Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.084%

Price spread now: GMX against Kalshi−0.047%7-day average +0.029% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.352%+$35 on $10k

Price spread, last 4 days (all we have)+0.421%+$42 · spread now −0.047%, 7d avg +0.029%

Together, before fees+0.774%+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.077% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.029%). If the spread goes back, that is −$8 on $10k: about 4.2 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.352% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3437	0.0131	pay 0.0131% / 8h	7h 45m	$610K	$22.9M	2.2x
Short	GMX NEAR/USD [ETH-USDC]	4.3416	L +0.0319% / S −0.0191%	get 0.0024% / 1h	45m 51s	$231K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.047%Rate

Funding earned: $12.68
Price spread: −0.047% → +0.029%: −$7.66
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$16.98
Costs to cover: 0.220%
Break-even: 16.4 days

Slippage unknown: Kalshi: live order book, 3 min ago; GMX: no order-book sample. Net counts fees only.

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, 3 min ago	6.99 bp	12.0 bp −$12	20.5 bp −$205	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4.3399	−0.088%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3389	−0.111%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3419	−0.042%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.667%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3468	+0.071%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3370	−0.154%	$107K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3276	−0.371%	$266.1M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3208	−0.527%	$217.1M	$425.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3180	−0.592%	$61.8M	$290.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3771	+0.769%	$249K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3342	−0.219%	$31.7M	$60.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3400	−0.085%	$73.4M	$144.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3400	−0.085%	$54.1M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3109	−0.755%	$70.8M	$129.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3250	−0.431%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3397	−0.091%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3559	+0.281%	$255K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3580	+0.329%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3580	+0.329%	$168K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3440	+0.007%	$255K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3462	+0.058%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3490	+0.122%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3450	+0.030%	$454K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3450	+0.030%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3360	−0.178%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3470	+0.076%	$202K	$40K	3x	as long as short
Kalshi KXNEARPERPlong	+0.0131%	8h	4.3437	long leg	$610K	$22.9M	2.2x
BloFin NEAR-USDT	+0.0220%	8h	4.3410	−0.062%	$13.7M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3424	−0.031%	$412K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0312%	8h	4.3352	−0.197%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]short	L +0.0319% / S −0.0191%	1h	4.3416	−0.047%	$231K	—	100x
SoDEX NEAR-USD	+0.0418%	1h	4.3435	−0.005%	$8K	$52K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0497%	1h	4.3402	−0.081%	$1.4M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0528%	1h	4.3427	−0.023%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0593%	1h	4.3402	−0.081%	$357.1M	$318.8M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3420	−0.039%	$213K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0656%	1h	4.3342	−0.219%	$3.8M	$19.7M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0710%	1h	4.3394	−0.099%	$7.7M	$39.7M	50x	as long as short
Nado NEAR-PERP	+0.0730%	1h	4.3403	−0.079%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0936%	1h	4.3457	+0.046%	$1.5M	$7.3M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3717	+0.645%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1160%	1h	4.3469	+0.073%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3403	−0.078%	$625K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1619%	1h	4.3533	+0.222%	$5K	$12K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.2215%	1h	4.3523	+0.198%	$1.9M	$8.4M	25x	as long as short