Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: Lighter against Kalshi+0.067%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Kalshi Short on Lighter

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−0.090%−$9 · spread now +0.067%, 7d avg −0.019%

Together, before fees−0.081%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.086% dearer against Kalshi than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXSOLPERP	117.23	0	get 0.0000% / 8h	2h 40m	$1.5M	$21.4M	3.1x
Short	Lighter SOL	117.31	0.0096	get 0.0012% / 1h	40m 13s	$13.0M	$59.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.067%Rate

Funding earned: $20.16
Price spread: +0.067% → −0.019%: $8.65
Slippage, 4 orders: −$7.63
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $11.17
Costs to cover: 0.176%
Break-even: 3.1 days

Slippage from Kalshi: live order book, 4 min ago; Lighter: 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 Kalshi live order book, 4 min ago	2.16 bp	8.7 bp −$9	15.4 bp −$154	22.0 bp −$2,198	doesn't fit
Sell Lighter live order book, 4 min ago	0.04 bp	0.0 bp $0	1.5 bp −$15	6.2 bp −$622	22.3 bp −$11.1K

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
Hotstuff SOL-PERP	−0.0080%	1h	117.27	+0.031%	$917	$8K	25x	as long as short
Hibachi SOL/USDT-P	−0.0080%	1h	117.58	+0.294%	$91K	$707K	20x	as long as short
Vest SOL-PERP	−0.0076%	1h	117.17	−0.051%	—	$610K	20x	as long as short
ApeX Omni SOLUSDT	−0.0054%	1h	117.98	+0.639%	$1.5M	$6.1M	50x	as long as short
Gate SOL_USDT	−0.0045%	8h	117.15	−0.069%	$848.9M	$656.3M	100x	as long as short
HTX SOL-USDT	−0.0038%	8h	117.30	+0.061%	$228.1M	$45.5M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.12	−0.097%	$2.0M	$2.7M	13x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.10	−0.112%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.23	+0.001%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERPlong	0.0000%	8h	117.23	long leg	$1.5M	$21.4M	3.1x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl SOL	0.0000%	43m	117.20	−0.029%	$129K	$4.0M	8.3x	as long as short
Deribit SOL_USDC-PERPETUAL	0.0000%	1h	117.30	+0.057%	$26.4M	$25.5M	50x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.22	−0.008%	$1.9M	$4.7M	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.31	+0.069%	$31.3M	$98.7M	100x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.33	+0.088%	$7.9M	$411.1M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.05	−0.151%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0085%	8h	117.19	−0.032%	$1.1M	$5.9M	100x	as long as short
01 Exchange SOLUSD	+0.0088%	1h	117.23	−0.001%	$102K	$163K	20x	as long as short
Lighter SOLshort	+0.0096%	1h	117.31	+0.067%	$13.0M	$59.4M	25x
Lighter RH SOL	+0.0096%	1h	117.27	+0.032%	$2.1M	$16.7M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.16	−0.058%	$343K	$264K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	117.20	−0.026%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.19	−0.035%	$54K	$843K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.17	−0.055%	$5.6M	$41.7M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	117.19	−0.035%	$713.5M	$404.9M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.16	−0.059%	$176.0M	$181.0M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.28	+0.046%	$14.0M	$130.7M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.30	+0.059%	$973.2M	$3.85B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	117.30	+0.061%	$818.9M	$1.29B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.23	−0.001%	$365.3M	$1.69B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.24	+0.008%	$238K	$891K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.30	+0.061%	$2.0M	$9.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.33	+0.084%	$421.6M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.27	+0.032%	$133.1M	$208.6M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.23	0.000%	$486.6M	$445.9M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.48	+0.212%	$23.7M	$36.9M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	117.53	+0.252%	$24.3M	$129.2M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	117.97	+0.633%	$94.8M	$402.2M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.90	+0.569%	$48.3M	$29.5M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.59	+0.306%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.11	−0.103%	$357K	$2.4M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.08	−0.129%	$199K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.18	−0.043%	$36K	$16K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.23	−0.003%	$190K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.25	+0.016%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.31	+0.067%	$45.7M	$101.9M	50x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.07	+0.716%	$135.9M	$13.3M	20x	as long as short
Phoenix SOL	+0.0101%	1h	117.96	+0.622%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.21	−0.016%	$8.2M	$36.1M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.35	+0.104%	—	$228.8M	500x	as long as short
Reya SOLRUSDPERP	+0.0188%	1h	117.09	−0.122%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	118.04	+0.690%	$52.1M	$74.3M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	118.20	+0.827%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0168%	1h	117.07	−0.136%	$3.6M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0313%	1h	117.79	+0.477%	$25K	$51K	20x	as long as short