Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0412%/8h= +45.1% APRpaid last 24h +0.245%

Price spread now: Backpack against Kalshi+0.005%7-day average +0.711% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.572%+$57 on $10k

Price spread, last 7 days−1.169%−$117 · spread now +0.005%, 7d avg +0.711%

Together, before fees−0.597%−$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.706% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.711%). If the spread goes back, that is −$71 on $10k: about 5.7 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.2490	0	get 0.0000% / 8h	3h 37m	$427K	$18.5M	2.2x
Short	Backpack NEAR_USDC_PERP	4.2492	0.0412	get 0.0051% / 1h	37m 07s	$1.3M	$5.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.005%Rate

Funding earned: $86.44
Price spread: +0.005% → +0.711%: −$70.58
Slippage, 4 orders: −$20.35
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$24.49
Costs to cover: 0.404%
Break-even: 9.0 days

Slippage from Kalshi: live order book, 2 min ago; Backpack: 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 Kalshi live order book, 2 min ago	7.49 bp	13.0 bp −$13	19.5 bp −$195	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.52 bp	7.1 bp −$7	14.8 bp −$148	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	4.2465	−0.058%	$2K	—	20x	as long as short
Bybit NEARUSDT	−0.0148%	8h	4.2430	−0.141%	$215.8M	$417.4M	75x	as long as short
Gate NEAR_USDT	−0.0133%	8h	4.2443	−0.111%	$30.6M	$59.0M	75x	as long as short
Kraken Futures PF_NEARUSD	−0.0132%	1h	4.2464	−0.062%	$7.5M	$36.9M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2693	+0.478%	$2.2M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0032%	1h	4.2598	+0.254%	$12K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2574	+0.198%	$110K	$64K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.2490	long leg	$427K	$18.5M	2.2x
Variational Omni NEAR	+0.0002%	8h	4.2588	+0.232%	$7.9M	$18.7M	—	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2492	+0.004%	$201K	—	150x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.542%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2580	+0.212%	$111K	$481K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.2477	−0.031%	$56K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2570	+0.187%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2511	+0.049%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2573	+0.196%	$399K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2460	−0.070%	$252.5M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2450	−0.094%	$60.3M	$276.2M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2610	+0.282%	$195K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2709	+0.517%	$243K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2460	−0.071%	$77.7M	$139.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2480	−0.024%	$55.6M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2445	−0.106%	$70.5M	$124.8M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2450	−0.094%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2741	+0.591%	$275K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2750	+0.612%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2800	+0.730%	$179K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2495	+0.012%	$191K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2640	+0.353%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2444	−0.108%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2540	+0.118%	$453K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2500	+0.024%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2444	−0.109%	$3.8M	$17.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2465	−0.059%	$198K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0172%	1h	4.2503	+0.031%	$359.6M	$300.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0197%	1h	4.2500	+0.024%	$1.9M	$3.2M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2470	−0.047%	$13.1M	$28.6M	75x	as long as short
Lighter RH NEAR	+0.0336%	1h	4.2527	+0.087%	$1.6M	$6.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0372% / S −0.0308%	1h	4.2487	−0.007%	$271K	—	100x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0412%	1h	4.2492	+0.005%	$1.3M	$5.7M	20x
RISEx NEAR/USDC	+0.0428%	1h	4.2619	+0.303%	$403K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.2790	+0.706%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0517%	1h	4.2471	−0.044%	$1.9M	$3.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1320%	1h	4.2758	+0.630%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2032%	1h	4.2586	+0.227%	$17.0M	$24.0M	15x	as long as short