Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.011%

Price spread now: Injective against Kalshi−6.860%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 6.860% cheaper against Kalshi than usual: you would sell low and buy high (spread −6.860% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$686 on $10k: about 23 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.217% in total) that is about 7 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.4460	0	get 0.0000% / 8h	1h 26m	$748K	$26.1M	2.2x
Short	Injective NEAR/USDC PERP	4.1410	0.0033	get 0.0004% / 1h	26m 54s	$578	$301K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −6.860%Rate

Funding earned: $7
Price spread: −6.860% → 0.000%: −$686.01
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$689.03
Costs to cover: 0.100%
Break-even: 696.0 days

Slippage unknown: Kalshi: live order book, 5 min ago; Injective: no order-book sample. 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 Kalshi live order book, 5 min ago	6.30 bp	11.3 bp −$11	16.8 bp −$168	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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
Kraken Futures PF_NEARUSD	−0.0238%	1h	4.4385	−0.169%	$7.3M	$36.9M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.4410	−0.113%	$2K	—	20x	as long as short
01 Exchange NEARUSD	−0.0008%	1h	4.4451	−0.020%	$13K	$4K	10x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.4460	long leg	$748K	$26.1M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4466	+0.014%	$167K	—	150x	as long as short
Injective NEAR/USDC PERPshort	+0.0033%	1h	4.1410	−6.860%	$578	$301K	12x
dYdX NEAR-USD	+0.0037%	1h	4.4434	−0.058%	$109K	$53K	10x	as long as short
Lighter NEAR	+0.0096%	1h	4.4427	−0.074%	$16.9M	$24.8M	15x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4440	−0.045%	$122K	$502K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.4409	−0.115%	$2.7M	$4.8M	50x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.4419	−0.091%	$267.1M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4397	−0.142%	$228.4M	$428.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4380	−0.180%	$63.4M	$296.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4650	+0.427%	$266K	$13K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4402	−0.130%	$39.7M	$62.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4410	−0.112%	$71.7M	$169.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4440	−0.045%	$54.1M	$44.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4385	−0.169%	$74.0M	$127.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4410	−0.112%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4475	+0.033%	$8.7M	$16.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4388	−0.161%	$263K	$862K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4462	+0.005%	$1.5M	$1.8M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4380	−0.180%	$165K	$808K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4435	−0.056%	$206K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4401	−0.133%	$55K	$273K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4490	+0.067%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4408	−0.117%	$5K	$34K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4490	+0.067%	$466K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4430	−0.067%	$3.5M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4449	−0.025%	$32K	$389	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4375	−0.191%	$3.7M	$15.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4404	−0.126%	$206K	$38K	3x	as long as short
Hyperliquid NEAR	+0.0111%	1h	4.4432	−0.063%	$357.4M	$313.7M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0191% / S −0.0034%	1h	4.4403	−0.129%	$239K	—	100x	as long as short
Lighter RH NEAR	+0.0200%	1h	4.4449	−0.025%	$1.5M	$5.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4410	−0.112%	$12.7M	$32.4M	75x	as long as short
Nado NEAR-PERP	+0.0262%	1h	4.4455	−0.011%	$1.8M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0343%	1h	4.4470	+0.022%	$224K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.0489%	1h	4.4453	−0.016%	$637K	$1.6M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0504%	1h	4.4521	+0.137%	$2.3M	$17.4M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0539%	1h	4.4432	−0.063%	$1.1M	$7.1M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0673%	1h	4.4441	−0.043%	$1.9M	$13.0M	25x	as long as short
Phoenix NEAR	+0.0741%	1h	4.4450	−0.022%	$1.7M	$2.7M	10x	as long as short
Pacifica NEAR	+0.0851%	1h	4.4524	+0.145%	$418K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.0920%	1h	4.4467	+0.016%	$6K	$6K	10x	as long as short