Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0694%/8h= +76.0% APRpaid last 24h +0.115%

Price spread now: Deribit against Kalshi+0.037%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.584%+$58 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now +0.037%, 7d avg +0.104%

Together, before fees+0.746%+$75 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.068% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.037% now, against its 7-day average of +0.104%). If the spread goes back, that is −$7 on $10k: about 8 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.584% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3719	0.0178	pay 0.0178% / 8h	4h 16m	$969K	$25.0M	2.2x
Short	Deribit NEAR_USDC-PERPETUAL	4.3735	0.0872	get 0.0109% / 1h	16m 59s	$1.9M	$13.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.037%Rate

Funding earned: $145.75
Price spread: +0.037% → +0.104%: −$6.78
Slippage, 4 orders: −$18.32
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $103.65
Costs to cover: 0.353%
Break-even: 2.0 days

Slippage from Kalshi: live order book, 2 min ago; Deribit: 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	5.72 bp	10.7 bp −$11	16.6 bp −$166	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	3.43 bp	6.9 bp −$7	14.3 bp −$143	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	4.3658	−0.139%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3682	−0.084%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3663	−0.128%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0016%	1h	4.3683	−0.083%	$7.2M	$38.4M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.281%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3680	−0.089%	$113K	$498K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3689	−0.069%	$220.6M	$428.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3690	−0.066%	$61.4M	$295.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3601	−0.271%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3693	−0.059%	$35.7M	$62.8M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3700	−0.043%	$52.9M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3687	−0.073%	$72.2M	$127.8M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3517	−0.461%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3595	−0.284%	$253K	$901K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3600	−0.272%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3590	−0.295%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3705	−0.032%	$277K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3718	−0.002%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3750	+0.071%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3700	−0.043%	$5K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3690	−0.066%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3710	−0.021%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3684	−0.081%	$3.6M	$16.8M	25x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.3719	−0.001%	$203K	$38K	3x	as long as short
Aster NEARUSDT	+0.0147%	8h	4.3702	−0.039%	$2.7M	$4.9M	50x	as long as short
HTX NEAR-USDT	+0.0151%	8h	4.3830	+0.254%	$467K	$3.8M	75x	as long as short
Hyperliquid NEAR	+0.0152%	1h	4.3744	+0.057%	$352.6M	$315.9M	10x	as long as short
Binance NEARUSDT	+0.0169%	8h	4.3710	−0.021%	$264.4M	$1.09B	75x	as long as short
MEXC NEAR_USDT	+0.0171%	8h	4.3730	+0.025%	$89.2M	$152.9M	200x	as long as short
Kalshi KXNEARPERPlong	+0.0178%	8h	4.3719	long leg	$969K	$25.0M	2.2x
BingX NEAR-USDT	+0.0178%	8h	4.3700	−0.043%	—	$144.1M	—	as long as short
01 Exchange NEARUSD	+0.0240%	1h	4.3706	−0.030%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0289%	8h	4.3690	−0.066%	$13.3M	$32.2M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0338% / S −0.0236%	1h	4.3667	−0.120%	$254K	—	100x	as long as short
Nado NEAR-PERP	+0.0381%	1h	4.3690	−0.066%	$1.7M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0462%	1h	4.3740	+0.048%	$1.0M	$7.1M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3742	+0.053%	$2.3M	$17.0M	50x	as long as short
Lighter RH NEAR	+0.0528%	1h	4.3759	+0.091%	$1.5M	$6.7M	10x	as long as short
Lighter NEAR	+0.0544%	1h	4.3755	+0.081%	$17.2M	$25.3M	15x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3700	−0.043%	$230K	$1.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUALshort	+0.0872%	1h	4.3735	+0.037%	$1.9M	$13.1M	25x
Pacifica NEAR	+0.0949%	1h	4.3711	−0.019%	$412K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3607	−0.256%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3706	−0.030%	$607K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1124%	1h	4.3519	−0.457%	$5K	$7K	10x	as long as short