Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h +0.102%

Price spread now: Kraken Futures against Kalshi−0.084%7-day average +0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$540.535% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.352%+$35 on $10k

Price spread, last 3 days (all we have)+0.375%+$38 · spread now −0.084%, 7d avg +0.067%

Together, before fees+0.728%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.151% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of +0.067%). If the spread goes back, that is −$15 on $10k: about 4.2 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.2792	0	get 0.0000% / 8h	4h 39m	$399K	$18.5M	2.2x
Short	Kraken Futures PF_NEARUSD	4.2756	0.0119	get 0.0015% / 1h	39m 07s	$7.6M	$37.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.084%Rate

Funding earned: $24.9
Price spread: −0.084% → +0.067%: −$15.09
Slippage, 4 orders: −$33.54
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$43.73
Costs to cover: 0.535%
Break-even: 19.3 days

Slippage from Kalshi: live order book, 5 min ago; Kraken Futures: live order book, 5 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	6.33 bp	11.3 bp −$11	18.4 bp −$184	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.75 bp	19.9 bp −$20	23.3 bp −$233	46.6 bp −$4,656	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	4.2705	−0.204%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2738	−0.126%	$2.2M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2743	−0.115%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.2792	long leg	$399K	$18.5M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2753	−0.091%	$203K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.230%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0081%	8h	4.2689	−0.241%	$218.8M	$421.9M	75x	as long as short
Variational Omni NEAR	+0.0087%	8h	4.2660	−0.309%	$7.8M	$18.2M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2740	−0.122%	$109K	$495K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2733	−0.137%	$31K	$647	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NEARUSDT	+0.0100%	8h	4.2762	−0.070%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2757	−0.081%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2713	−0.185%	$253.0M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2710	−0.192%	$60.8M	$285.2M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2750	−0.098%	$202K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2674	−0.276%	$243K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2717	−0.175%	$30.1M	$59.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2720	−0.168%	$78.2M	$141.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2740	−0.122%	$55.9M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2705	−0.203%	$70.9M	$126.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2700	−0.215%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2660	−0.310%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2670	−0.285%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2710	−0.192%	$178K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2756	−0.084%	$198K	$3.4M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2762	−0.070%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2780	−0.028%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2725	−0.157%	$13K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2730	−0.145%	$3.9M	$8.4M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2727	−0.152%	$3.9M	$15.9M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2750	−0.098%	$206K	$62K	3x	as long as short
Kraken Futures PF_NEARUSDshort	+0.0119%	1h	4.2756	−0.084%	$7.6M	$37.2M	50x
01 Exchange NEARUSD	+0.0144%	1h	4.2751	−0.096%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2730	−0.145%	$13.0M	$30.7M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0374% / S −0.0313%	1h	4.2760	−0.075%	$274K	—	100x	as long as short
Lighter RH NEAR	+0.0384%	1h	4.2782	−0.023%	$1.5M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2768	−0.057%	$412K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0445%	1h	4.2775	−0.040%	$1.4M	$5.6M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0452%	1h	4.2793	+0.002%	$1.9M	$2.3M	25x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2717	−0.175%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0764%	1h	4.2719	−0.171%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0853%	8h	4.2840	+0.112%	$459K	$3.7M	75x	as long as short
Hyperliquid NEAR	+0.0969%	1h	4.2791	−0.002%	$367.6M	$298.1M	10x	as long as short
Aftermath Perps NEARUSD	+0.1189%	1h	4.2797	+0.012%	$5K	$11K	10x	as long as short
Lighter NEAR	+0.1776%	1h	4.2825	+0.078%	$16.4M	$23.7M	15x	as long as short