Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0475%/8h= +52.0% APRpaid last 24h +0.126%

Price spread now: Kraken Futures against Kalshi+0.240%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$560.559% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.372%+$37 on $10k

Price spread, last 4 days (all we have)+0.187%+$19 · spread now +0.240%, 7d avg +0.070%

Together, before fees+0.559%+$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Kraken Futures is 0.170% dearer against Kalshi than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3368	0.0234	pay 0.0234% / 8h	7h 38m	$759K	$23.3M	2.2x
Short	Kraken Futures PF_NEARUSD	4.3472	0.0709	get 0.0089% / 1h	38m 06s	$7.6M	$39.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.240%Rate

Funding earned: $99.8
Price spread: +0.240% → +0.070%: $17
Slippage, 4 orders: −$35.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $60.9
Costs to cover: 0.559%
Break-even: 2.7 days

Slippage from Kalshi: live order book, 6 min ago; Kraken Futures: live order book, 1 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, 6 min ago	7.38 bp	12.4 bp −$12	17.9 bp −$179	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	9.93 bp	15.2 bp −$15	17.8 bp −$178	54.4 bp −$5,442	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	4.3428	+0.138%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3347	−0.048%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3418	+0.116%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.515%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3491	+0.284%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3410	+0.097%	$109K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3490	+0.281%	$266.2M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3456	+0.203%	$216.1M	$428.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3450	+0.189%	$61.8M	$292.9M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.074%	$247K	−$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	4.3447	+0.182%	$32.0M	$61.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3490	+0.281%	$73.1M	$144.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3490	+0.281%	$54.0M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3448	+0.184%	$71.4M	$128.8M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3460	+0.212%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3167	−0.462%	$8.3M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3214	−0.356%	$253K	$947K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3296	−0.166%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3400	+0.074%	$167K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3441	+0.168%	$271K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3474	+0.244%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3530	+0.374%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	+0.350%	$472K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3460	+0.212%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3362	−0.013%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3495	+0.293%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3290	−0.180%	$13.6M	$32.2M	75x	as long as short
Kalshi KXNEARPERPlong	+0.0234%	8h	4.3368	long leg	$759K	$23.3M	2.2x
Pacifica NEAR	+0.0263%	1h	4.3353	−0.034%	$407K	$1.3M	10x	as long as short
Aster NEARUSDT	+0.0317%	8h	4.3487	+0.274%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0195%	1h	4.3418	+0.116%	$232K	—	100x	as long as short
SoDEX NEAR-USD	+0.0399%	1h	4.3455	+0.201%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0515%	1h	4.3492	+0.286%	$1.4M	$6.7M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3440	+0.166%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0605%	1h	4.3375	+0.016%	$1.8M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3440	+0.166%	$213K	$1.6M	10x	as long as short
Hyperliquid NEAR	+0.0636%	1h	4.3501	+0.306%	$356.7M	$317.5M	10x	as long as short
Extended NEAR-USD	+0.0696%	1h	4.3442	+0.170%	$3.8M	$19.9M	25x	as long as short
Kraken Futures PF_NEARUSDshort	+0.0709%	1h	4.3472	+0.240%	$7.6M	$39.3M	50x
Lighter RH NEAR	+0.0848%	1h	4.3526	+0.364%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3371	+0.007%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1112%	1h	4.3529	+0.371%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3429	+0.140%	$658K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1223%	1h	4.3501	+0.307%	$1.9M	$8.9M	25x	as long as short
Aftermath Perps NEARUSD	+0.1555%	1h	4.3373	+0.012%	$5K	$13K	10x	as long as short