Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.033%

Price spread now: Kalshi against Hyperliquid−0.100%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 7 days+0.133%+$13 · spread now −0.100%, 7d avg −0.010%

Together, before fees+0.113%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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 0.090% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	116.57	0.0100	pay 0.0013% / 1h	52m 37s	$699.7M	$393.2M	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 Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.100%Rate

Funding earned: −$21
Price spread: −0.100% → −0.010%: −$8.99
Slippage, 4 orders: −$6.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$55.59
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	0.43 bp	4.9 bp −$5	4.9 bp −$49	6.7 bp −$673	doesn't fit
Sell Kalshi live order book, 1 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	116.33	−0.208%	$105K	$705K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0240%	1h	116.47	−0.082%	$31.6M	$103.2M	100x	as long as short
Vest SOL-PERP	−0.0123%	1h	116.33	−0.207%	—	$601K	20x	as long as short
Bybit SOLUSDT	−0.0108%	8h	116.48	−0.077%	$745.9M	$1.41B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.50	−0.063%	$1K	$8K	25x	as long as short
Derive SOL-PERP	−0.0025%	1h	116.35	−0.189%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.43	−0.120%	$42K	—	150x	as long as short
01 Exchange SOLUSD	0.0000%	1h	116.55	−0.017%	$99K	$175K	20x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.45	−0.100%	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0016%	1h	116.49	−0.069%	$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	+0.0041%	1h	116.41	−0.137%	$147K	$1.6M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	−0.087%	$7.8M	$405.5M	50x	as long as short
Bitget SOLUSDT	+0.0079%	8h	116.51	−0.050%	$481.4M	$449.3M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0095%	8h	116.44	−0.108%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.51	−0.051%	$13.0M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.50	−0.063%	$2.2M	$16.5M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.43	−0.116%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.48	−0.077%	$60K	$899K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.56	−0.010%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.49	−0.067%	$5.3M	$40.4M	40x	as long as short
Hyperliquid SOLlong	+0.0100%	1h	116.57	long leg	$699.7M	$393.2M	20x
Aster SOLUSDT	+0.0100%	8h	116.52	−0.045%	$174.6M	$183.3M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.56	−0.013%	$15.8M	$130.4M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.55	−0.021%	$971.4M	$3.84B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.52	−0.043%	$367.1M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.47	−0.086%	$211K	$873K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.57	0.000%	$917K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.103%	$130.4M	$16.4M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.49	−0.069%	$850.4M	$658.2M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.54	−0.026%	$363.1M	$1.07B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.50	−0.057%	$124.1M	$227.3M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.50	−0.062%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.48	−0.077%	$23.0M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.34	−0.193%	$25.0M	$114.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.33	−0.205%	$93.4M	$402.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.44	−0.113%	$47.7M	$30.9M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.45	−0.106%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.36	−0.180%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.40	−0.146%	$321K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.44	−0.111%	$25K	$33K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.42	−0.127%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.44	−0.112%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.33	−0.207%	$225.4M	$48.5M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.46	−0.094%	$45.4M	$103.6M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.49	−0.070%	$8.1M	$38.3M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.39	−0.151%	—	$236.6M	500x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0145%	1h	116.52	−0.047%	$26.3M	$22.9M	50x	as long as short
Injective SOL/USDC PERP	+0.0173%	1h	116.50	−0.060%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0179%	1h	116.45	−0.103%	$6.5M	$13.7M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.40	−0.149%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.40	−0.146%	$52.1M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0169%	1h	116.44	−0.115%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.39	−0.151%	$112K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0547%	1h	116.60	+0.028%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0570%	1h	116.44	−0.111%	$25K	$52K	20x	as long as short