Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h +0.016%

Price spread now: Kraken Futures against Kalshi−0.073%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.073%, 7d avg +0.001%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.074% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.104%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	116.77	0	get 0.0000% / 8h	5h 17m	$1.5M	$19.4M	3.1x
Short	Kraken Futures PF_SOLUSD	116.68	−0.0072	pay 0.0009% / 1h	17m 07s	$32.3M	$106.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$15.08
Price spread: −0.073% → +0.001%: −$7.36
Slippage, 4 orders: −$11.2
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$53.63
Costs to cover: 0.312%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Kraken Futures: 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 Kraken Futures live order book, 2 min ago	0.43 bp	8.5 bp −$9	11.4 bp −$114	16.4 bp −$1,640	27.1 bp −$13.6K

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	−0.014%	$97K	$693K	20x	as long as short
Bybit SOLUSDT	−0.0113%	8h	116.64	−0.107%	$739.8M	$1.44B	100x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.72	−0.042%	$1K	$8K	25x	as long as short
Kraken Futures PF_SOLUSDshort	−0.0072%	1h	116.68	−0.073%	$32.3M	$106.3M	100x
Vest SOL-PERP	−0.0042%	1h	116.67	−0.080%	—	$628K	20x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.68	−0.073%	$42K	—	150x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	116.77	long leg	$1.5M	$19.4M	3.1x
Perpl SOL	0.0000%	43m	116.69	−0.068%	$109K	$3.6M	8.3x	as long as short
dYdX SOL-USD	+0.0018%	1h	116.74	−0.023%	$4.3M	$23.7M	20x	as long as short
Bitget SOLUSDT	+0.0041%	8h	116.64	−0.107%	$480.6M	$460.3M	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	116.64	−0.110%	$2.2M	$16.9M	25x	as long as short
01 Exchange SOLUSD	+0.0048%	1h	116.71	−0.047%	$99K	$178K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.69	−0.066%	$8.1M	$404.4M	50x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0065%	1h	116.72	−0.036%	$26.4M	$21.7M	50x	as long as short
Aster SOLUSDT	+0.0082%	8h	116.65	−0.102%	$176.7M	$170.2M	100x	as long as short
Orderly PERP_SOL_USDC	+0.0086%	8h	116.65	−0.101%	$1.0M	$5.9M	100x	as long as short
Paradex SOL-USD-PERP	+0.0093%	8h	116.64	−0.105%	$1.0M	$553K	50x	as long as short
Lighter SOL	+0.0096%	1h	116.65	−0.095%	$13.0M	$60.9M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.65	−0.096%	$351K	$252K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.66	−0.090%	$66K	$912K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.65	−0.101%	$5.5M	$41.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.77	+0.004%	$699.5M	$408.2M	20x	as long as short
Pacifica SOL	+0.0100%	1h	116.72	−0.037%	$15.7M	$130.6M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.64	−0.107%	$967.8M	$3.88B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.64	−0.107%	$367.8M	$1.77B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.63	−0.116%	$217K	$860K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.70	−0.058%	$900K	$8.7M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.74	−0.025%	$125.3M	$26.2M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.66	−0.090%	$851.0M	$673.7M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.65	−0.098%	$367.8M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.66	−0.092%	$133.0M	$233.1M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.65	−0.102%	—	$374.2M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.66	−0.090%	$23.1M	$37.0M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.65	−0.095%	$25.1M	$111.0M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.72	−0.039%	$93.7M	$409.4M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.73	−0.029%	$47.7M	$30.4M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.75	−0.012%	$1.2M	$6.8M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.76	−0.004%	$1.3M	$11.9M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.67	−0.081%	$313K	$2.8M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	116.64	−0.103%	$243K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.69	−0.066%	$27K	$36K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.68	−0.077%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.65	−0.098%	$6.1M	$11.0M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.71	−0.050%	$226.0M	$50.7M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.71	−0.047%	$45.4M	$105.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.60	−0.137%	$8.0M	$38.2M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0056%	1h	116.75	−0.016%	—	$237.1M	500x	as long as short
Injective SOL/USDC PERP	+0.0176%	1h	116.69	−0.064%	$4K	$2K	12x	as long as short
Phoenix SOL	+0.0178%	1h	116.76	−0.004%	$6.5M	$13.6M	25x	as long as short
Reya SOLRUSDPERP	+0.0194%	1h	116.63	−0.115%	$1.1M	$544K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.64	−0.107%	$52.0M	$67.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0231% / S −0.0169%	1h	116.68	−0.076%	$3.5M	—	200x	as long as short
RISEx SOL/USDC	+0.0451%	1h	116.76	−0.005%	$2.1M	$4.9M	20x	as long as short
Aftermath Perps SOLUSD	+0.0497%	1h	116.73	−0.031%	$25K	$57K	20x	as long as short