Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h +0.030%

Price spread now: Bulk against Kalshi−0.070%7-day average −0.002% · 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−$59as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.113%+$11 on $10k

Price spread, last 4 days (all we have)−2.075%−$207 · spread now −0.070%, 7d avg −0.002%

Together, before fees−1.962%−$196 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bulk is 0.068% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.002%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.113%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3739	0.0147	pay 0.0147% / 8h	3h 36m	$866K	$25.5M	2.2x
Short	Bulk NEAR-USD	4.3708	0.0100	get 0.0013% / 1h	36m 22s	$252K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$9.96
Price spread: −0.070% → −0.002%: −$6.78
Slippage, 4 orders: −$35.26
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$69
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Bulk: live order book, 63 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, 3 min ago	6.07 bp	11.1 bp −$11	21.0 bp −$210	doesn't fit	doesn't fit
Sell Bulk live order book, 63 min ago	11.56 bp	15.1 bp −$15	15.1 bp −$151	34.5 bp −$3,449	55.3 bp −$27.7K

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
Kraken Futures PF_NEARUSD	−0.0432%	1h	4.3698	−0.094%	$7.2M	$38.7M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3704	−0.080%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3700	−0.090%	$107K	$66K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3703	−0.082%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.325%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3690	−0.112%	$119K	$504K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3696	−0.099%	$2.7M	$4.8M	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3710	−0.066%	$220.3M	$428.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3690	−0.112%	$61.6M	$295.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3720	−0.043%	$221K	$1.5M	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	4.3690	−0.112%	$36.5M	$62.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3710	−0.066%	$52.5M	$45.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3693	−0.105%	$72.1M	$127.8M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3698	−0.094%	$9.0M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3747	+0.019%	$254K	$893K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3650	−0.203%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3740	+0.002%	$165K	$826K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3686	−0.121%	$273K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3723	−0.037%	$56K	$239K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3770	+0.071%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3715	−0.055%	$5K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3730	−0.021%	$3.5M	$8.1M	50x	as long as short
Bulk NEAR-USDshort	+0.0100%	1h	4.3708	−0.070%	$252K	$3K	10x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3712	−0.062%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3688	−0.116%	$3.6M	$15.7M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3720	−0.043%	$203K	$40K	3x	as long as short
Binance NEARUSDT	+0.0106%	8h	4.3710	−0.066%	$263.8M	$1.09B	75x	as long as short
MEXC NEAR_USDT	+0.0107%	8h	4.3700	−0.089%	$90.6M	$157.1M	200x	as long as short
BingX NEAR-USDT	+0.0118%	8h	4.3700	−0.089%	—	$83.5M	—	as long as short
Kalshi KXNEARPERPlong	+0.0147%	8h	4.3739	long leg	$866K	$25.5M	2.2x
Hyperliquid NEAR	+0.0217%	1h	4.3726	−0.030%	$353.3M	$316.2M	10x	as long as short
BloFin NEAR-USDT	+0.0228%	8h	4.3750	+0.025%	$12.5M	$32.4M	75x	as long as short
Nado NEAR-PERP	+0.0276%	1h	4.3690	−0.112%	$1.7M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0320%	1h	4.3724	−0.034%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0352% / S −0.0255%	1h	4.3695	−0.101%	$257K	—	100x	as long as short
HTX NEAR-USDT	+0.0378%	8h	4.3790	+0.117%	$463K	$3.7M	75x	as long as short
Lighter RH NEAR	+0.0448%	1h	4.3738	−0.002%	$1.5M	$6.4M	10x	as long as short
Lighter NEAR	+0.0472%	1h	4.3738	−0.002%	$17.3M	$23.9M	15x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3820	+0.185%	$2.3M	$17.2M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0526%	1h	4.3747	+0.018%	$1.1M	$7.1M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3707	−0.074%	$592K	$1.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0688%	1h	4.3743	+0.009%	$1.9M	$13.1M	25x	as long as short
Pacifica NEAR	+0.0701%	1h	4.3699	−0.091%	$412K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0740%	1h	4.3762	+0.053%	$1.8M	$2.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1054%	1h	4.3779	+0.091%	$5K	$7K	10x	as long as short