Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0442%/8h= −48.4% APRpaid last 24h −0.051%

Price spread now: Reya against Kalshi−0.187%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Reya is 0.187% cheaper against Kalshi than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.2799	0.0271	pay 0.0271% / 8h	6h 47m	$843K	$24.4M	2.2x
Short	Reya NEARRUSDPERP	4.2719	−0.0171	pay 0.0021% / 1h	47m 15s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.187%Rate

Funding earned: −$92.84
Price spread: −0.187% → 0.000%: −$18.74
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$127.58
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Reya: 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, 2 min ago	5.96 bp	11.0 bp −$11	17.9 bp −$179	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 NEARRUSDPERPshort	−0.0171%	1h	4.2719	−0.187%	$2K	—	20x
dYdX NEAR-USD	0.0000%	1h	4.2717	−0.191%	$105K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2719	−0.187%	$160K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.245%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2750	−0.114%	$111K	$500K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2760	−0.091%	$260.8M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2712	−0.203%	$212.1M	$423.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2730	−0.161%	$60.2M	$284.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2835	+0.085%	$244K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2725	−0.173%	$32.0M	$59.6M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.2750	−0.114%	$70.2M	$142.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2760	−0.091%	$52.9M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2704	−0.222%	$70.6M	$127.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2730	−0.161%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2828	+0.067%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2870	+0.166%	$250K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2882	+0.195%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2758	−0.096%	$263K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2775	−0.056%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2850	+0.119%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2810	+0.026%	$459K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2770	−0.068%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.2735	−0.149%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2765	−0.079%	$199K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2760	−0.091%	$13.2M	$31.5M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.2819	+0.047%	$2.3M	$15.8M	50x	as long as short
Kalshi KXNEARPERPlong	+0.0271%	8h	4.2799	long leg	$843K	$24.4M	2.2x
Nado NEAR-PERP	+0.0314%	1h	4.2741	−0.136%	$1.7M	$3.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0195%	1h	4.2716	−0.194%	$229K	—	100x	as long as short
Aster NEARUSDT	+0.0337%	8h	4.2740	−0.138%	$2.8M	$5.4M	50x	as long as short
ApeX Omni NEARUSDT	+0.0347%	1h	4.2880	+0.189%	$165K	$794K	50x	as long as short
Extended NEAR-USD	+0.0512%	1h	4.2749	−0.116%	$3.7M	$19.9M	25x	as long as short
SoDEX NEAR-USD	+0.0572%	1h	4.2755	−0.103%	$6K	$53K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0657%	1h	4.2787	−0.028%	$1.3M	$6.8M	20x	as long as short
Hyperliquid NEAR	+0.0666%	1h	4.2771	−0.065%	$349.5M	$311.4M	10x	as long as short
01 Exchange NEARUSD	+0.0728%	1h	4.2818	+0.044%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0740%	1h	4.2755	−0.103%	$7.5M	$38.7M	50x	as long as short
Lighter NEAR	+0.0768%	1h	4.2793	−0.013%	$16.7M	$25.0M	15x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.2790	−0.021%	$210K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.2755	−0.102%	$391K	$1.3M	10x	as long as short
Lighter RH NEAR	+0.1016%	1h	4.2822	+0.054%	$1.5M	$7.3M	10x	as long as short
Phoenix NEAR	+0.1033%	1h	4.2961	+0.379%	$1.8M	$2.5M	10x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.2767	−0.076%	$685K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1471%	1h	4.2799	−0.001%	$5K	$12K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.5647%	1h	4.2983	+0.430%	$2.0M	$11.0M	25x	as long as short