Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h −0.029%

Price spread now: Kalshi against Popdex−0.264%7-day average 0.000% · 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−$65as in the Price arb table

costs, in and out, $10k−$390.390% 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)−0.107%−$11 on $10k

Price spread, last 4 days (all we have)+0.861%+$86 · spread now −0.264%, 7d avg 0.000%

Together, before fees+0.754%+$75 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.264% cheaper against Popdex than usual: you would sell low and buy high (spread −0.264% now, against its 7-day average of 0.000%). If the spread goes back, that is −$26 on $10k: about 12 days of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.107%, 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	4.3590	0.0096	pay 0.0012% / 1h	4m 13s	$114K	$499K	50x
Short	Kalshi KXNEARPERP	4.3475	0.0169	get 0.0169% / 8h	4h 04m	$942K	$25.1M	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 −0.264%Rate

Funding earned: $15.38
Price spread: −0.264% → 0.000%: −$26.37
Slippage, 4 orders: −$22.56
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.95
Costs to cover: 0.390%
Break-even: 29.7 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	2.31 bp	7.4 bp −$7	69.8 bp −$698	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	6.73 bp	11.7 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	4.3470	−0.275%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3586	−0.009%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3400	−0.435%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0017%	1h	4.3440	−0.345%	$7.2M	$38.6M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.001%	$578	$301K	12x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.3590	long leg	$114K	$499K	50x
Bybit NEARUSDT	+0.0100%	8h	4.3474	−0.266%	$219.1M	$430.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3470	−0.275%	$61.3M	$295.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3750	+0.367%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3460	−0.298%	$35.8M	$63.2M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3460	−0.298%	$52.7M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3476	−0.262%	$71.9M	$127.9M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3549	−0.094%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3722	+0.304%	$253K	$896K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3681	+0.210%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3680	+0.206%	$167K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3566	−0.055%	$274K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3448	−0.326%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3650	+0.138%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3433	−0.360%	$5K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3450	−0.321%	$3.5M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3651	+0.139%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3424	−0.380%	$3.6M	$16.5M	25x	as long as short
Aster NEARUSDT	+0.0108%	8h	4.3485	−0.242%	$2.7M	$4.8M	50x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.3461	−0.296%	$202K	$38K	3x	as long as short
Hyperliquid NEAR	+0.0135%	1h	4.3525	−0.149%	$350.8M	$316.1M	10x	as long as short
MEXC NEAR_USDT	+0.0146%	8h	4.3470	−0.275%	$88.8M	$154.6M	200x	as long as short
Binance NEARUSDT	+0.0146%	8h	4.3480	−0.253%	$262.7M	$1.09B	75x	as long as short
HTX NEAR-USDT	+0.0158%	8h	4.3500	−0.206%	$463K	$3.8M	75x	as long as short
BingX NEAR-USDC	+0.0162%	8h	4.3490	−0.229%	—	$6.7M	—	as long as short
Kalshi KXNEARPERPshort	+0.0169%	8h	4.3475	−0.264%	$942K	$25.1M	2.2x
01 Exchange NEARUSD	+0.0232%	1h	4.3639	+0.112%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0266%	8h	4.3670	+0.184%	$13.4M	$32.2M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0342% / S −0.0242%	1h	4.3462	−0.293%	$253K	—	100x	as long as short
Nado NEAR-PERP	+0.0365%	1h	4.3534	−0.129%	$1.6M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0471%	1h	4.3506	−0.193%	$1.1M	$7.2M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3494	−0.220%	$2.3M	$16.9M	50x	as long as short
Lighter RH NEAR	+0.0496%	1h	4.3514	−0.174%	$1.5M	$6.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0510%	1h	4.3469	−0.278%	$1.9M	$13.1M	25x	as long as short
Lighter NEAR	+0.0560%	1h	4.3527	−0.144%	$17.1M	$25.4M	15x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3620	+0.069%	$228K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0949%	1h	4.3643	+0.122%	$411K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3865	+0.631%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3615	+0.057%	$605K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1115%	1h	4.3615	+0.057%	$5K	$7K	10x	as long as short