Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0248%/8h= −27.1% APRpaid last 24h +0.001%

Price spread now: dYdX against Kalshi+0.014%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$154as in the Price arb table

costs, in and out, $10k−$1581.584% of the position

Long on Kalshi Short on dYdX

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)−0.773%−$77 · spread now +0.014%, 7d avg −0.034%

Together, before fees−0.767%−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.047% dearer against Kalshi than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.034%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.4202	0.0248	pay 0.0248% / 8h	5h 19m	$1.0M	$24.9M	2.2x
Short	dYdX NEAR-USD	4.4208	0	get 0.0000% / 1h	19m 45s	$109K	$68K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$52
Price spread: +0.014% → −0.034%: $4.73
Slippage, 4 orders: −$138.41
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$205.68
Costs to cover: 1.584%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; dYdX: live order book, 24 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, 4 min ago	5.77 bp	10.8 bp −$11	16.1 bp −$161	doesn't fit	doesn't fit
Sell dYdX live order book, 24 min ago	63.44 bp	68.4 bp −$68	68.4 bp −$684	149.0 bp −$14.9K	508.3 bp −$254.1K

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	4.4222	+0.046%	$2K	—	20x	as long as short
dYdX NEAR-USDshort	0.0000%	1h	4.4208	+0.014%	$109K	$68K	10x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4100	−0.231%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.316%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4220	+0.041%	$112K	$485K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4209	+0.016%	$224.0M	$429.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4190	−0.027%	$62.6M	$295.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4150	−0.118%	$252K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4240	+0.086%	$35.7M	$61.9M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4240	+0.086%	$53.5M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4228	+0.059%	$72.8M	$127.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4097	−0.237%	$8.8M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4205	+0.006%	$258K	$916K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4210	+0.018%	$167K	$805K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4263	+0.138%	$292K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4285	+0.188%	$59K	$236K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4240	+0.086%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4370	+0.380%	$464K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4300	+0.222%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0104%	8h	4.4195	−0.015%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0110%	8h	4.4181	−0.046%	$1.5M	$1.5M	10x	as long as short
Extended NEAR-USD	+0.0136%	1h	4.4230	+0.064%	$3.7M	$18.2M	25x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.4310	+0.244%	$206K	$38K	3x	as long as short
SoDEX NEAR-USD	+0.0171%	1h	4.4285	+0.188%	$5K	$52K	10x	as long as short
BingX NEAR-USDT	+0.0198%	8h	4.4240	+0.086%	—	$144.1M	—	as long as short
MEXC NEAR_USDT	+0.0210%	8h	4.4240	+0.086%	$80.1M	$149.3M	200x	as long as short
Binance NEARUSDT	+0.0210%	8h	4.4250	+0.109%	$269.9M	$1.08B	75x	as long as short
Kalshi KXNEARPERPlong	+0.0248%	8h	4.4202	long leg	$1.0M	$24.9M	2.2x
Aster NEARUSDT	+0.0297%	8h	4.4240	+0.086%	$2.8M	$4.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0199%	1h	4.4243	+0.093%	$235K	—	100x	as long as short
BloFin NEAR-USDT	+0.0331%	8h	4.4150	−0.118%	$13.7M	$32.6M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4197	−0.011%	$2.3M	$16.7M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0427%	1h	4.4281	+0.179%	$1.3M	$6.9M	20x	as long as short
01 Exchange NEARUSD	+0.0448%	1h	4.4255	+0.120%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0501%	1h	4.4306	+0.235%	$361.7M	$313.1M	10x	as long as short
Nado NEAR-PERP	+0.0558%	1h	4.4210	+0.018%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0659%	1h	4.4261	+0.134%	$7.3M	$38.2M	50x	as long as short
Lighter NEAR	+0.0800%	1h	4.4280	+0.176%	$17.4M	$25.3M	15x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4280	+0.176%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0904%	1h	4.4297	+0.215%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4318	+0.262%	$1.8M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1038%	1h	4.4315	+0.256%	$1.9M	$13.0M	25x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4242	+0.091%	$422K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4265	+0.144%	$671K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1299%	1h	4.4235	+0.075%	$5K	$12K	10x	as long as short