Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk+0.404%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$510.515% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now +0.404%, 7d avg −0.001%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.405% dearer against Bulk than usual: you sell high and buy low (spread +0.404% now, against its 7-day average of −0.001%): +$40 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk NEAR-USD	4.3300	0.0100	pay 0.0013% / 1h	44m 17s	$247K	−$0	10x
Short	Kalshi KXNEARPERP	4.3475	0	get 0.0000% / 8h	2h 44m	$521K	$19.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now +0.404%Rate

Funding earned: −$21
Price spread: +0.404% → −0.001%: $40.47
Slippage, 4 orders: −$34.49
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$32.02
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from Bulk: live order book, 25 min ago; Kalshi: live order book, 5 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 Bulk live order book, 25 min ago	11.59 bp	15.1 bp −$15	22.9 bp −$229	39.8 bp −$3,984	76.4 bp −$38.2K
Sell Kalshi live order book, 5 min ago	5.66 bp	10.7 bp −$11	19.9 bp −$199	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	4.3023	−0.639%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3415	+0.266%	$2.2M	$13.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3256	−0.101%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.3475	+0.404%	$521K	$19.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3081	−0.506%	$200K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.365%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0040%	8h	4.3438	+0.319%	$8.2M	$19.1M	—	as long as short
Phemex NEARUSDT	+0.0089%	8h	4.3340	+0.092%	$3.8M	$8.3M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3130	−0.393%	$115K	$477K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3138	−0.374%	$57K	$161K	20x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NEAR	+0.0100%	1h	4.3308	+0.018%	$409K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3109	−0.441%	$258.1M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3102	−0.457%	$219.4M	$419.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3110	−0.439%	$61.1M	$278.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3250	−0.115%	$205K	$1.8M	10x	as long as short
Bulk NEAR-USDlong	+0.0100%	1h	4.3300	long leg	$247K	−$0	10x
Gate NEAR_USDT	+0.0100%	8h	4.3062	−0.550%	$30.9M	$60.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3090	−0.485%	$76.0M	$137.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3080	−0.508%	$55.4M	$42.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3135	−0.381%	$71.5M	$123.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3120	−0.416%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3320	+0.045%	$260K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3229	−0.164%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3310	+0.023%	$179K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3147	−0.353%	$223K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3200	−0.231%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3127	−0.400%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3460	+0.370%	$442K	$3.9M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3225	−0.174%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0102%	8h	4.3257	−0.099%	$3.0M	$5.8M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3125	−0.403%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3157	−0.331%	$201K	$34K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0219%	1h	4.3146	−0.355%	$7.9M	$39.9M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3220	−0.185%	$13.2M	$27.6M	75x	as long as short
Nado NEAR-PERP	+0.0356%	1h	4.3065	−0.543%	$1.9M	$3.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0358% / S −0.0277%	1h	4.3073	−0.525%	$258K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3173	−0.293%	$13K	$7K	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3172	−0.295%	$538K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3533	+0.538%	$1.8M	$2.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0608%	1h	4.3146	−0.356%	$1.9M	$4.1M	25x	as long as short
Lighter RH NEAR	+0.0760%	1h	4.3356	+0.129%	$1.6M	$6.9M	10x	as long as short
Hyperliquid NEAR	+0.0808%	1h	4.3115	−0.427%	$362.7M	$305.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0849%	1h	4.3435	+0.312%	$1.3M	$6.0M	20x	as long as short
Lighter NEAR	+0.1456%	1h	4.3394	+0.217%	$17.3M	$24.6M	15x	as long as short
Aftermath Perps NEARUSD	+0.1477%	1h	4.3245	−0.127%	$5K	$12K	10x	as long as short