Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0547%/8h= −59.9% APRpaid last 24h −0.067%

Price spread now: Kalshi against RISEx−0.129%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.189%−$19 on $10k

Price spread, last 7 days+0.183%+$18 · spread now −0.129%, 7d avg +0.023%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Kalshi is 0.152% cheaper against RISEx than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.189% in total (about -19.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx SOL/USDC	116.60	0.0547	pay 0.0068% / 1h	52m 21s	$1.9M	$4.8M	20x
Short	Kalshi KXSOLPERP	116.45	0	get 0.0000% / 8h	6h 52m	$1.4M	$19.1M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now −0.129%Rate

Funding earned: −$114.84
Price spread: −0.129% → +0.023%: −$15.21
Slippage, 4 orders: −$8.56
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$154.61
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 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 RISEx live order book, 2 min ago	0.04 bp	3.0 bp −$3	5.7 bp −$57	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	1.55 bp	8.1 bp −$8	13.1 bp −$131	19.2 bp −$1,925	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
Hibachi SOL/USDT-P	−0.0240%	1h	116.43	−0.148%	$105K	$705K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.47	−0.110%	$31.6M	$103.2M	100x	as long as short
Vest SOL-PERP	−0.0124%	1h	116.45	−0.129%	—	$601K	20x	as long as short
Bybit SOLUSDT	−0.0108%	8h	116.51	−0.080%	$746.0M	$1.41B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.50	−0.091%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0051%	1h	116.48	−0.105%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.55	−0.045%	$42K	—	150x	as long as short
01 Exchange SOLUSD	0.0000%	1h	116.55	−0.045%	$99K	$175K	20x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.45	−0.129%	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0016%	1h	116.49	−0.098%	$4.4M	$24.2M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet SOL-USD	+0.0045%	1h	116.52	−0.068%	$147K	$1.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	−0.115%	$7.8M	$405.5M	50x	as long as short
Bitget SOLUSDT	+0.0079%	8h	116.50	−0.087%	$481.3M	$449.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.57	−0.029%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.51	−0.080%	$13.0M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.50	−0.091%	$2.2M	$16.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.55	−0.050%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.48	−0.105%	$60K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.56	−0.039%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.49	−0.095%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.61	+0.006%	$700.1M	$393.4M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.53	−0.063%	$174.6M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.56	−0.041%	$15.8M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.55	−0.045%	$971.4M	$3.84B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.56	−0.037%	$367.2M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.47	−0.114%	$211K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.57	−0.028%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.131%	$130.4M	$16.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.51	−0.080%	$850.5M	$658.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.52	−0.071%	$363.0M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.53	−0.061%	$124.1M	$227.4M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.53	−0.063%	—	$365.2M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.48	−0.105%	$23.0M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.34	−0.222%	$25.0M	$114.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.33	−0.233%	$93.4M	$402.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.44	−0.142%	$47.7M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.45	−0.134%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.36	−0.208%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.51	−0.080%	$321K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.53	−0.063%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.42	−0.155%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	−0.140%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.33	−0.235%	$225.4M	$48.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.46	−0.123%	$45.4M	$103.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.49	−0.098%	$8.1M	$38.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.53	−0.059%	—	$236.6M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0145%	1h	116.52	−0.075%	$26.3M	$22.9M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.50	−0.088%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.45	−0.131%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.50	−0.092%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.40	−0.174%	$52.1M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.55	−0.049%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.52	−0.072%	$112K	$3.7M	8.3x	as long as short
RISEx SOL/USDClong	+0.0547%	1h	116.60	long leg	$1.9M	$4.8M	20x
Aftermath Perps SOLUSD	+0.0564%	1h	116.43	−0.147%	$25K	$52K	20x	as long as short