Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.051%

Price spread now: Reya against Kalshi−0.230%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Reya is 0.230% cheaper against Kalshi than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXNEARPERP	4.3332	0.0202	pay 0.0202% / 8h	7h 38m	$742K	$23.4M	2.2x
Short	Reya NEARRUSDPERP	4.3232	−0.0171	pay 0.0021% / 1h	38m 46s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.230%Rate

Funding earned: −$78.24
Price spread: −0.230% → 0.000%: −$22.97
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$117.21
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Reya: 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	7.38 bp	12.4 bp −$12	17.9 bp −$179	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 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 NEARRUSDPERPshort	−0.0171%	1h	4.3232	−0.230%	$2K	—	20x
dYdX NEAR-USD	0.0000%	1h	4.3274	−0.134%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3228	−0.240%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.436%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3283	−0.113%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3280	−0.120%	$108K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3276	−0.129%	$265.5M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3310	−0.051%	$215.4M	$428.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3310	−0.051%	$61.4M	$292.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.157%	$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	4.3218	−0.263%	$31.9M	$61.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3280	−0.120%	$72.9M	$144.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3260	−0.166%	$53.7M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3314	−0.042%	$71.2M	$128.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3290	−0.097%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3167	−0.380%	$8.3M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3214	−0.273%	$253K	$947K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3296	−0.083%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3400	+0.157%	$167K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3301	−0.072%	$271K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3262	−0.162%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3330	−0.005%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3350	+0.042%	$470K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3260	−0.166%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3287	−0.105%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3285	−0.108%	$201K	$37K	3x	as long as short
Kalshi KXNEARPERPlong	+0.0202%	8h	4.3332	long leg	$742K	$23.4M	2.2x
BloFin NEAR-USDT	+0.0220%	8h	4.3290	−0.097%	$13.6M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3321	−0.025%	$407K	$1.3M	10x	as long as short
Aster NEARUSDT	+0.0315%	8h	4.3280	−0.120%	$2.8M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0195%	1h	4.3223	−0.251%	$232K	—	100x	as long as short
SoDEX NEAR-USD	+0.0383%	1h	4.3250	−0.189%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0515%	1h	4.3279	−0.122%	$1.4M	$6.7M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3330	−0.005%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0627%	1h	4.3277	−0.126%	$1.8M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3350	+0.042%	$212K	$1.6M	10x	as long as short
Hyperliquid NEAR	+0.0636%	1h	4.3373	+0.095%	$355.7M	$317.5M	10x	as long as short
Extended NEAR-USD	+0.0696%	1h	4.3206	−0.290%	$3.8M	$19.8M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0712%	1h	4.3259	−0.169%	$7.6M	$39.3M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0814%	1h	4.3277	−0.127%	$1.9M	$8.9M	25x	as long as short
Lighter RH NEAR	+0.0848%	1h	4.3324	−0.018%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3371	+0.090%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1128%	1h	4.3409	+0.178%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3333	+0.003%	$657K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1558%	1h	4.3301	−0.071%	$5K	$13K	10x	as long as short