Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.033%

Price spread now: Kalshi against Hyperliquid+0.010%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$270.271% 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+0.060%+$6 · spread now +0.010%, 7d avg −0.011%

Together, before fees+0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.021% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.011%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.020% in total) that is about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	116.46	0.0100	pay 0.0013% / 1h	49m 59s	$695.7M	$406.6M	20x
Short	Kalshi KXSOLPERP	116.47	0	get 0.0000% / 8h	3h 49m	$1.4M	$19.4M	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 +0.010%Rate

Funding earned: −$21
Price spread: +0.010% → −0.011%: $2.14
Slippage, 4 orders: −$8.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$45.94
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Kalshi: live order book, 4 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, 4 min ago	0.86 bp	5.4 bp −$5	5.4 bp −$54	7.9 bp −$792	doesn't fit
Sell Kalshi live order book, 4 min ago	1.50 bp	7.8 bp −$8	13.0 bp −$130	20.9 bp −$2,093	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
Phemex SOLUSDT	−0.0131%	8h	116.42	−0.034%	$45.2M	$103.6M	50x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.50	+0.030%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSD	−0.0057%	1h	116.39	−0.062%	$32.3M	$106.5M	100x	as long as short
Vest SOL-PERP	−0.0012%	1h	116.39	−0.062%	—	$636K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.50	+0.034%	$42K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	116.47	+0.009%	$4.3M	$23.4M	20x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.47	+0.010%	$1.4M	$19.4M	3.1x
Perpl SOL	0.0000%	43m	116.45	−0.009%	$99K	$3.4M	8.3x	as long as short
Derive SOL-PERP	+0.0007%	1h	116.38	−0.068%	$1.9M	$3.0M	13x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0023%	1h	116.42	−0.031%	$26.2M	$21.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SOLUSDT	+0.0026%	8h	116.42	−0.032%	$480.2M	$454.1M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0040%	1h	116.39	−0.064%	$7.8M	$395.5M	50x	as long as short
Bybit SOLUSDT	+0.0046%	8h	116.36	−0.086%	$731.9M	$1.41B	100x	as long as short
Aster SOLUSDT	+0.0054%	8h	116.38	−0.072%	$177.1M	$169.3M	100x	as long as short
Hibachi SOL/USDT-P	+0.0064%	1h	116.52	+0.048%	$103K	$681K	20x	as long as short
Orderly PERP_SOL_USDC	+0.0069%	8h	116.37	−0.077%	$1.0M	$6.0M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.36	−0.082%	$13.1M	$55.7M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.35	−0.094%	$2.1M	$14.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.36	−0.087%	$351K	$256K	20x	as long as short
Paradex SOL-USD-PERP	+0.0097%	8h	116.44	−0.018%	$1.0M	$554K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	116.37	−0.077%	$64K	$903K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.41	−0.041%	$5.4M	$41.6M	40x	as long as short
Hyperliquid SOLlong	+0.0100%	1h	116.46	long leg	$695.7M	$406.6M	20x
Pacifica SOL	+0.0100%	1h	116.49	+0.022%	$15.7M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.36	−0.084%	$962.4M	$3.85B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.40	−0.052%	$366.1M	$1.75B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.37	−0.077%	$219K	$850K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.42	−0.034%	$919K	$8.5M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.33	−0.114%	$125.6M	$25.5M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.37	−0.077%	$848.0M	$606.8M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.36	−0.086%	$371.0M	$1.05B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.41	−0.042%	$129.7M	$237.2M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.39	−0.061%	—	$373.1M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.36	−0.086%	$22.9M	$36.2M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.45	−0.012%	$24.9M	$105.3M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.30	−0.140%	$93.4M	$405.1M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.39	−0.060%	$47.6M	$29.0M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.38	−0.069%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.47	+0.009%	$1.3M	$11.0M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.42	−0.034%	$319K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.39	−0.056%	$282K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.39	−0.058%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.43	−0.026%	$189K	$1.7M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.36	−0.086%	$6.1M	$11.0M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.45	−0.010%	$225.5M	$50.6M	75x	as long as short
Extended SOL-USD	+0.0104%	1h	116.39	−0.061%	$8.3M	$36.8M	50x	as long as short
01 Exchange SOLUSD	+0.0120%	1h	116.45	−0.009%	$100K	$181K	20x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.46	−0.001%	—	$231.5M	500x	as long as short
Phoenix SOL	+0.0124%	1h	116.45	−0.009%	$6.5M	$13.4M	25x	as long as short
Injective SOL/USDC PERP	+0.0179%	1h	116.34	−0.103%	$4K	$124	12x	as long as short
Reya SOLRUSDPERP	+0.0196%	1h	116.36	−0.086%	$1.1M	$545K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.45	−0.009%	$52.2M	$64.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.38	−0.065%	$3.5M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0416%	1h	116.40	−0.055%	$25K	$57K	20x	as long as short
RISEx SOL/USDC	+0.0480%	1h	116.47	+0.013%	$2.1M	$4.7M	20x	as long as short