Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0192%/8h= +21.1% APRpaid last 24h −0.029%

Price spread now: Kalshi against Popdex+0.081%7-day average −0.003% · 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−$60as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Popdex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.103%−$10 on $10k

Price spread, last 4 days (all we have)+0.704%+$70 · spread now +0.081%, 7d avg −0.003%

Together, before fees+0.601%+$60 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.084% dearer against Popdex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 4 days funding on this pair cost −0.103%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex NEARUSDT	4.3430	0.0096	pay 0.0012% / 1h	19m 08s	$110K	$502K	50x
Short	Kalshi KXNEARPERP	4.3465	0.0288	get 0.0288% / 8h	7h 19m	$876K	$23.5M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Popdex. 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 PopdexbpFee KalshibpOrdersPrice spread, now +0.081%Rate

Funding earned: $40.4
Price spread: +0.081% → −0.003%: $8.4
Slippage, 4 orders: −$52.21
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$19.81
Costs to cover: 0.686%
Break-even: 10.4 days

Slippage from Popdex: live order book, 35 min ago; Kalshi: live order book, 5 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 Popdex live order book, 35 min ago	14.94 bp	21.1 bp −$21	83.5 bp −$835	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	7.15 bp	12.2 bp −$12	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	4.3399	−0.071%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3486	+0.128%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3372	−0.134%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.651%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3486	+0.129%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.3430	long leg	$110K	$502K	50x
Binance NEARUSDT	+0.0100%	8h	4.3433	+0.006%	$265.7M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3386	−0.101%	$214.5M	$426.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3390	−0.092%	$61.4M	$289.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.414%	$246K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3378	−0.120%	$32.1M	$61.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3430	0.000%	$73.9M	$146.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3420	−0.023%	$53.8M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3383	−0.108%	$71.5M	$127.9M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3420	−0.023%	—	$145.9M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3327	−0.236%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.138%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.138%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3370	−0.138%	$167K	$795K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3454	+0.055%	$275K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3406	−0.055%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3480	+0.115%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3560	+0.299%	$472K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3430	0.000%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3445	+0.035%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3404	−0.060%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3430	0.000%	$13.5M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3503	+0.168%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERPshort	+0.0288%	8h	4.3465	+0.081%	$876K	$23.5M	2.2x
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3364	−0.152%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.3430	0.000%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0354%	1h	4.3385	−0.104%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0512%	1h	4.3517	+0.200%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0570%	1h	4.3417	−0.031%	$1.8M	$3.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0583%	1h	4.3414	−0.037%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0590%	1h	4.3460	+0.069%	$355.8M	$314.3M	10x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3366	−0.148%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3500	+0.161%	$214K	$1.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0649%	1h	4.3400	−0.069%	$1.9M	$9.5M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0710%	1h	4.3408	−0.052%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0896%	1h	4.3464	+0.078%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3290	−0.322%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1104%	1h	4.3464	+0.079%	$17.5M	$25.0M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3502	+0.165%	$687K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1548%	1h	4.3466	+0.083%	$5K	$13K	10x	as long as short