Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Backpack against Kalshi−0.136%7-day average +0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 7 days−0.275%−$28 · spread now −0.136%, 7d avg +0.078%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.214% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of +0.078%). If the spread goes back, that is −$21 on $10k: about 7.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.065% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	117.62	0	get 0.0000% / 8h	2h 02m	$1.4M	$20.3M	3.1x
Short	Backpack SOL_USDC_PERP	117.46	0.0100	get 0.0013% / 1h	2m 18s	$23.7M	$37.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.136%Rate

Funding earned: $21
Price spread: −0.136% → +0.078%: −$21.36
Slippage, 4 orders: −$8.43
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.79
Costs to cover: 0.284%
Break-even: 16.6 days

Slippage from Kalshi: live order book, 2 min ago; Backpack: 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 Kalshi live order book, 2 min ago	1.53 bp	10.0 bp −$10	12.3 bp −$123	19.6 bp −$1,964	doesn't fit
Sell Backpack live order book, 2 min ago	0.43 bp	5.4 bp −$5	6.4 bp −$64	9.4 bp −$944	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	117.56	−0.054%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0059%	1h	117.45	−0.146%	—	$607K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	117.53	−0.074%	$56K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.47	−0.129%	$4.5M	$24.1M	20x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	117.62	long leg	$1.4M	$20.3M	3.1x
RISEx SOL/USDC	+0.0018%	1h	117.53	−0.077%	$1.9M	$4.9M	20x	as long as short
Derive SOL-PERP	+0.0021%	1h	117.44	−0.155%	$2.0M	$2.8M	13x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0034%	1h	117.53	−0.073%	$26.4M	$25.4M	50x	as long as short
HTX SOL-USDT	+0.0036%	8h	117.47	−0.128%	$228.2M	$45.4M	75x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.50	−0.100%	$31.5M	$98.5M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi SOL/USDT-P	+0.0056%	1h	117.56	−0.052%	$100K	$690K	20x	as long as short
Gate SOL_USDT	+0.0071%	8h	117.53	−0.077%	$848.4M	$668.2M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.52	−0.086%	$7.9M	$404.8M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.49	−0.113%	—	$10.6M	—	as long as short
ApeX Omni SOLUSDT	+0.0083%	1h	117.49	−0.109%	$1.5M	$6.0M	50x	as long as short
Orderly PERP_SOL_USDC	+0.0088%	8h	117.52	−0.087%	$1.0M	$5.8M	100x	as long as short
Lighter SOL	+0.0096%	1h	117.46	−0.133%	$13.0M	$60.4M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.45	−0.148%	$2.1M	$16.8M	25x	as long as short
01 Exchange SOLUSD	+0.0096%	1h	117.51	−0.094%	$100K	$161K	20x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.51	−0.097%	$344K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	117.49	−0.111%	$1.0M	$518K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.47	−0.128%	$67K	$840K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.44	−0.149%	$5.8M	$40.2M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.51	−0.091%	$176.4M	$177.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.48	−0.118%	$14.5M	$128.5M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.52	−0.085%	$968.8M	$3.75B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.53	−0.073%	$820.5M	$1.25B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.51	−0.094%	$366.2M	$1.64B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.42	−0.170%	$238K	$852K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.48	−0.118%	$2.0M	$9.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.53	−0.077%	$423.8M	$1.11B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.50	−0.105%	$130.4M	$211.0M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.49	−0.111%	$487.0M	$436.0M	100x	as long as short
Backpack SOL_USDC_PERPshort	+0.0100%	1h	117.46	−0.136%	$23.7M	$37.1M	50x
Variational Omni SOL	+0.0100%	8h	117.52	−0.081%	$24.3M	$120.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.48	−0.115%	$94.4M	$404.3M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.43	−0.159%	$48.1M	$28.7M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.57	−0.043%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.49	−0.111%	$353K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.52	−0.083%	$200K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.51	−0.097%	$37K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.54	−0.067%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.51	−0.094%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.52	−0.085%	$45.7M	$100.7M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	117.46	−0.140%	$134.5M	$14.2M	20x	as long as short
Phoenix SOL	+0.0101%	1h	117.52	−0.085%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.47	−0.126%	$8.2M	$36.0M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.53	−0.079%	—	$222.0M	500x	as long as short
Hyperliquid SOL	+0.0121%	1h	117.62	0.000%	$717.4M	$395.1M	20x	as long as short
Reya SOLRUSDPERP	+0.0189%	1h	117.49	−0.109%	$1.1M	$523K	25x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	117.45	−0.145%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0174%	1h	117.52	−0.083%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0358%	1h	117.56	−0.047%	$25K	$51K	20x	as long as short
Perpl SOL	+0.0447%	43m	117.50	−0.104%	$128K	$3.8M	8.3x	as long as short