Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Nado against Kalshi−0.131%7-day average −0.004% · 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−$36as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.131%, 7d avg −0.004%

Together, before fees+0.132%+ Points / potential airdropNado: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.127% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.131% now, against its 7-day average of −0.004%). If the spread goes back, that is −$13 on $10k: about 4.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.80	0	get 0.0000% / 8h	5h 17m	$1.5M	$19.4M	3.1x
Short	Nado SOL-PERP	116.65	0.0100	get 0.0012% / 1h	17m 15s	$5.5M	$41.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.131%Rate

Funding earned: $21
Price spread: −0.131% → −0.004%: −$12.69
Slippage, 4 orders: −$6.64
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$15.32
Costs to cover: 0.236%
Break-even: 12.1 days

Slippage from Kalshi: live order book, 2 min ago; Nado: 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	1.28 bp	7.8 bp −$8	11.5 bp −$115	17.5 bp −$1,755	doesn't fit
Sell Nado live order book, 2 min ago	0.43 bp	3.9 bp −$4	4.0 bp −$40	9.4 bp −$942	36.9 bp −$18.4K

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
Hibachi SOL/USDT-P	−0.0176%	1h	116.75	−0.044%	$97K	$693K	20x	as long as short
Bybit SOLUSDT	−0.0113%	8h	116.63	−0.146%	$739.8M	$1.44B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.72	−0.072%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0072%	1h	116.68	−0.103%	$32.3M	$106.3M	100x	as long as short
Vest SOL-PERP	−0.0042%	1h	116.67	−0.110%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.76	−0.032%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.80	long leg	$1.5M	$19.4M	3.1x
Perpl SOL	0.0000%	43m	116.69	−0.098%	$109K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0018%	1h	116.74	−0.053%	$4.3M	$23.7M	20x	as long as short
Bitget SOLUSDT	+0.0041%	8h	116.64	−0.137%	$480.6M	$460.2M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SOL	+0.0048%	1h	116.66	−0.122%	$2.2M	$16.9M	25x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.71	−0.077%	$99K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.69	−0.096%	$8.1M	$404.4M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0065%	1h	116.72	−0.066%	$26.4M	$21.7M	50x	as long as short
Aster SOLUSDT	+0.0082%	8h	116.67	−0.111%	$176.7M	$170.2M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	116.65	−0.131%	$1.0M	$5.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0093%	8h	116.64	−0.135%	$1.0M	$553K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.68	−0.105%	$13.1M	$60.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.65	−0.126%	$351K	$252K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.66	−0.120%	$66K	$912K	20x	as long as short
Nado SOL-PERPshort	+0.0100%	1h	116.65	−0.131%	$5.5M	$41.3M	40x
Hyperliquid SOL	+0.0100%	1h	116.79	−0.012%	$699.1M	$408.0M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.72	−0.067%	$15.7M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.65	−0.128%	$967.9M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.64	−0.137%	$367.8M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.63	−0.146%	$217K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.70	−0.088%	$900K	$8.7M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.74	−0.055%	$125.3M	$26.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.68	−0.103%	$851.2M	$673.6M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.67	−0.111%	$367.8M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.67	−0.111%	$133.0M	$233.1M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.64	−0.134%	—	$374.2M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.75	−0.043%	$23.1M	$37.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.65	−0.124%	$25.1M	$111.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.72	−0.069%	$93.7M	$409.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.73	−0.059%	$47.7M	$30.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.75	−0.042%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.76	−0.034%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.67	−0.111%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.64	−0.133%	$243K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.69	−0.096%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.68	−0.107%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.65	−0.128%	$6.1M	$11.0M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.74	−0.049%	$226.1M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.71	−0.077%	$45.4M	$105.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.60	−0.167%	$8.0M	$38.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.75	−0.046%	—	$237.1M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.69	−0.094%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.76	−0.034%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.63	−0.145%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.70	−0.086%	$52.1M	$67.6M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.76	−0.034%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.76	−0.035%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0497%	1h	116.73	−0.061%	$25K	$57K	20x	as long as short