Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0413%/8h= −45.3% APRpaid last 24h −0.019%

Price spread now: Kalshi against Coinbase International−0.080%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.458%−$46 · spread now −0.080%, 7d avg −0.022%

Together, before fees−0.462%−$46 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 0.058% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.004% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International NEAR-PERP-INTX	4.5171	0.0520	pay 0.0065% / 1h	15m 15s	$2.3M	$17.8M	50x
Short	Kalshi KXNEARPERP	4.5135	0.0107	get 0.0107% / 8h	2h 15m	$815K	$26.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.080%Rate

Funding earned: −$86.8
Price spread: −0.080% → −0.022%: −$5.81
Slippage, 4 orders: −$22.17
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$134.78
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	4.43 bp	12.1 bp −$12	18.1 bp −$181	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	4.10 bp	9.1 bp −$9	17.1 bp −$171	doesn't fit	doesn't fit

NEAR on 45 exchanges

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	4.5136	−0.079%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0140%	1h	4.5123	−0.107%	$7.4M	$37.9M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.5048	−0.273%	$110K	$53K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5087	−0.185%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−8.326%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.5150	−0.046%	$124K	$522K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.5134	−0.081%	$2.7M	$4.8M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5176	+0.011%	$274.6M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.5160	−0.024%	$234.6M	$433.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.5130	−0.091%	$64.6M	$310.8M	50x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NEAR-USD	+0.0100%	1h	4.5110	−0.135%	$232K	$1.4M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5102	−0.153%	$269K	$12K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5123	−0.106%	$39.9M	$63.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5170	−0.002%	$78.5M	$172.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5170	−0.002%	$53.5M	$45.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5136	−0.077%	$74.8M	$130.0M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.5150	−0.046%	—	$78.4M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.5025	−0.323%	$9.0M	$17.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.5132	−0.086%	$267K	$870K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5070	−0.224%	$1.5M	$1.7M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5120	−0.113%	$168K	$827K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5168	−0.007%	$283K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5170	−0.002%	$59K	$269K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5150	−0.046%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5145	−0.058%	$5K	$40K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5130	−0.091%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.5140	−0.069%	$3.4M	$8.0M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0103%	8h	4.5044	−0.281%	$33K	$51	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.5141	−0.066%	$3.8M	$15.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5146	−0.056%	$210K	$38K	3x	as long as short
Kalshi KXNEARPERPshort	+0.0107%	8h	4.5135	−0.080%	$815K	$26.3M	2.2x
01 Exchange NEARUSD	+0.0160%	1h	4.5157	−0.031%	$13K	$5K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5150	−0.046%	$13.0M	$33.0M	75x	as long as short
Hyperliquid NEAR	+0.0293%	1h	4.5176	+0.012%	$364.6M	$324.2M	10x	as long as short
Lighter NEAR	+0.0304%	1h	4.5158	−0.029%	$17.6M	$23.8M	15x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0342% / S −0.0235%	1h	4.5004	−0.369%	$260K	—	100x	as long as short
Nado NEAR-PERP	+0.0422%	1h	4.5115	−0.124%	$1.7M	$3.2M	10x	as long as short
Coinbase International NEAR-PERP-INTXlong	+0.0520%	1h	4.5171	long leg	$2.3M	$17.8M	50x
RISEx NEAR/USDC	+0.0569%	1h	4.5105	−0.147%	$643K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0648%	1h	4.5197	+0.058%	$1.6M	$6.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0714%	1h	4.5192	+0.046%	$1.1M	$7.0M	20x	as long as short
Phoenix NEAR	+0.0851%	1h	4.5254	+0.184%	$1.7M	$2.5M	10x	as long as short
Pacifica NEAR	+0.0883%	1h	4.5086	−0.188%	$418K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0946%	1h	4.5197	+0.058%	$1.9M	$13.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1177%	1h	4.5178	+0.014%	$6K	$7K	10x	as long as short