Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.011%

Price spread now: Kalshi against Deribit−0.005%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)+0.086%+$9 · spread now −0.005%, 7d avg −0.025%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SOL_USDC-PERPETUAL	116.54	0.0103	pay 0.0013% / 1h	48m 42s	$26.3M	$22.9M	50x
Short	Kalshi KXSOLPERP	116.53	0	get 0.0000% / 8h	6h 48m	$1.4M	$19.1M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.005%Rate

Funding earned: −$21.59
Price spread: −0.005% → −0.025%: $1.93
Slippage, 4 orders: −$6.79
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$43.45
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Kalshi: live order book, 5 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 Deribit live order book, 5 min ago	0.04 bp	3.5 bp −$4	5.5 bp −$55	13.3 bp −$1,335	doesn't fit
Sell Kalshi live order book, 5 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	116.49	−0.036%	$105K	$705K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.46	−0.062%	$31.6M	$103.2M	100x	as long as short
Vest SOL-PERP	−0.0127%	1h	116.41	−0.105%	—	$601K	20x	as long as short
Bybit SOLUSDT	−0.0111%	8h	116.52	−0.014%	$745.4M	$1.41B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.44	−0.085%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0051%	1h	116.39	−0.128%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.48	−0.049%	$42K	—	150x	as long as short
01 Exchange SOLUSD	0.0000%	1h	116.56	+0.021%	$99K	$176K	20x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.53	−0.005%	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0022%	1h	116.50	−0.032%	$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	+0.0035%	1h	116.46	−0.069%	$147K	$1.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	−0.055%	$7.8M	$405.5M	50x	as long as short
Bitget SOLUSDT	+0.0076%	8h	116.55	+0.009%	$481.4M	$449.5M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.48	−0.046%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.52	−0.014%	$13.0M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.51	−0.019%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.48	−0.050%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.50	−0.031%	$60K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.54	+0.001%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.44	−0.085%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.59	+0.046%	$699.8M	$393.7M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.55	+0.012%	$174.7M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.56	+0.020%	$15.8M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.58	+0.038%	$971.6M	$3.84B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.54	+0.003%	$366.6M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.50	−0.031%	$212K	$874K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.61	+0.060%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.074%	$130.4M	$16.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.52	−0.014%	$851.2M	$659.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.54	+0.003%	$364.7M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.51	−0.022%	$124.1M	$227.4M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.52	−0.013%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.47	−0.057%	$23.0M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.47	−0.053%	$25.1M	$114.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.35	−0.161%	$93.4M	$402.8M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.55	+0.010%	$47.7M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.56	+0.023%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.55	+0.012%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.45	−0.074%	$321K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.47	−0.057%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.47	−0.056%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.46	−0.065%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.43	−0.091%	$225.6M	$48.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.47	−0.057%	$45.4M	$103.7M	50x	as long as short
Deribit SOL_USDC-PERPETUALlong	+0.0103%	1h	116.54	long leg	$26.3M	$22.9M	50x
Extended SOL-USD	+0.0104%	1h	116.51	−0.020%	$8.1M	$38.4M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.51	−0.027%	—	$237.2M	500x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.50	−0.031%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.45	−0.074%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.43	−0.090%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.46	−0.065%	$51.9M	$67.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0173%	1h	116.48	−0.048%	$3.5M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.50	−0.033%	$112K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.63	+0.081%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0577%	1h	116.51	−0.020%	$25K	$52K	20x	as long as short