Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.070%

Price spread now: Kalshi against Deribit−0.098%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)−0.237%−$24 · spread now −0.098%, 7d avg −0.100%

Together, before fees−0.749%−$75 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.100%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NEAR_USDC-PERPETUAL	4.2959	0.0402	pay 0.0050% / 1h	19m 28s	$1.9M	$2.5M	25x
Short	Kalshi KXNEARPERP	4.2917	0	get 0.0000% / 8h	4h 19m	$334K	$18.8M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.098%Rate

Funding earned: −$84.42
Price spread: −0.098% → −0.100%: $0.24
Slippage, 4 orders: −$27.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$128.57
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 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 Deribit live order book, 5 min ago	4.11 bp	8.8 bp −$9	23.2 bp −$232	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	7.50 bp	12.5 bp −$13	21.3 bp −$213	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	4.2937	−0.052%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2899	−0.140%	$2.3M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2954	−0.013%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.2917	−0.098%	$334K	$18.8M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2922	−0.086%	$202K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.606%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0055%	8h	4.2970	+0.026%	$219.2M	$422.3M	75x	as long as short
Variational Omni NEAR	+0.0056%	8h	4.2869	−0.209%	$7.9M	$18.5M	—	as long as short
01 Exchange NEARUSD	+0.0080%	1h	4.3002	+0.100%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2990	+0.072%	$109K	$496K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2935	−0.056%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2963	+0.009%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2990	+0.072%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2967	+0.018%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2996	+0.086%	$254.2M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2990	+0.072%	$61.0M	$287.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2980	+0.049%	$197K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2950	−0.021%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2948	−0.026%	$30.8M	$60.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2940	−0.044%	$78.6M	$142.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2960	+0.002%	$55.8M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2957	−0.005%	$71.3M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2950	−0.021%	—	$140.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2658	−0.701%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2722	−0.552%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2690	−0.626%	$178K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3011	+0.121%	$191K	$3.4M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2940	−0.044%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2891	−0.158%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2910	−0.114%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2950	−0.022%	$3.9M	$16.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2897	−0.144%	$202K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0118%	1h	4.2933	−0.060%	$7.7M	$37.5M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2880	−0.184%	$13.0M	$29.4M	75x	as long as short
Lighter RH NEAR	+0.0328%	1h	4.3016	+0.133%	$1.5M	$7.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0314%	1h	4.2923	−0.083%	$275K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0402%	1h	4.2959	long leg	$1.9M	$2.5M	25x
RISEx NEAR/USDC	+0.0404%	1h	4.3000	+0.096%	$419K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0460%	1h	4.2956	−0.007%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2939	−0.047%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0678%	1h	4.2957	−0.005%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0720%	1h	4.3025	+0.154%	$369.7M	$298.8M	10x	as long as short
HTX NEAR-USDT	+0.0799%	8h	4.3010	+0.119%	$462K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1150%	1h	4.2768	−0.444%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1688%	1h	4.3056	+0.226%	$16.5M	$23.9M	15x	as long as short