Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0216%/8h= −23.7% APRpaid last 24h +0.077%

Price spread now: Hibachi against Kalshi−0.110%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.288%+$29 · spread now −0.110%, 7d avg +0.039%

Together, before fees+0.260%+ Points / potential airdropHibachi: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Hibachi is 0.149% cheaper against Kalshi than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.47	0	get 0.0000% / 8h	7h 07m	$1.4M	$19.1M	3.1x
Short	Hibachi SOL/USDT-P	116.34	−0.0216	pay 0.0027% / 1h	7m 08s	$105K	$704K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.110%Rate

Funding earned: −$45.36
Price spread: −0.110% → +0.039%: −$14.87
Slippage, 4 orders: −$9.92
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$89.15
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Hibachi: live order book, 47 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	1.72 bp	8.0 bp −$8	11.8 bp −$118	19.3 bp −$1,933	doesn't fit
Sell Hibachi live order book, 47 min ago	1.15 bp	6.5 bp −$6	24.9 bp −$249	doesn't fit	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-Pshort	−0.0216%	1h	116.34	−0.110%	$105K	$704K	20x
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.46	−0.011%	$31.6M	$102.7M	100x	as long as short
Vest SOL-PERP	−0.0109%	1h	116.40	−0.059%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.45	−0.019%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0076%	8h	116.42	−0.043%	$748.2M	$1.40B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.37	−0.085%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.45	−0.018%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.47	long leg	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0010%	1h	116.40	−0.062%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.47	−0.002%	$7.6M	$404.8M	50x	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	+0.0063%	1h	116.41	−0.048%	$147K	$1.6M	20x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	116.51	+0.033%	$99K	$175K	20x	as long as short
Bitget SOLUSDT	+0.0088%	8h	116.43	−0.034%	$480.6M	$447.9M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.46	−0.013%	$1.0M	$5.9M	100x	as long as short
Lighter SOL	+0.0096%	1h	116.46	−0.012%	$13.1M	$60.5M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	116.44	−0.024%	$2.2M	$16.8M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.44	−0.031%	$350K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.44	−0.027%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.48	+0.005%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.47	−0.004%	$5.4M	$40.4M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.56	+0.076%	$701.6M	$395.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.48	+0.006%	$174.5M	$183.2M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.49	+0.012%	$15.8M	$130.3M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.52	+0.042%	$971.3M	$3.83B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.52	+0.042%	$367.6M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.46	−0.009%	$224K	$856K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.52	+0.042%	$919K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.46	−0.009%	$132.4M	$15.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.45	−0.018%	$854.9M	$670.1M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.49	+0.016%	$368.4M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.44	−0.024%	$122.8M	$226.5M	75x	as long as short
BingX SOL-USDC	+0.0100%	8h	116.41	−0.052%	—	$10.6M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.47	−0.001%	$22.9M	$39.8M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.28	−0.161%	$25.0M	$114.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.37	−0.084%	$93.4M	$401.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.29	−0.155%	$47.6M	$30.8M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.41	−0.053%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.33	−0.121%	$1.3M	$12.1M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.45	−0.018%	$320K	$2.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.45	−0.018%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.43	−0.039%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.45	−0.018%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.40	−0.058%	$225.6M	$48.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.46	−0.009%	$45.3M	$103.1M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.39	−0.068%	$8.3M	$37.8M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.50	+0.025%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.44	−0.027%	—	$235.8M	500x	as long as short
Phoenix SOL	+0.0151%	1h	116.39	−0.070%	$6.5M	$13.8M	25x	as long as short
Reya SOLRUSDPERP	+0.0192%	1h	116.43	−0.039%	$1.1M	$542K	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0203%	1h	116.50	+0.029%	$26.3M	$23.0M	50x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.49	+0.016%	$51.9M	$67.2M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0179%	1h	116.44	−0.030%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.46	−0.006%	$122K	$3.7M	8.3x	as long as short
Aftermath Perps SOLUSD	+0.0560%	1h	116.52	+0.041%	$25K	$52K	20x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.55	+0.071%	$1.9M	$4.8M	20x	as long as short