Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.026%

Price spread now: Injective against Kalshi−4.770%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 4.770% cheaper against Kalshi than usual: you would sell low and buy high (spread −4.770% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$477 on $10k: about 16 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.217% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3484	0	get 0.0000% / 8h	7h 48m	$581K	$22.7M	2.2x
Short	Injective NEAR/USDC PERP	4.1410	0.0033	get 0.0004% / 1h	48m 19s	$578	$301K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.770%Rate

Funding earned: $7
Price spread: −4.770% → 0.000%: −$476.96
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$479.98
Costs to cover: 0.100%
Break-even: 487.0 days

Slippage unknown: Kalshi: live order book, 6 min ago; Injective: 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, 6 min ago	7.47 bp	12.5 bp −$12	23.7 bp −$237	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	4.3558	+0.170%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3569	+0.195%	$107K	$69K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.3484	long leg	$581K	$22.7M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3503	+0.044%	$163K	—	150x	as long as short
Injective NEAR/USDC PERPshort	+0.0033%	1h	4.1410	−4.770%	$578	$301K	12x
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3594	+0.253%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3570	+0.198%	$108K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3560	+0.175%	$267.8M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3510	+0.060%	$218.9M	$424.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3510	+0.060%	$62.1M	$292.0M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk NEAR-USD	+0.0100%	1h	4.3771	+0.660%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3539	+0.126%	$31.9M	$60.5M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3590	+0.244%	$74.0M	$143.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3600	+0.267%	$54.3M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3509	+0.057%	$71.4M	$128.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3520	+0.083%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3497	+0.031%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3582	+0.226%	$255K	$948K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3520	+0.083%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3560	+0.175%	$167K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3607	+0.283%	$245K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3543	+0.136%	$56K	$245K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3670	+0.428%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3540	+0.129%	$455K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3610	+0.290%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3575	+0.208%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3553	+0.160%	$202K	$40K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3570	+0.198%	$13.8M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3621	+0.315%	$414K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3581	+0.222%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0319% / S −0.0191%	1h	4.3507	+0.053%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0394%	1h	4.3517	+0.076%	$8K	$52K	10x	as long as short
01 Exchange NEARUSD	+0.0512%	1h	4.3597	+0.260%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0525%	1h	4.3579	+0.218%	$1.4M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0605%	1h	4.3626	+0.327%	$359.1M	$318.6M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3610	+0.290%	$214K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0648%	1h	4.3501	+0.039%	$3.9M	$19.7M	25x	as long as short
Nado NEAR-PERP	+0.0681%	1h	4.3566	+0.187%	$1.9M	$3.1M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0708%	1h	4.3530	+0.106%	$7.7M	$39.7M	50x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.3670	+0.428%	$1.5M	$7.3M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3617	+0.306%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0945%	1h	4.3554	+0.161%	$1.9M	$8.2M	25x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3617	+0.305%	$596K	$1.4M	10x	as long as short
Lighter NEAR	+0.1224%	1h	4.3689	+0.471%	$17.6M	$24.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1637%	1h	4.3606	+0.281%	$5K	$12K	10x	as long as short