Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.104%

Price spread now: Kalshi against GMX+0.310%7-day average −0.029% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.323%−$32 on $10k

Price spread, last 4 days (all we have)−0.684%−$68 · spread now +0.310%, 7d avg −0.029%

Together, before fees−1.007%−$101 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.339% dearer against GMX than usual: you sell high and buy low (spread +0.310% now, against its 7-day average of −0.029%): +$34 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 3 days (−0.323% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NEAR/USD [ETH-USDC]	4.2971	L +0.0322% / S −0.0198%	pay 0.0040% / 1h	5m 40s	$232K	—	100x
Short	Kalshi KXNEARPERP	4.3104	0.0261	get 0.0261% / 8h	7h 05m	$869K	$23.5M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee KalshibpOrdersPrice spread, now +0.310%Rate

Funding earned: −$12.96
Price spread: +0.310% → −0.029%: $33.93
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$1.03
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	3.82 bp	13.0 bp −$13	20.3 bp −$203	doesn't fit	doesn't fit

GMX: 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	4.2987	+0.039%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2890	−0.188%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2980	+0.022%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.632%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3072	+0.236%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3000	+0.068%	$110K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2945	−0.059%	$262.3M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2918	−0.123%	$212.7M	$426.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2910	−0.141%	$60.7M	$285.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3449	+1.113%	$248K	−$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	4.2906	−0.151%	$31.9M	$62.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2920	−0.118%	$71.9M	$147.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2940	−0.071%	$53.2M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2913	−0.134%	$71.0M	$127.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2930	−0.095%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2987	+0.039%	$8.1M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3144	+0.403%	$252K	$948K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3206	+0.547%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3130	+0.371%	$166K	$795K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3039	+0.159%	$269K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3027	+0.131%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3090	+0.278%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3100	+0.301%	$462K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3010	+0.091%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2889	−0.190%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3037	+0.154%	$200K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3210	+0.557%	$13.5M	$31.9M	75x	as long as short
Kalshi KXNEARPERPshort	+0.0261%	8h	4.3104	+0.310%	$869K	$23.5M	2.2x
Pacifica NEAR	+0.0263%	1h	4.2927	−0.101%	$396K	$1.3M	10x	as long as short
GMX NEAR/USD [ETH-USDC]long	L +0.0322% / S −0.0198%	1h	4.2971	long leg	$232K	—	100x
SoDEX NEAR-USD	+0.0333%	1h	4.2995	+0.057%	$6K	$53K	10x	as long as short
Aster NEARUSDT	+0.0334%	8h	4.2943	−0.065%	$2.8M	$5.5M	50x	as long as short
01 Exchange NEARUSD	+0.0528%	1h	4.2959	−0.027%	$13K	$7K	10x	as long as short
Extended NEAR-USD	+0.0560%	1h	4.2904	−0.155%	$3.7M	$19.8M	25x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0564%	1h	4.3017	+0.108%	$1.9M	$9.9M	25x	as long as short
Nado NEAR-PERP	+0.0567%	1h	4.3029	+0.136%	$1.8M	$3.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0567%	1h	4.3016	+0.105%	$1.3M	$6.8M	20x	as long as short
Hyperliquid NEAR	+0.0577%	1h	4.2954	−0.039%	$351.8M	$312.7M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.2960	−0.025%	$211K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0717%	1h	4.2990	+0.045%	$7.5M	$38.9M	50x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.2986	+0.036%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3324	+0.822%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1048%	1h	4.2987	+0.037%	$17.3M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.2937	−0.080%	$668K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1589%	1h	4.3223	+0.587%	$5K	$12K	10x	as long as short