Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0542%/8h= −59.4% APRpaid last 24h −0.190%

Price spread now: Kalshi against Phoenix−0.016%7-day average −0.192% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.906%−$91 on $10k

Price spread, last 7 days−0.076%−$8 · spread now −0.016%, 7d avg −0.192%

Together, before fees−0.982%−$98 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.175% dearer against Phoenix than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.192%): +$18 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.2682	0.0542	pay 0.0068% / 1h	7m 09s	$1.8M	$2.7M	10x
Short	Kalshi KXNEARPERP	4.2675	0	get 0.0000% / 8h	5h 07m	$464K	$18.1M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.016%Rate

Funding earned: −$113.91
Price spread: −0.016% → −0.192%: $17.51
Slippage, 4 orders: −$32.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$145.57
Costs to cover: 0.492%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Kalshi: live order book, 2 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 Phoenix live order book, 1 min ago	0.94 bp	12.3 bp −$12	51.1 bp −$511	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	5.61 bp	14.4 bp −$14	22.4 bp −$224	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	4.2713	+0.073%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.2837	+0.363%	$2.2M	$13.1M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	−2.980%	$578	$302K	12x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2631	−0.118%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.2675	−0.016%	$464K	$18.1M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2800	+0.276%	$207K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0047%	1h	4.2875	+0.453%	$7.8M	$36.2M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2730	+0.112%	$106K	$489K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2602	−0.188%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2801	+0.280%	$3.0M	$5.6M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NEAR	+0.0100%	1h	4.2646	−0.084%	$397K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2830	+0.346%	$247.4M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2820	+0.323%	$220.0M	$420.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2820	+0.323%	$60.0M	$283.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2630	−0.122%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2317	−0.855%	$241K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2746	+0.150%	$30.1M	$59.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2840	+0.370%	$84.2M	$144.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2860	+0.417%	$56.2M	$43.3M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2834	+0.356%	$71.1M	$125.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2800	+0.276%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2299	−0.897%	$7.9M	$17.8M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2295	−0.907%	$247K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2644	−0.089%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2620	−0.145%	$178K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2766	+0.197%	$232K	$3.2M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2826	+0.337%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2830	+0.347%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2840	+0.370%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2840	+0.370%	$3.9M	$8.1M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2821	+0.326%	$4.0M	$14.8M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2837	+0.364%	$206K	$62K	3x	as long as short
01 Exchange NEARUSD	+0.0144%	1h	4.2662	−0.047%	$13K	$7K	10x	as long as short
Lighter RH NEAR	+0.0160%	1h	4.2890	+0.487%	$1.5M	$7.0M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2850	+0.394%	$12.6M	$32.6M	75x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.2651	−0.073%	$411K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0390% / S −0.0335%	1h	4.2789	+0.251%	$292K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0403%	1h	4.2890	+0.487%	$1.9M	$2.3M	25x	as long as short
Nado NEAR-PERP	+0.0479%	1h	4.2715	+0.077%	$1.9M	$3.5M	10x	as long as short
Phoenix NEARlong	+0.0542%	1h	4.2682	long leg	$1.8M	$2.7M	10x
Backpack NEAR_USDC_PERP	+0.0552%	1h	4.2714	+0.075%	$1.3M	$5.5M	20x	as long as short
Hyperliquid NEAR	+0.0611%	1h	4.2845	+0.382%	$369.0M	$295.6M	10x	as long as short
HTX NEAR-USDT	+0.0928%	8h	4.3030	+0.815%	$463K	$3.6M	75x	as long as short
Aftermath Perps NEARUSD	+0.0978%	1h	4.2463	−0.513%	$5K	$11K	10x	as long as short
Lighter NEAR	+0.0992%	1h	4.2956	+0.642%	$16.5M	$23.8M	15x	as long as short