Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h +0.001%

Price spread now: gTrade (Gains Network) against Kalshi+0.149%49s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2952.948% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.149%, 7d avg +0.031%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.118% dearer against Kalshi than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of +0.031%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 47 hours. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.004% in total (about 0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3114	0.0209	pay 0.0209% / 8h	4h 57m	$937K	$25.1M	2.2x
Short	gTrade (Gains Network) NEAR/USD	4.3178	L +0.0004% / S −0.0006%	get 0.0001% / 1h	57m 25s	$162K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.149%Rate

Funding earned: −$42.6
Price spread: +0.149% → +0.031%: $11.81
Slippage, 4 orders: −$274.76
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$325.54
Costs to cover: 2.948%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 47 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, 2 min ago	2.78 bp	14.3 bp −$14	19.3 bp −$193	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 47 min ago	130.01 bp	137.7 bp −$138	1007.8 bp −$10.1K	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	4.3183	+0.159%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3181	+0.156%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USDshort	L +0.0004% / S −0.0006%	1h	4.3178	+0.149%	$162K	—	150x
Kraken Futures PF_NEARUSD	+0.0017%	1h	4.3212	+0.228%	$7.1M	$38.3M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.952%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3210	+0.223%	$105K	$492K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3190	+0.176%	$218.4M	$431.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3170	+0.130%	$60.8M	$290.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3150	+0.085%	$246K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3215	+0.234%	$35.2M	$61.5M	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	4.3210	+0.223%	$52.3M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3177	+0.146%	$71.5M	$128.6M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3137	+0.054%	$8.6M	$18.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3174	+0.138%	$250K	$896K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3153	+0.091%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3150	+0.083%	$163K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3210	+0.223%	$278K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3230	+0.269%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3310	+0.455%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3225	+0.257%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3260	+0.339%	$457K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3230	+0.269%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.3223	+0.252%	$31K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3213	+0.230%	$3.6M	$17.7M	25x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.3242	+0.297%	$201K	$38K	3x	as long as short
BingX NEAR-USDT	+0.0202%	8h	4.3190	+0.176%	—	$144.8M	—	as long as short
Kalshi KXNEARPERPlong	+0.0209%	8h	4.3114	long leg	$937K	$25.1M	2.2x
MEXC NEAR_USDT	+0.0213%	8h	4.3210	+0.223%	$76.2M	$147.9M	200x	as long as short
Binance NEARUSDT	+0.0214%	8h	4.3210	+0.223%	$262.6M	$1.09B	75x	as long as short
Aster NEARUSDT	+0.0245%	8h	4.3200	+0.199%	$2.7M	$4.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0313% / S −0.0201%	1h	4.3180	+0.153%	$231K	—	100x	as long as short
Nado NEAR-PERP	+0.0314%	1h	4.3224	+0.256%	$1.6M	$3.2M	10x	as long as short
BloFin NEAR-USDT	+0.0333%	8h	4.3130	+0.037%	$13.4M	$31.9M	75x	as long as short
Backpack NEAR_USDC_PERP	+0.0386%	1h	4.3279	+0.383%	$1.3M	$7.0M	20x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3246	+0.306%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0427%	1h	4.3236	+0.283%	$351.0M	$315.2M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3230	+0.269%	$2.3M	$16.6M	50x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3250	+0.315%	$228K	$1.6M	10x	as long as short
Lighter NEAR	+0.0704%	1h	4.3279	+0.383%	$17.0M	$24.8M	15x	as long as short
Lighter RH NEAR	+0.0792%	1h	4.3283	+0.392%	$1.5M	$6.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0931%	1h	4.3252	+0.320%	$1.9M	$13.0M	25x	as long as short
Pacifica NEAR	+0.0949%	1h	4.3246	+0.305%	$407K	$1.5M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3221	+0.249%	$656K	$1.4M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.3206	+0.213%	$1.8M	$2.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1279%	1h	4.3258	+0.334%	$5K	$12K	10x	as long as short