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: Kalshi against Kraken Futures−0.056%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Kraken Futures Short on Kalshi

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)−0.236%−$24 · spread now −0.056%, 7d avg −0.067%

Together, before fees−0.588%−$59 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.067%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NEARUSD	4.2722	0.0119	pay 0.0015% / 1h	14m 42s	$7.6M	$37.6M	50x
Short	Kalshi KXNEARPERP	4.2698	0	get 0.0000% / 8h	4h 14m	$356K	$18.7M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.056%Rate

Funding earned: −$24.92
Price spread: −0.056% → −0.067%: $1.15
Slippage, 4 orders: −$40.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$84.72
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Kalshi: live order book, 4 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 Kraken Futures live order book, 4 min ago	8.64 bp	22.5 bp −$23	29.1 bp −$291	61.1 bp −$6,110	5448.2 bp −$2.72M
Sell Kalshi live order book, 4 min ago	7.13 bp	12.1 bp −$12	20.6 bp −$206	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	4.2652	−0.163%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2618	−0.243%	$2.2M	$13.0M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2530	−0.448%	$110K	$62K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.2698	−0.056%	$356K	$18.7M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2703	−0.045%	$201K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.071%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0047%	8h	4.2759	+0.087%	$7.9M	$18.5M	—	as long as short
Bybit NEARUSDT	+0.0050%	8h	4.2482	−0.561%	$216.3M	$422.8M	75x	as long as short
01 Exchange NEARUSD	+0.0072%	1h	4.2730	+0.019%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2700	−0.051%	$109K	$495K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2693	−0.067%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2535	−0.438%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2581	−0.331%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2532	−0.444%	$398K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2503	−0.512%	$251.7M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2480	−0.566%	$60.4M	$284.7M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2510	−0.496%	$195K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2950	+0.534%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2625	−0.227%	$30.5M	$60.1M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2520	−0.472%	$77.3M	$142.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2540	−0.426%	$55.5M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2492	−0.538%	$70.5M	$126.2M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2500	−0.519%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2754	+0.075%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2783	+0.143%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2750	+0.066%	$179K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2696	−0.060%	$199K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2730	+0.019%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2704	−0.042%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2680	−0.098%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2611	−0.260%	$3.9M	$16.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2675	−0.110%	$201K	$66K	3x	as long as short
Kraken Futures PF_NEARUSDlong	+0.0119%	1h	4.2722	long leg	$7.6M	$37.6M	50x
Deribit NEAR_USDC-PERPETUAL	+0.0125%	1h	4.2702	−0.046%	$1.9M	$2.5M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2680	−0.098%	$13.0M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0320%	1h	4.2568	−0.360%	$1.5M	$7.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0375% / S −0.0314%	1h	4.2698	−0.056%	$274K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2751	+0.069%	$419K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0452%	1h	4.2716	−0.014%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2892	+0.398%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0672%	1h	4.2685	−0.086%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0679%	1h	4.2555	−0.391%	$363.3M	$300.5M	10x	as long as short
HTX NEAR-USDT	+0.0782%	8h	4.2820	+0.230%	$459K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1150%	1h	4.2766	+0.104%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1688%	1h	4.2626	−0.223%	$16.5M	$24.1M	15x	as long as short