Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Kalshi against dYdX−0.155%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$262as in the Funding arb table

Net, price: spread back to 7d avg − costs−$281as in the Price arb table

costs, in and out, $10k−$2622.617% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+1.223%+$122 · spread now −0.155%, 7d avg +0.033%

Together, before fees+1.218%+$122 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.188% cheaper against dYdX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX NEAR-USD	4.1526	0	get 0.0000% / 1h	48m 23s	$106K	$56K	10x
Short	Kalshi KXNEARPERP	4.1462	0	get 0.0000% / 8h	5h 48m	$434K	$18.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now −0.155%Rate

Funding earned: $0
Price spread: −0.155% → +0.033%: −$18.83
Slippage, 4 orders: −$241.74
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$280.56
Costs to cover: 2.617%
Break-even: never at this rate

Slippage from dYdX: live order book, 35 min ago; Kalshi: live order book, 6 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 dYdX live order book, 35 min ago	112.52 bp	122.3 bp −$122	122.4 bp −$1,224	122.4 bp −$12.2K	125.0 bp −$62.5K
Sell Kalshi live order book, 6 min ago	5.94 bp	10.9 bp −$11	17.5 bp −$175	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	4.1534	+0.019%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.1379	−0.355%	$2.1M	$12.7M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	−0.280%	$578	$302K	12x	as long as short
dYdX NEAR-USDlong	0.0000%	1h	4.1526	long leg	$106K	$56K	10x
Kalshi KXNEARPERPshort	0.0000%	8h	4.1462	−0.155%	$434K	$18.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1565	+0.093%	$206K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0049%	1h	4.1538	+0.027%	$7.5M	$36.8M	50x	as long as short
01 Exchange NEARUSD	+0.0064%	1h	4.1562	+0.086%	$12K	$7K	10x	as long as short
Lighter NEAR	+0.0096%	1h	4.1576	+0.120%	$15.3M	$22.5M	15x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1540	+0.033%	$111K	$493K	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	+0.0099%	8h	4.1583	+0.136%	$54K	$157K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1523	−0.008%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1560	+0.081%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.1539	+0.031%	$350K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1564	+0.090%	$237.0M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1550	+0.057%	$212.0M	$425.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1560	+0.081%	$56.8M	$276.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1550	+0.057%	$308K	$1.6M	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1562	+0.086%	$29.6M	$56.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1560	+0.081%	$82.0M	$140.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1550	+0.057%	$56.2M	$44.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1543	+0.040%	$69.1M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1550	+0.057%	—	$136.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1461	−0.156%	$7.7M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1473	−0.129%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1500	−0.063%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1240	−0.690%	$181K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1577	+0.122%	$199K	$3.1M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1560	+0.081%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1498	−0.068%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1490	−0.088%	$3.8M	$8.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1450	−0.184%	$236K	$4K	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1550	+0.057%	$3.8M	$14.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1570	+0.105%	$200K	$62K	3x	as long as short
Lighter RH NEAR	+0.0152%	1h	4.1566	+0.095%	$1.4M	$6.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1460	−0.160%	$12.2M	$33.4M	75x	as long as short
Hyperliquid NEAR	+0.0338%	1h	4.1592	+0.158%	$349.5M	$298.1M	10x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.1565	+0.092%	$411K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0380% / S −0.0327%	1h	4.1575	+0.117%	$280K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0463%	1h	4.1577	+0.122%	$1.2M	$5.7M	20x	as long as short
Nado NEAR-PERP	+0.0501%	1h	4.1509	−0.041%	$1.8M	$3.6M	10x	as long as short
Phoenix NEAR	+0.0542%	1h	4.1447	−0.191%	$1.7M	$2.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0641%	1h	4.1550	+0.057%	$1.8M	$2.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.0898%	1h	4.1437	−0.216%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1019%	8h	4.1490	−0.088%	$444K	$3.6M	75x	as long as short