Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: Popdex against Kalshi+0.272%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$480.485% of the position

Long on Kalshi Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−1.452%−$145 · spread now +0.272%, 7d avg +0.010%

Together, before fees−1.340%−$134 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Popdex is 0.263% dearer against Kalshi than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.5167	0	get 0.0000% / 8h	46m 05s	$901K	$26.5M	2.2x
Short	Popdex NEARUSDT	4.5290	0.0096	get 0.0012% / 1h	46m 05s	$125K	$510K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.272%Rate

Funding earned: $20.16
Price spread: +0.272% → +0.010%: $26.27
Slippage, 4 orders: −$32.09
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$2.06
Costs to cover: 0.485%
Break-even: 7.7 days

Slippage from Kalshi: live order book, 1 min ago; Popdex: live order book, 61 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	7.98 bp	13.0 bp −$13	19.0 bp −$190	doesn't fit	doesn't fit
Sell Popdex live order book, 61 min ago	5.59 bp	11.0 bp −$11	40.6 bp −$406	doesn't fit	doesn't fit

NEAR on 45 exchanges

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
Kraken Futures PF_NEARUSD	−0.0378%	1h	4.5168	+0.003%	$7.3M	$37.1M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.5203	+0.081%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.5200	+0.074%	$111K	$53K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.5167	long leg	$901K	$26.5M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5155	−0.027%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−8.318%	$578	$301K	12x	as long as short
Popdex NEARUSDTshort	+0.0096%	1h	4.5290	+0.272%	$125K	$510K	50x
Aster NEARUSDT	+0.0100%	8h	4.5266	+0.219%	$2.7M	$5.0M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5279	+0.248%	$273.3M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.5237	+0.155%	$232.2M	$429.9M	75x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.5220	+0.117%	$64.3M	$303.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4850	−0.702%	$276K	$24K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5189	+0.049%	$41.4M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5220	+0.117%	$75.9M	$169.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5200	+0.073%	$54.3M	$43.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5195	+0.062%	$75.5M	$127.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.5250	+0.184%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4723	−0.983%	$8.7M	$15.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4858	−0.683%	$266K	$865K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4840	−0.724%	$1.5M	$1.9M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4840	−0.724%	$168K	$810K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5275	+0.239%	$192K	$4.2M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5211	+0.097%	$56K	$273K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5220	+0.117%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5190	+0.051%	$5K	$34K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5260	+0.206%	$467K	$3.7M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.5190	+0.051%	$3.4M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.5238	+0.158%	$33K	$389	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.5164	−0.006%	$3.7M	$15.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5184	+0.038%	$210K	$38K	3x	as long as short
Lighter RH NEAR	+0.0160%	1h	4.5252	+0.188%	$1.6M	$5.7M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0191% / S −0.0033%	1h	4.5152	−0.033%	$243K	—	100x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5240	+0.162%	$12.8M	$32.7M	75x	as long as short
01 Exchange NEARUSD	+0.0240%	1h	4.5305	+0.306%	$13K	$4K	10x	as long as short
Arcus NEAR-USD	+0.0253%	1h	4.5310	+0.317%	$229K	$1.4M	10x	as long as short
Hyperliquid NEAR	+0.0269%	1h	4.5241	+0.164%	$363.5M	$312.8M	10x	as long as short
Lighter NEAR	+0.0272%	1h	4.5237	+0.155%	$17.1M	$24.7M	15x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.5272	+0.232%	$1.8M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0478%	1h	4.5293	+0.278%	$648K	$1.6M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0544%	1h	4.5203	+0.080%	$2.4M	$17.8M	50x	as long as short
Pacifica NEAR	+0.0687%	1h	4.5211	+0.098%	$425K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0733%	1h	4.5001	−0.368%	$1.7M	$2.6M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0763%	1h	4.5263	+0.213%	$1.1M	$7.2M	20x	as long as short
Aftermath Perps NEARUSD	+0.0879%	1h	4.4988	−0.397%	$6K	$6K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0967%	1h	4.5235	+0.151%	$1.9M	$13.0M	25x	as long as short