.060%	$355K	$741K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.27	−0.009%	$1.0M	$524K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.28	+0.003%	$45K	$783K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.29	+0.007%	$6.4M	$41.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.38	+0.086%	$720.4M	$415.1M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.28	+0.004%	$179.9M	$174.7M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.31	+0.026%	$12.4M	$114.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.32	+0.036%	$975.4M	$3.74B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.38	+0.082%	$828.2M	$1.26B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.32	+0.036%	$371.4M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.18	−0.081%	$233K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.34	+0.053%	$2.0M	$8.9M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.32	+0.036%	$476.1M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.29	+0.013%	$142.9M	$196.3M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.35	+0.065%	$498.5M	$448.9M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.23	−0.039%	$24.4M	$38.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.07	−0.174%	$27.5M	$127.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.01	−0.221%	$95.6M	$398.5M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.06	−0.178%	$48.7M	$33.3M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	119.14	−0.115%	$1.4M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.29	+0.011%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.31	+0.029%	$202K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	119.35	+0.063%	$38K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.25	−0.020%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.36	+0.070%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.16	−0.098%	$46.6M	$100.2M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.98	−0.248%	$133.4M	$11.1M	20x	as long as short
Extended SOL-USD	+0.0104%	1h	119.27	−0.008%	$8.7M	$37.0M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.22	−0.050%	$8.1M	$415.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.31	+0.023%	—	$217.3M	500x	as long as short
Phoenix SOL	+0.0154%	1h	119.04	−0.199%	$6.6M	$12.5M	25x	as long as short
RISEx SOL/USDC	+0.0175%	1h	119.32	+0.037%	$1.6M	$6.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0179%	1h	119.28	+0.003%	$1.1M	$557K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.11	−0.140%	$51.7M	$87.0M	125x	as long as short
Kraken Futures PF_SOLUSD	+0.0223%	1h	119.19	−0.074%	$36.0M	$89.4M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0237% / S −0.0174%	1h	119.33	+0.044%	$3.5M	—	200x	as long as short