Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.243%

Price spread now: Backpack against Kalshi+0.253%7-day average +0.760% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.607%+$61 on $10k

Price spread, last 7 days−0.679%−$68 · spread now +0.253%, 7d avg +0.760%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.507% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.253% now, against its 7-day average of +0.760%). If the spread goes back, that is −$51 on $10k: about 6.0 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.4707	0.0300	pay 0.0300% / 8h	5h 44m	$1.1M	$25.0M	2.2x
Short	Backpack NEAR_USDC_PERP	4.4820	0.0584	get 0.0073% / 1h	44m 19s	$1.3M	$6.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.253%Rate

Funding earned: $59.59
Price spread: +0.253% → +0.760%: −$50.67
Slippage, 4 orders: −$17.49
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.58
Costs to cover: 0.375%
Break-even: 10.4 days

Slippage from Kalshi: live order book, 5 min ago; Backpack: 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 Kalshi live order book, 5 min ago	6.47 bp	11.5 bp −$11	18.7 bp −$187	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	2.00 bp	7.0 bp −$7	185.4 bp −$1,854	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	4.4806	+0.221%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4807	+0.224%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4851	+0.322%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.375%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4880	+0.387%	$111K	$496K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4870	+0.365%	$230.9M	$429.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4850	+0.320%	$63.5M	$300.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−0.762%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4813	+0.237%	$35.0M	$60.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4840	+0.297%	$53.5M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4840	+0.297%	$74.2M	$126.5M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.044%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4748	+0.091%	$261K	$966K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4881	+0.389%	$283K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4885	+0.398%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4940	+0.521%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4910	+0.454%	$466K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4810	+0.230%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0106%	8h	4.4830	+0.275%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	+0.110%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0127%	1h	4.4730	+0.051%	$168K	$804K	50x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.4875	+0.376%	$209K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0181%	8h	4.4860	+0.342%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0182%	8h	4.4820	+0.253%	$85.6M	$145.2M	200x	as long as short
Binance NEARUSDT	+0.0185%	8h	4.4872	+0.370%	$273.2M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0206%	1h	4.4800	+0.208%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERPlong	+0.0300%	8h	4.4707	long leg	$1.1M	$25.0M	2.2x
BloFin NEAR-USDT	+0.0302%	8h	4.4870	+0.365%	$13.6M	$33.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0316% / S −0.0200%	1h	4.4825	+0.264%	$239K	—	100x	as long as short
Extended NEAR-USD	+0.0336%	1h	4.4840	+0.298%	$3.7M	$18.9M	25x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4833	+0.283%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4842	+0.302%	$2.3M	$16.5M	50x	as long as short
01 Exchange NEARUSD	+0.0504%	1h	4.4891	+0.412%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.4840	+0.297%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0584%	1h	4.4820	+0.253%	$1.3M	$6.5M	20x
Hyperliquid NEAR	+0.0618%	1h	4.4850	+0.320%	$368.8M	$309.4M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0651%	1h	4.4831	+0.278%	$7.4M	$38.3M	50x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4900	+0.432%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.1000%	1h	4.4875	+0.376%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.5001	+0.658%	$1.9M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1044%	1h	4.4892	+0.414%	$1.9M	$12.3M	25x	as long as short
Lighter NEAR	+0.1056%	1h	4.4888	+0.405%	$17.6M	$24.7M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4833	+0.282%	$413K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1238%	1h	4.4694	−0.029%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4892	+0.413%	$678K	$1.4M	10x	as long as short