Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0565%/8h= +61.9% APRpaid last 24h +0.118%

Price spread now: Nado against Kalshi−0.168%7-day average +0.028% · 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−$62as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.190%+$19 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.168%, 7d avg +0.028%

Together, before fees+0.268%+ Points / potential airdropNado: Active · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.195% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of +0.028%). If the spread goes back, that is −$20 on $10k: about 28 hours of funding at the current rate (+$17 a day). At the pace of the last 3 days (+0.190% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.190% in total (about 20.6% 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	4.3973	0	get 0.0000% / 8h	7m 47s	$617K	$22.3M	2.2x
Short	Nado NEAR-PERP	4.3899	0.0565	get 0.0071% / 1h	7m 47s	$1.9M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.168%Rate

Funding earned: $118.75
Price spread: −0.168% → +0.028%: −$19.54
Slippage, 4 orders: −$25.92
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $56.29
Costs to cover: 0.429%
Break-even: 3.7 days

Slippage from Kalshi: live order book, 1 min ago; Nado: 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, 1 min ago	8.65 bp	13.6 bp −$14	19.7 bp −$197	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	0.91 bp	9.5 bp −$10	19.9 bp −$199	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	4.3857	−0.264%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.3801	−0.391%	$2.2M	$15.6M	50x	as long as short
Kalshi KXNEARPERPlong	0.0000%	8h	4.3973	long leg	$617K	$22.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3838	−0.307%	$164K	—	150x	as long as short
dYdX NEAR-USD	+0.0008%	1h	4.3837	−0.309%	$108K	$69K	10x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.829%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3890	−0.189%	$113K	$514K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3878	−0.216%	$417K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3902	−0.161%	$270.5M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3860	−0.257%	$220.9M	$423.7M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3860	−0.257%	$62.6M	$296.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4054	+0.185%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3824	−0.339%	$31.9M	$64.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3900	−0.166%	$75.3M	$150.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3920	−0.121%	$54.7M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3844	−0.293%	$72.1M	$130.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3840	−0.302%	—	$146.8M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4067	+0.213%	$8.5M	$18.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4083	+0.249%	$264K	$962K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4010	+0.085%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4090	+0.266%	$170K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3890	−0.189%	$243K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3853	−0.273%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4050	+0.175%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3980	+0.016%	$455K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3840	−0.302%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3848	−0.284%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3855	−0.268%	$204K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0188%	1h	4.3820	−0.348%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3910	−0.143%	$13.7M	$32.5M	75x	as long as short
Aster NEARUSDT	+0.0304%	8h	4.3864	−0.248%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0190%	1h	4.3828	−0.330%	$233K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0338%	1h	4.3822	−0.343%	$1.3M	$6.4M	20x	as long as short
01 Exchange NEARUSD	+0.0352%	1h	4.3938	−0.080%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0389%	1h	4.3897	−0.173%	$361.9M	$319.8M	10x	as long as short
Extended NEAR-USD	+0.0480%	1h	4.3815	−0.359%	$3.9M	$19.6M	25x	as long as short
Nado NEAR-PERPshort	+0.0565%	1h	4.3899	−0.168%	$1.9M	$3.1M	10x
Arcus NEAR-USD	+0.0581%	1h	4.4000	+0.061%	$217K	$1.7M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0593%	1h	4.3812	−0.366%	$7.9M	$39.7M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0594%	1h	4.3860	−0.257%	$2.0M	$7.3M	25x	as long as short
Lighter RH NEAR	+0.0688%	1h	4.3916	−0.130%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4000	+0.061%	$1.8M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.3972	−0.003%	$591K	$1.4M	10x	as long as short
Lighter NEAR	+0.1032%	1h	4.3931	−0.096%	$17.7M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1604%	1h	4.4008	+0.081%	$5K	$12K	10x	as long as short