Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.031%

Price spread now: Kalshi against SoDEX−0.099%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Kalshi

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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kalshi is 0.099% cheaper against SoDEX than usual: you would sell low and buy high (−$10 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	SoDEX NEAR-USD	4.3455	0.0361	pay 0.0045% / 1h	18m 15s	$6K	$53K	10x
Short	Kalshi KXNEARPERP	4.3412	0.0288	get 0.0288% / 8h	7h 18m	$873K	$23.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now −0.099%Rate

Funding earned: −$15.17
Price spread: −0.099% → 0.000%: −$9.9
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$43.07
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Kalshi: live order book, 6 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 6 min ago	7.15 bp	12.2 bp −$12	22.4 bp −$224	doesn't fit	doesn't fit

SoDEX: 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 NEARRUSDPERP	−0.0171%	1h	4.3399	−0.128%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3381	−0.170%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3429	−0.060%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.706%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3516	+0.140%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3400	−0.127%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3466	+0.025%	$265.9M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3448	−0.016%	$214.8M	$426.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3450	−0.012%	$61.4M	$289.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.471%	$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	4.3420	−0.081%	$32.1M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3460	+0.012%	$74.0M	$146.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3430	−0.058%	$53.8M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3460	+0.012%	$71.7M	$127.8M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3450	−0.012%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3327	−0.294%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.195%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.196%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3370	−0.196%	$167K	$795K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3448	−0.016%	$275K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3484	+0.067%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3510	+0.127%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3560	+0.242%	$472K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3510	+0.127%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3405	−0.116%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3483	+0.066%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3430	−0.058%	$13.5M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3424	−0.070%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERPshort	+0.0288%	8h	4.3412	−0.099%	$873K	$23.4M	2.2x
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3423	−0.073%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.3450	−0.012%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USDlong	+0.0361%	1h	4.3455	long leg	$6K	$53K	10x
01 Exchange NEARUSD	+0.0520%	1h	4.3460	+0.012%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0566%	1h	4.3423	−0.073%	$1.8M	$3.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0583%	1h	4.3414	−0.094%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0588%	1h	4.3448	−0.016%	$355.7M	$314.3M	10x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3448	−0.017%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3470	+0.035%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0709%	1h	4.3472	+0.040%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0896%	1h	4.3539	+0.193%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0924%	1h	4.3484	+0.067%	$1.9M	$9.5M	25x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3290	−0.380%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1104%	1h	4.3524	+0.158%	$17.5M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3436	−0.043%	$686K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1559%	1h	4.3475	+0.045%	$5K	$13K	10x	as long as short