Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.029%

Price spread now: Extended against Kalshi−0.350%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Kalshi Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.189%+$19 on $10k

Price spread, last 7 days+0.262%+$26 · spread now −0.350%, 7d avg −0.065%

Together, before fees+0.452%+ Points / potential airdropExtended: Active · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.285% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.350% now, against its 7-day average of −0.065%). If the spread goes back, that is −$29 on $10k: about 4.8 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.189% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.4580	0	get 0.0000% / 8h	1h 05m	$584K	$21.8M	2.2x
Short	Extended NEAR-USD	4.4424	0.0200	get 0.0025% / 1h	5m 13s	$4.0M	$19.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.350%Rate

Funding earned: $42
Price spread: −0.350% → −0.065%: −$28.54
Slippage, 4 orders: −$18.02
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$19.55
Costs to cover: 0.330%
Break-even: 10.3 days

Slippage from Kalshi: live order book, 4 min ago; Extended: live order book, 4 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	4.41 bp	9.4 bp −$9	19.5 bp −$195	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.44 bp	5.0 bp −$5	10.4 bp −$104	1071.7 bp −$107.2K	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	4.4413	−0.375%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.4462	−0.265%	$2.2M	$15.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4480	−0.225%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.4580	long leg	$584K	$21.8M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4439	−0.317%	$166K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.111%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4500	−0.179%	$113K	$513K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4503	−0.172%	$425K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4480	−0.224%	$273.0M	$1.12B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4431	−0.334%	$222.7M	$428.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4470	−0.247%	$63.5M	$304.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5467	+1.989%	$259K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4457	−0.276%	$32.3M	$65.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4480	−0.224%	$75.5M	$150.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4500	−0.179%	$55.1M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4461	−0.267%	$73.3M	$131.0M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4480	−0.224%	—	$147.0M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4486	−0.210%	$8.6M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4994	+0.929%	$270K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5311	+1.640%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5320	+1.660%	$174K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4499	−0.182%	$257K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4448	−0.296%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4530	−0.112%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4425	−0.348%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4490	−0.202%	$461K	$4.1M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4500	−0.179%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4433	−0.329%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4465	−0.258%	$207K	$40K	3x	as long as short
Extended NEAR-USDshort	+0.0200%	1h	4.4424	−0.350%	$4.0M	$19.4M	25x
BloFin NEAR-USDT	+0.0220%	8h	4.4500	−0.179%	$14.0M	$33.4M	75x	as long as short
Aster NEARUSDT	+0.0284%	8h	4.4453	−0.284%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0352% / S −0.0235%	1h	4.4423	−0.352%	$266K	—	100x	as long as short
01 Exchange NEARUSD	+0.0384%	1h	4.4512	−0.153%	$13K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0403%	1h	4.4459	−0.271%	$1.9M	$4.5M	25x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.4560	−0.045%	$215K	$1.8M	10x	as long as short
Nado NEAR-PERP	+0.0480%	1h	4.4450	−0.292%	$1.9M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0536%	1h	4.4509	−0.159%	$1.4M	$6.7M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0693%	1h	4.4463	−0.262%	$8.2M	$41.3M	50x	as long as short
Lighter RH NEAR	+0.0696%	1h	4.4505	−0.168%	$1.6M	$7.2M	10x	as long as short
Hyperliquid NEAR	+0.0768%	1h	4.4525	−0.123%	$370.1M	$325.6M	10x	as long as short
Phoenix NEAR	+0.0855%	1h	4.5453	+1.958%	$1.9M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.4543	−0.084%	$570K	$1.4M	10x	as long as short
Lighter NEAR	+0.1120%	1h	4.4525	−0.124%	$17.9M	$27.1M	15x	as long as short
Aftermath Perps NEARUSD	+0.1651%	1h	4.5085	+1.133%	$6K	$12K	10x	as long as short