Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: Kalshi against Lighter−0.066%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.066%, 7d avg +0.019%

Together, before fees+0.102%+ Points / potential airdropLighter: Season 3 · farm board+$10 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 0.085% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SOL	119.51	0.0096	pay 0.0012% / 1h	45m 33s	$13.6M	$55.1M	25x
Short	Kalshi KXSOLPERP	119.43	0	get 0.0000% / 8h	5h 45m	$1.2M	$20.6M	3.1x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.066%Rate

Funding earned: −$20.16
Price spread: −0.066% → +0.019%: −$8.55
Slippage, 4 orders: −$7.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$45.91
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Kalshi: live order book, 3 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 Lighter live order book, 3 min ago	0.50 bp	0.8 bp −$1	1.9 bp −$19	6.1 bp −$607	18.6 bp −$9,278
Sell Kalshi live order book, 3 min ago	0.96 bp	7.4 bp −$7	11.5 bp −$115	19.3 bp −$1,929	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
Bluefin SOL-PERP	−0.0705%	1h	119.40	−0.090%	$37K	$17K	25x	as long as short
Derive SOL-PERP	−0.0080%	1h	119.33	−0.150%	$2.0M	$3.0M	13x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	119.52	+0.008%	$847	$8K	25x	as long as short
Vest SOL-PERP	−0.0065%	1h	119.43	−0.070%	—	$722K	20x	as long as short
dYdX SOL-USD	−0.0002%	1h	119.51	0.000%	$4.9M	$27.2M	20x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	119.42	−0.075%	$54K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	119.43	−0.066%	$1.2M	$20.6M	3.1x
Perpl SOL	0.0000%	43m	119.36	−0.126%	$178K	$4.0M	8.3x	as long as short
Hibachi SOL/USDT-P	+0.0008%	1h	119.31	−0.171%	$120K	$610K	20x	as long as short
Phoenix SOL	+0.0054%	1h	119.20	−0.259%	$6.6M	$13.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps SOLUSD	+0.0059%	1h	119.29	−0.182%	$24K	$47K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0065%	8h	119.43	−0.069%	$1.1M	$5.9M	100x	as long as short
HTX SOL-USDT	+0.0070%	8h	119.27	−0.200%	$232.3M	$44.5M	75x	as long as short
BingX SOL-USDT	+0.0080%	8h	119.51	+0.003%	—	$374.2M	—	as long as short
01 Exchange SOLUSD	+0.0088%	1h	119.54	+0.025%	$104K	$154K	20x	as long as short
Lighter SOLlong	+0.0096%	1h	119.51	long leg	$13.6M	$55.1M	25x
Lighter RH SOL	+0.0096%	1h	119.51	−0.003%	$2.1M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	119.42	−0.077%	$354K	$748K	20x	as long as short
Gate SOL_USDT	+0.0098%	8h	119.50	−0.008%	$870.9M	$677.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	119.46	−0.039%	$1.0M	$523K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	119.48	−0.025%	$46K	$789K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	119.45	−0.048%	$6.3M	$41.6M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	119.56	+0.042%	$721.2M	$414.5M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	119.51	0.000%	$178.9M	$175.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	119.54	+0.028%	$12.4M	$116.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	119.51	+0.004%	$985.0M	$3.79B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	119.53	+0.021%	$826.0M	$1.27B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	119.49	−0.017%	$372.5M	$1.71B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	119.28	−0.192%	$234K	$883K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	119.57	+0.052%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	119.15	−0.300%	$133.6M	$9.3M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	119.52	+0.008%	$437.1M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	119.51	−0.001%	$141.0M	$199.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	119.49	−0.013%	$496.7M	$453.9M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	119.46	−0.042%	$24.1M	$38.7M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	119.16	−0.289%	$27.4M	$127.6M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	119.35	−0.133%	$95.9M	$398.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	119.33	−0.150%	$48.8M	$32.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	119.42	−0.075%	$1.5M	$6.2M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	119.44	−0.059%	$1.4M	$13.3M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	119.49	−0.017%	$366K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	119.40	−0.095%	$202K	$1.7M	20x	as long as short
SunX SOL-USDT	+0.0100%	8h	119.33	−0.152%	$194K	$1.9M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	119.43	−0.067%	$6.3M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	119.39	−0.100%	$46.6M	$102.0M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	119.48	−0.027%	$8.7M	$36.4M	50x	as long as short
Coinbase International SOL-PERP-INTX	+0.0112%	1h	119.48	−0.023%	$8.2M	$415.6M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	119.37	−0.118%	—	$221.8M	500x	as long as short
Kraken Futures PF_SOLUSD	+0.0149%	1h	119.45	−0.046%	$32.7M	$94.9M	100x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0171% / S −0.0089%	1h	119.42	−0.074%	$3.6M	—	200x	as long as short
Reya SOLRUSDPERP	+0.0181%	1h	119.48	−0.028%	$1.1M	$558K	25x	as long as short
RISEx SOL/USDC	+0.0192%	1h	119.55	+0.035%	$1.6M	$6.0M	20x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0210%	1h	119.51	−0.002%	$26.8M	$27.7M	50x	as long as short
Injective SOL/USDC PERP	+0.0213%	1h	119.13	−0.318%	$4K	$2K	12x	as long as short
BloFin SOL-USDT	+0.0220%	8h	119.36	−0.126%	$52.2M	$84.6M	125x	as long as short