Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.058%

Price spread now: Kalshi against Phoenix−0.105%74s7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.314%−$31 on $10k

Price spread, last 7 days−0.024%−$2 · spread now −0.105%, 7d avg −0.107%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.107%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SOL	117.98	0.0101	pay 0.0013% / 1h	28m 00s	$6.5M	$13.5M	25x
Short	Kalshi KXSOLPERP	117.86	0	get 0.0000% / 8h	2h 28m	$1.4M	$21.2M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.105%Rate

Funding earned: −$21.29
Price spread: −0.105% → −0.107%: $0.15
Slippage, 4 orders: −$7.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$46.09
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Kalshi: live order book, 1 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 Phoenix live order book, 6 min ago	0.85 bp	4.6 bp −$5	5.7 bp −$57	15.2 bp −$1,521	doesn't fit
Sell Kalshi live order book, 1 min ago	1.27 bp	8.1 bp −$8	12.5 bp −$125	21.6 bp −$2,158	doesn't fit

SOL on 54 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
Hotstuff SOL-PERP	−0.0080%	1h	117.77	−0.180%	$921	$8K	25x	as long as short
Vest SOL-PERP	−0.0070%	1h	117.85	−0.107%	—	$607K	20x	as long as short
Derive SOL-PERP	−0.0049%	1h	117.92	−0.047%	$2.0M	$2.8M	13x	as long as short
Hibachi SOL/USDT-P	−0.0040%	1h	117.82	−0.132%	$92K	$682K	20x	as long as short
ApeX Omni SOLUSDT	−0.0019%	1h	117.75	−0.195%	$1.5M	$6.0M	50x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.98	+0.002%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.88	−0.084%	$4.5M	$24.3M	20x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	117.86	−0.105%	$1.4M	$21.2M	3.1x
Perpl SOL	0.0000%	43m	117.93	−0.042%	$129K	$3.9M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.90	−0.066%	$2.0M	$4.7M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX SOL-USDT	+0.0034%	8h	118.00	+0.017%	$229.3M	$45.5M	75x	as long as short
Gate SOL_USDT	+0.0039%	8h	118.03	+0.042%	$855.4M	$660.9M	100x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	118.03	+0.043%	$31.6M	$98.8M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	118.04	+0.053%	$8.0M	$410.8M	50x	as long as short
BingX SOL-USDT	+0.0080%	8h	118.06	+0.064%	—	$369.0M	—	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0085%	1h	118.08	+0.086%	$26.5M	$25.5M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0087%	8h	118.03	+0.039%	$1.1M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	118.04	+0.050%	$13.1M	$59.8M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	118.04	+0.049%	$2.2M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.93	−0.042%	$103K	$160K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	118.02	+0.030%	$346K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.93	−0.043%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.88	−0.085%	$63K	$853K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.93	−0.038%	$5.7M	$41.7M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	118.04	+0.054%	$177.3M	$180.1M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.89	−0.074%	$14.4M	$128.9M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	118.06	+0.065%	$973.0M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.08	+0.085%	$823.2M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	118.02	+0.034%	$366.8M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.81	−0.144%	$238K	$893K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.91	−0.058%	$2.0M	$9.0M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.55	−0.362%	$134.7M	$14.2M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	118.01	+0.025%	$425.3M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	118.05	+0.055%	$131.7M	$210.4M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	118.01	+0.025%	$488.6M	$441.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	118.07	+0.076%	$23.8M	$37.5M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.72	−0.223%	$24.4M	$125.7M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.73	−0.215%	$94.6M	$406.0M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.61	−0.314%	$48.2M	$29.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.87	−0.093%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.92	−0.051%	$355K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.96	−0.015%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	118.00	+0.019%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	118.03	+0.040%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	118.03	+0.042%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	118.03	+0.042%	$46.0M	$101.5M	50x	as long as short
Phoenix SOLlong	+0.0101%	1h	117.98	long leg	$6.5M	$13.5M	25x
Extended SOL-USD	+0.0104%	1h	117.98	+0.004%	$8.2M	$36.0M	50x	as long as short
Hyperliquid SOL	+0.0106%	1h	118.15	+0.144%	$721.8M	$402.5M	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.85	−0.106%	—	$227.0M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.92	−0.049%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.186%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	117.96	−0.015%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0320%	1h	117.81	−0.146%	$25K	$51K	20x	as long as short