Funding arb · Price arb /

SOL

all SOL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: Kalshi against Lighter−0.034%7-day average +0.018% · 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−$22as in the Price arb table

costs, in and out, $10k−$170.167% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.034%, 7d avg +0.018%

Together, before fees+0.069%+ Points / potential airdropLighter: Season 3 · farm board+$7 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 0.052% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SOL	116.69	0.0096	pay 0.0012% / 1h	19m 49s	$13.1M	$60.4M	25x
Short	Kalshi KXSOLPERP	116.64	0	get 0.0000% / 8h	7h 19m	$1.4M	$19.1M	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 −0.034%Rate

Funding earned: −$20.16
Price spread: −0.034% → +0.018%: −$5.22
Slippage, 4 orders: −$6.66
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$42.04
Costs to cover: 0.167%
Break-even: never at this rate

Slippage from Lighter: 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 Lighter live order book, 4 min ago	0.17 bp	1.2 bp −$1	2.9 bp −$29	7.9 bp −$788	22.3 bp −$11.2K
Sell Kalshi live order book, 4 min ago	1.54 bp	6.8 bp −$7	9.6 bp −$96	16.5 bp −$1,653	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-P	−0.0200%	1h	116.67	−0.014%	$105K	$703K	20x	as long as short
Kraken Futures PF_SOLUSD	−0.0193%	1h	116.72	+0.031%	$31.2M	$101.8M	100x	as long as short
Vest SOL-PERP	−0.0101%	1h	116.64	−0.040%	—	$601K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	116.65	−0.030%	$1K	$8K	25x	as long as short
Bybit SOLUSDT	−0.0035%	8h	116.48	−0.172%	$754.3M	$1.39B	100x	as long as short
Derive SOL-PERP	−0.0030%	1h	116.64	−0.040%	$1.9M	$2.9M	13x	as long as short
gTrade (Gains Network) SOL/USD	L −0.0001% / S +0.0004%	1h	116.72	+0.029%	$42K	—	150x	as long as short
Kalshi KXSOLPERPshort	0.0000%	8h	116.64	−0.034%	$1.4M	$19.1M	3.1x
dYdX SOL-USD	+0.0013%	1h	116.65	−0.033%	$4.4M	$24.2M	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0048%	1h	116.70	+0.011%	$7.6M	$405.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SOLUSD	+0.0064%	1h	116.75	+0.056%	$99K	$175K	20x	as long as short
Bullet SOL-USD	+0.0071%	1h	116.69	+0.005%	$147K	$1.6M	20x	as long as short
Orderly PERP_SOL_USDC	+0.0094%	8h	116.73	+0.039%	$1.0M	$5.9M	100x	as long as short
Lighter SOLlong	+0.0096%	1h	116.69	long leg	$13.1M	$60.4M	25x
Lighter RH SOL	+0.0096%	1h	116.68	−0.005%	$2.2M	$16.8M	25x	as long as short
Bitget SOLUSDT	+0.0096%	8h	116.65	−0.028%	$481.4M	$446.1M	100x	as long as short
Aevo SOL-PERP	+0.0096%	1h	116.70	+0.017%	$351K	$247K	20x	as long as short
Katana Perps SOL-USD	+0.0099%	8h	116.68	−0.004%	$61K	$896K	20x	as long as short
Paradex SOL-USD-PERP	+0.0100%	8h	116.61	−0.065%	$1.0M	$551K	50x	as long as short
Nado SOL-PERP	+0.0100%	1h	116.70	+0.010%	$5.4M	$40.3M	40x	as long as short
Hyperliquid SOL	+0.0100%	1h	116.78	+0.081%	$703.7M	$395.3M	20x	as long as short
Aster SOLUSDT	+0.0100%	8h	116.63	−0.044%	$174.7M	$183.4M	100x	as long as short
Pacifica SOL	+0.0100%	1h	116.64	−0.036%	$15.8M	$130.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	116.58	−0.090%	$972.5M	$3.82B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	116.58	−0.090%	$368.2M	$1.70B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	116.67	−0.013%	$228K	$838K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	116.78	+0.081%	$921K	$8.8M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	116.45	−0.199%	$133.0M	$16.1M	20x	as long as short
Gate SOL_USDT	+0.0100%	8h	116.68	−0.004%	$855.5M	$665.9M	100x	as long as short
MEXC SOL_USDT	+0.0100%	8h	116.57	−0.099%	$365.7M	$1.08B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	116.60	−0.075%	$128.9M	$223.6M	75x	as long as short
BingX SOL-USDT	+0.0100%	8h	116.67	−0.010%	—	$365.9M	—	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	116.66	−0.021%	$23.0M	$40.1M	50x	as long as short
Variational Omni SOL	+0.0100%	8h	116.56	−0.103%	$24.4M	$113.5M	—	as long as short
edgeX SOLUSDC	+0.0100%	4h	116.46	−0.194%	$93.5M	$400.7M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	116.45	−0.201%	$47.6M	$30.7M	20x	as long as short
ApeX Omni SOLUSDT	+0.0100%	1h	116.49	−0.164%	$1.2M	$6.7M	50x	as long as short
StandX SOL-USD	+0.0100%	1h	116.65	−0.030%	$1.3M	$12.5M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	116.70	+0.013%	$321K	$2.6M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	116.72	+0.029%	$25K	$31K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	116.70	+0.015%	$189K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	116.70	+0.013%	$6.1M	$10.8M	20x	as long as short
HTX SOL-USDT	+0.0100%	8h	116.68	−0.004%	$226.2M	$48.2M	75x	as long as short
Phemex SOLUSDT	+0.0100%	8h	116.71	+0.021%	$45.5M	$103.2M	50x	as long as short
Extended SOL-USD	+0.0104%	1h	116.65	−0.034%	$8.2M	$37.7M	50x	as long as short
Injective SOL/USDC PERP	+0.0107%	1h	116.70	+0.013%	$4K	$2K	12x	as long as short
Jupiter Perps SOL-PERP	L +0.0120% / S +0.0048%	1h	116.61	−0.068%	—	$235.6M	500x	as long as short
Phoenix SOL	+0.0151%	1h	116.58	−0.090%	$6.5M	$13.8M	25x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0175%	1h	116.77	+0.071%	$26.3M	$23.3M	50x	as long as short
Reya SOLRUSDPERP	+0.0191%	1h	116.70	+0.014%	$1.1M	$542K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	116.66	−0.021%	$52.0M	$67.3M	125x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0235% / S −0.0178%	1h	116.71	+0.024%	$3.6M	—	200x	as long as short
Perpl SOL	+0.0335%	43m	116.72	+0.029%	$138K	$3.7M	8.3x	as long as short
RISEx SOL/USDC	+0.0561%	1h	116.80	+0.095%	$1.9M	$4.8M	20x	as long as short
Aftermath Perps SOLUSD	+0.0567%	1h	116.69	+0.001%	$25K	$51K	20x	as long as short