Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0387%/8h= −42.3% APRpaid last 24h −0.107%

Price spread now: Kalshi against Nado−0.215%7-day average −0.029% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Nado Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.165%−$17 on $10k

Price spread, last 7 days+0.204%+$20 · spread now −0.215%, 7d avg −0.029%

Together, before fees+0.039%+ Points / potential airdropNado: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Kalshi is 0.186% cheaper against Nado than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado NEAR-PERP	4.3126	0.0387	pay 0.0048% / 1h	50m 33s	$1.9M	$3.3M	10x
Short	Kalshi KXNEARPERP	4.3033	0	get 0.0000% / 8h	3h 50m	$377K	$18.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. 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 NadobpFee KalshibpOrdersPrice spread, now −0.215%Rate

Funding earned: −$81.2
Price spread: −0.215% → −0.029%: −$18.62
Slippage, 4 orders: −$22.97
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$139.78
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Kalshi: live order book, 3 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 Nado live order book, 3 min ago	1.62 bp	8.7 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	6.50 bp	11.5 bp −$12	21.2 bp −$212	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
Phemex NEARUSDT	−0.0665%	8h	4.3020	−0.245%	$3.9M	$8.6M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3115	−0.025%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.3066	−0.139%	$7.6M	$37.1M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2957	−0.391%	$2.3M	$13.0M	50x	as long as short
Bybit NEARUSDT	−0.0068%	8h	4.3130	+0.010%	$219.8M	$418.9M	75x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3138	+0.027%	$112K	$64K	10x	as long as short
01 Exchange NEARUSD	0.0000%	1h	4.3173	+0.110%	$13K	$7K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.3033	−0.215%	$377K	$18.4M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3004	−0.282%	$204K	—	150x	as long as short
Variational Omni NEAR	+0.0014%	8h	4.2988	−0.319%	$7.9M	$18.6M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.978%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3160	+0.079%	$112K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3006	−0.278%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3131	+0.011%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3160	+0.080%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3137	+0.025%	$404K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3160	+0.080%	$256.3M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3120	−0.013%	$61.3M	$282.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3170	+0.103%	$198K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2646	−1.112%	$243K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3150	+0.056%	$31.1M	$58.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3130	+0.010%	$80.1M	$138.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3170	+0.103%	$56.5M	$43.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3136	+0.024%	$71.6M	$125.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3130	+0.010%	—	$141.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3062	−0.149%	$267K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3082	−0.102%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3080	−0.106%	$180K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3165	+0.091%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3080	−0.106%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3020	−0.245%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3070	−0.129%	$458K	$3.6M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3129	+0.007%	$3.9M	$16.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3023	−0.239%	$200K	$28K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3040	−0.199%	$13.0M	$29.2M	75x	as long as short
Hyperliquid NEAR	+0.0326%	1h	4.3205	+0.184%	$368.5M	$300.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0313%	1h	4.2997	−0.299%	$275K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0378%	1h	4.3033	−0.215%	$1.9M	$2.9M	25x	as long as short
Nado NEAR-PERPlong	+0.0387%	1h	4.3126	long leg	$1.9M	$3.3M	10x
Lighter RH NEAR	+0.0424%	1h	4.3167	+0.096%	$1.6M	$6.8M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3179	+0.124%	$410K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0481%	1h	4.3107	−0.043%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3136	+0.024%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1215%	1h	4.3001	−0.290%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2232%	1h	4.3251	+0.292%	$17.3M	$23.9M	15x	as long as short