Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bulk against Kalshi−1.016%7-day average −0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$530.526% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.101%+$10 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −1.016%, 7d avg −0.007%

Together, before fees+0.209%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 1.009% cheaper against Kalshi than usual: you would sell low and buy high (spread −1.016% now, against its 7-day average of −0.007%). If the spread goes back, that is −$101 on $10k: about 34 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3084	0	get 0.0000% / 8h	3h 53m	$377K	$18.5M	2.2x
Short	Bulk NEAR-USD	4.2646	0.0100	get 0.0013% / 1h	53m 36s	$243K	−$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −1.016%Rate

Funding earned: $21
Price spread: −1.016% → −0.007%: −$100.89
Slippage, 4 orders: −$35.61
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$132.5
Costs to cover: 0.526%
Break-even: 51.2 days

Slippage from Kalshi: live order book, 5 min ago; Bulk: live order book, 20 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, 5 min ago	6.08 bp	11.1 bp −$11	21.2 bp −$212	doesn't fit	doesn't fit
Sell Bulk live order book, 20 min ago	11.72 bp	15.2 bp −$15	15.2 bp −$152	33.8 bp −$3,381	58.9 bp −$29.4K

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
Phemex NEARUSDT	−0.1723%	8h	4.3100	+0.037%	$3.9M	$8.5M	50x	as long as short
Bybit NEARUSDT	−0.0236%	8h	4.3030	−0.125%	$219.3M	$419.1M	75x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.2966	−0.273%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0130%	1h	4.3121	+0.085%	$7.6M	$37.2M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3091	+0.016%	$2.3M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0008%	1h	4.3029	−0.128%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3114	+0.069%	$112K	$64K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.3084	long leg	$377K	$18.5M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3023	−0.143%	$204K	—	150x	as long as short
Variational Omni NEAR	+0.0019%	8h	4.2869	−0.499%	$7.9M	$18.5M	—	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	−3.885%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3030	−0.125%	$112K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3090	+0.014%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3032	−0.121%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3130	+0.107%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3114	+0.069%	$404K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3030	−0.125%	$255.2M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3020	−0.149%	$61.1M	$282.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3030	−0.125%	$197K	$1.7M	10x	as long as short
Bulk NEAR-USDshort	+0.0100%	1h	4.2646	−1.016%	$243K	−$0	10x
Gate NEAR_USDT	+0.0100%	8h	4.3035	−0.114%	$31.1M	$58.5M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3100	+0.037%	$79.7M	$138.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3080	−0.009%	$56.2M	$43.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3015	−0.160%	$71.3M	$125.2M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3010	−0.172%	—	$141.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2790	−0.683%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2819	−0.616%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2780	−0.706%	$179K	$794K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2989	−0.220%	$193K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3150	+0.153%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3090	+0.014%	$4K	$53K	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3012	−0.168%	$3.9M	$16.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3089	+0.013%	$201K	$28K	3x	as long as short
HTX NEAR-USDT	+0.0154%	8h	4.3170	+0.200%	$459K	$3.6M	75x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2820	−0.613%	$13.0M	$29.3M	75x	as long as short
Hyperliquid NEAR	+0.0338%	1h	4.3150	+0.153%	$368.0M	$299.8M	10x	as long as short
Lighter RH NEAR	+0.0360%	1h	4.3121	+0.086%	$1.6M	$6.8M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0313%	1h	4.3018	−0.153%	$275K	—	100x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.3010	−0.172%	$1.9M	$3.4M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3044	−0.093%	$409K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2848	−0.548%	$1.8M	$2.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0473%	1h	4.3164	+0.186%	$1.4M	$5.6M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0678%	1h	4.3139	+0.128%	$1.9M	$2.9M	25x	as long as short
Aftermath Perps NEARUSD	+0.1169%	1h	4.2861	−0.518%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1912%	1h	4.3235	+0.350%	$17.3M	$23.7M	15x	as long as short