Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0384%/8h= −42.1% APRpaid last 24h −0.252%

Price spread now: Kalshi against Backpack−0.080%7-day average −0.720% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs+$23as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.594%−$59 on $10k

Price spread, last 7 days+1.065%+$106 · spread now −0.080%, 7d avg −0.720%

Together, before fees+0.471%+$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.640% dearer against Backpack than usual: you sell high and buy low (spread −0.080% now, against its 7-day average of −0.720%): +$64 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.3585	0.0546	pay 0.0068% / 1h	51m 56s	$1.4M	$6.5M	20x
Short	Kalshi KXNEARPERP	4.3550	0.0162	get 0.0162% / 8h	7h 51m	$579K	$22.7M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.080%Rate

Funding earned: −$80.71
Price spread: −0.080% → −0.720%: $63.98
Slippage, 4 orders: −$21.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$58.16
Costs to cover: 0.414%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; Kalshi: 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 Backpack live order book, 2 min ago	1.49 bp	6.5 bp −$6	15.1 bp −$151	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	7.47 bp	12.5 bp −$12	20.5 bp −$205	doesn't fit	doesn't fit

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.3558	−0.062%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3482	−0.236%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3560	−0.057%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.990%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3572	−0.030%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3580	−0.011%	$108K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3510	−0.172%	$267.7M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3478	−0.245%	$219.1M	$424.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3480	−0.241%	$62.1M	$292.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3771	+0.427%	$249K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3496	−0.204%	$31.8M	$60.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3530	−0.126%	$74.6M	$143.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3520	−0.149%	$54.2M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3479	−0.243%	$71.3M	$129.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3480	−0.241%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3637	+0.120%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3758	+0.396%	$263K	$941K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3610	+0.057%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3730	+0.333%	$168K	$800K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3578	−0.016%	$247K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3565	−0.046%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3640	+0.126%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3630	+0.103%	$456K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3600	+0.034%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3478	−0.247%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3533	−0.119%	$202K	$40K	3x	as long as short
Kalshi KXNEARPERPshort	+0.0162%	8h	4.3550	−0.080%	$579K	$22.7M	2.2x
BloFin NEAR-USDT	+0.0220%	8h	4.3590	+0.011%	$13.7M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3532	−0.121%	$414K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3538	−0.108%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0319% / S −0.0191%	1h	4.3560	−0.057%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0353%	1h	4.3555	−0.069%	$8K	$52K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3607	+0.050%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0546%	1h	4.3585	long leg	$1.4M	$6.5M	20x
Hyperliquid NEAR	+0.0599%	1h	4.3596	+0.025%	$359.2M	$318.1M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3620	+0.080%	$214K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0632%	1h	4.3463	−0.280%	$3.9M	$19.7M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0707%	1h	4.3570	−0.035%	$7.7M	$39.9M	50x	as long as short
Nado NEAR-PERP	+0.0714%	1h	4.3555	−0.069%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0840%	1h	4.3614	+0.067%	$1.5M	$7.3M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3617	+0.073%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0990%	1h	4.3601	+0.037%	$1.9M	$8.1M	25x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3628	+0.099%	$597K	$1.4M	10x	as long as short
Lighter NEAR	+0.1352%	1h	4.3639	+0.123%	$17.6M	$24.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1630%	1h	4.3708	+0.281%	$5K	$12K	10x	as long as short