Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.108%

Price spread now: Kalshi against GMX−0.077%7-day average −0.027% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.296%−$30 on $10k

Price spread, last 3 days (all we have)−0.297%−$30 · spread now −0.077%, 7d avg −0.027%

Together, before fees−0.593%−$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Kalshi is 0.051% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NEAR/USD [ETH-USDC]	4.1575	L +0.0380% / S −0.0327%	pay 0.0047% / 1h	47m 48s	$280K	—	100x
Short	Kalshi KXNEARPERP	4.1543	0	get 0.0000% / 8h	5h 47m	$435K	$18.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now −0.077%Rate

Funding earned: −$79.75
Price spread: −0.077% → −0.027%: −$5.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$106.82
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 1 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	6.51 bp	11.5 bp −$12	16.8 bp −$168	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.098%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.1379	−0.472%	$2.1M	$12.6M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	−0.397%	$578	$302K	12x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1526	−0.117%	$106K	$56K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.1543	−0.077%	$435K	$18.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1565	−0.024%	$206K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0049%	1h	4.1596	+0.049%	$7.5M	$36.8M	50x	as long as short
01 Exchange NEARUSD	+0.0064%	1h	4.1562	−0.032%	$12K	$7K	10x	as long as short
Lighter NEAR	+0.0096%	1h	4.1626	+0.123%	$15.3M	$22.5M	15x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1540	−0.084%	$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	+0.019%	$54K	$157K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1523	−0.126%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1646	+0.170%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.1539	−0.087%	$350K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1625	+0.120%	$237.3M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1604	+0.069%	$212.3M	$425.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1610	+0.084%	$56.8M	$277.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1550	−0.060%	$308K	$1.6M	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1610	+0.084%	$29.7M	$56.9M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1630	+0.132%	$81.9M	$140.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1600	+0.060%	$56.2M	$44.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1626	+0.122%	$69.1M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1610	+0.084%	—	$136.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1461	−0.273%	$7.7M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1473	−0.247%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1500	−0.180%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1240	−0.806%	$181K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1577	+0.005%	$199K	$3.1M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1570	−0.012%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1560	−0.036%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1570	−0.012%	$3.8M	$8.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1450	−0.301%	$236K	$4K	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1541	−0.082%	$3.8M	$14.7M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1570	−0.012%	$200K	$62K	3x	as long as short
Lighter RH NEAR	+0.0128%	1h	4.1610	+0.084%	$1.4M	$6.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1460	−0.277%	$12.2M	$33.4M	75x	as long as short
Hyperliquid NEAR	+0.0337%	1h	4.1627	+0.125%	$349.8M	$298.2M	10x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.1565	−0.025%	$411K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]long	L +0.0380% / S −0.0327%	1h	4.1575	long leg	$280K	—	100x
Backpack NEAR_USDC_PERP	+0.0472%	1h	4.1611	+0.086%	$1.2M	$5.7M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0495%	1h	4.1614	+0.094%	$1.8M	$2.1M	25x	as long as short
Nado NEAR-PERP	+0.0501%	1h	4.1509	−0.158%	$1.8M	$3.6M	10x	as long as short
Phoenix NEAR	+0.0542%	1h	4.1447	−0.308%	$1.7M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.0898%	1h	4.1437	−0.333%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1016%	8h	4.1670	+0.228%	$446K	$3.6M	75x	as long as short