Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0197%/8h= +21.5% APRpaid last 24h +0.208%

Price spread now: Hyperliquid against Kalshi+0.169%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.564%+$56 on $10k

Price spread, last 7 days−0.307%−$31 · spread now +0.169%, 7d avg +0.084%

Together, before fees+0.257%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.084% dearer against Kalshi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.2714	0	get 0.0000% / 8h	3h 38m	$430K	$18.5M	2.2x
Short	Hyperliquid NEAR	4.2786	0.0197	get 0.0025% / 1h	38m 32s	$362.6M	$300.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.169%Rate

Funding earned: $41.28
Price spread: +0.169% → +0.084%: $8.45
Slippage, 4 orders: −$21.07
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $9.66
Costs to cover: 0.401%
Break-even: 5.4 days

Slippage from Kalshi: live order book, 5 min ago; Hyperliquid: live order book, 6 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	5.60 bp	13.2 bp −$13	21.2 bp −$212	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.17 bp	6.9 bp −$7	doesn't fit	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	4.2611	−0.241%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.2798	+0.196%	$7.5M	$37.0M	50x	as long as short
Gate NEAR_USDT	−0.0129%	8h	4.2699	−0.035%	$30.8M	$59.0M	75x	as long as short
Bybit NEARUSDT	−0.0128%	8h	4.2614	−0.234%	$217.0M	$417.0M	75x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2770	+0.131%	$2.2M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0024%	1h	4.2655	−0.138%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2726	+0.028%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.2714	long leg	$430K	$18.5M	2.2x
Variational Omni NEAR	+0.0002%	8h	4.2588	−0.294%	$7.9M	$18.7M	—	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2832	+0.276%	$203K	—	150x	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	−3.053%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2650	−0.150%	$111K	$481K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2736	+0.050%	$31K	$647	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2813	+0.232%	$57K	$193K	20x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2775	+0.144%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2726	+0.027%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2663	−0.119%	$253.7M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2620	−0.220%	$60.7M	$277.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	−0.033%	$196K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2709	−0.011%	$243K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2700	−0.033%	$78.4M	$139.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2770	+0.131%	$56.0M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2642	−0.169%	$70.8M	$124.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2680	−0.080%	—	$141.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2724	+0.024%	$275K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2740	+0.061%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2650	−0.150%	$178K	$790K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2640	−0.173%	$191K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2860	+0.342%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2779	+0.152%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2880	+0.389%	$455K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2790	+0.178%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2708	−0.015%	$3.8M	$17.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2779	+0.153%	$199K	$28K	3x	as long as short
Hyperliquid NEARshort	+0.0197%	1h	4.2786	+0.169%	$362.6M	$300.2M	10x
BloFin NEAR-USDT	+0.0220%	8h	4.2790	+0.178%	$13.2M	$28.9M	75x	as long as short
Lighter RH NEAR	+0.0312%	1h	4.2765	+0.119%	$1.6M	$6.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0373% / S −0.0308%	1h	4.2836	+0.286%	$273K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0404%	1h	4.2839	+0.293%	$1.9M	$3.2M	25x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2704	−0.023%	$404K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0439%	1h	4.2819	+0.246%	$1.3M	$5.7M	20x	as long as short
Phoenix NEAR	+0.0499%	1h	4.2790	+0.178%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0510%	1h	4.2608	−0.249%	$1.9M	$3.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1272%	1h	4.2837	+0.288%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2056%	1h	4.2869	+0.362%	$17.1M	$24.0M	15x	as long as short