Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0814%/8h= +89.1% APRpaid last 24h +0.186%

Price spread now: Phoenix against Kalshi+0.294%46s7-day average +0.193% · you sell dearer than you buy

Net, funding: paid 7d − costs+$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.481% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.926%+$93 on $10k

Price spread, last 7 days−0.244%−$24 · spread now +0.294%, 7d avg +0.193%

Together, before fees+0.682%+$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Phoenix is 0.101% dearer against Kalshi than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.193%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3589	0.0127	pay 0.0127% / 8h	7h 47m	$581K	$22.7M	2.2x
Short	Phoenix NEAR	4.3717	0.0941	get 0.0118% / 1h	47m 27s	$1.8M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.294%Rate

Funding earned: $170.88
Price spread: +0.294% → +0.193%: $10.08
Slippage, 4 orders: −$31.06
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $132.89
Costs to cover: 0.481%
Break-even: 1.6 days

Slippage from Kalshi: live order book, 1 min ago; Phoenix: 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, 1 min ago	6.99 bp	12.0 bp −$12	20.5 bp −$205	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	0.92 bp	11.8 bp −$12	28.5 bp −$285	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	4.3379	−0.482%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3380	−0.480%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3381	−0.477%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.999%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3594	+0.011%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3390	−0.457%	$107K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3430	−0.365%	$267.0M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3373	−0.496%	$218.2M	$424.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3380	−0.479%	$61.9M	$291.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3771	+0.418%	$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	4.3398	−0.438%	$31.7M	$60.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3430	−0.365%	$73.6M	$143.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3420	−0.388%	$54.1M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3378	−0.484%	$71.2M	$128.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3430	−0.365%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3497	−0.210%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3559	−0.069%	$255K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3580	−0.021%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3580	−0.021%	$168K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3406	−0.420%	$249K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3543	−0.106%	$56K	$245K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3670	+0.186%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3670	+0.186%	$457K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3580	−0.021%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3379	−0.483%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3553	−0.081%	$202K	$40K	3x	as long as short
Kalshi KXNEARPERPlong	+0.0127%	8h	4.3589	long leg	$581K	$22.7M	2.2x
BloFin NEAR-USDT	+0.0220%	8h	4.3570	−0.044%	$13.8M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3415	−0.399%	$412K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0314%	8h	4.3450	−0.319%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0319% / S −0.0191%	1h	4.3507	−0.188%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0394%	1h	4.3517	−0.165%	$8K	$52K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3440	−0.342%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0523%	1h	4.3533	−0.128%	$1.4M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0596%	1h	4.3439	−0.344%	$357.5M	$318.7M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3480	−0.250%	$213K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0648%	1h	4.3403	−0.427%	$3.9M	$19.7M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0708%	1h	4.3530	−0.135%	$7.7M	$39.7M	50x	as long as short
Nado NEAR-PERP	+0.0726%	1h	4.3415	−0.399%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0936%	1h	4.3462	−0.291%	$1.5M	$7.3M	10x	as long as short
Phoenix NEARshort	+0.0941%	1h	4.3717	+0.294%	$1.8M	$2.8M	10x
Deribit NEAR_USDC-PERPETUAL	+0.0945%	1h	4.3554	−0.080%	$1.9M	$8.2M	25x	as long as short
Lighter NEAR	+0.1152%	1h	4.3473	−0.266%	$17.5M	$24.8M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3441	−0.339%	$595K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1618%	1h	4.3567	−0.050%	$5K	$12K	10x	as long as short