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: Kalshi against Nado+0.168%7-day average −0.028% · 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−$14as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Nado Short on Kalshi

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−0.079%−$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

The price spread pays, funding is against you. Kalshi is 0.196% dearer against Nado than usual: you sell high and buy low (spread +0.168% now, against its 7-day average of −0.028%): +$20 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 28 hours. 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	Nado NEAR-PERP	4.3899	0.0565	pay 0.0071% / 1h	8m 20s	$1.9M	$3.1M	10x
Short	Kalshi KXNEARPERP	4.3973	0	get 0.0000% / 8h	8m 20s	$617K	$22.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee KalshibpOrdersPrice spread, now +0.168%Rate

Funding earned: −$118.75
Price spread: +0.168% → −0.028%: $19.57
Slippage, 4 orders: −$16.5
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$132.68
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Nado: live order book, 6 min ago; Kalshi: live order book, 6 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 Nado live order book, 6 min ago	1.24 bp	4.7 bp −$5	15.0 bp −$150	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	6.45 bp	11.4 bp −$11	19.1 bp −$191	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	−0.096%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.3801	−0.224%	$2.2M	$15.6M	50x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.3973	+0.168%	$617K	$22.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3838	−0.140%	$164K	—	150x	as long as short
dYdX NEAR-USD	+0.0008%	1h	4.3906	+0.016%	$108K	$69K	10x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.670%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3890	−0.021%	$113K	$514K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3940	+0.092%	$418K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3820	−0.181%	$270.0M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3820	−0.181%	$220.6M	$423.8M	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	4.3820	−0.181%	$62.7M	$295.9M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4054	+0.353%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3854	−0.103%	$31.9M	$64.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3880	−0.044%	$73.8M	$150.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3910	+0.024%	$54.7M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3813	−0.196%	$72.0M	$130.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3830	−0.158%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4067	+0.382%	$8.5M	$18.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4083	+0.418%	$264K	$962K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4010	+0.253%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4090	+0.435%	$170K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3890	−0.021%	$243K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3853	−0.105%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4050	+0.343%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3980	+0.184%	$455K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3840	−0.135%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3940	+0.094%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3855	−0.101%	$204K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0188%	1h	4.3820	−0.181%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3910	+0.024%	$13.7M	$32.5M	75x	as long as short
Aster NEARUSDT	+0.0305%	8h	4.3872	−0.062%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0190%	1h	4.3828	−0.163%	$233K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0335%	1h	4.3911	+0.027%	$1.3M	$6.4M	20x	as long as short
01 Exchange NEARUSD	+0.0352%	1h	4.3938	+0.088%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0390%	1h	4.3930	+0.070%	$362.2M	$319.8M	10x	as long as short
Extended NEAR-USD	+0.0480%	1h	4.3794	−0.240%	$3.9M	$19.6M	25x	as long as short
Nado NEAR-PERPlong	+0.0565%	1h	4.3899	long leg	$1.9M	$3.1M	10x
Arcus NEAR-USD	+0.0581%	1h	4.4000	+0.230%	$217K	$1.7M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0593%	1h	4.3812	−0.199%	$7.9M	$39.7M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0594%	1h	4.3860	−0.089%	$2.0M	$7.3M	25x	as long as short
Lighter RH NEAR	+0.0696%	1h	4.3843	−0.128%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4000	+0.230%	$1.8M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.3972	+0.165%	$591K	$1.4M	10x	as long as short
Lighter NEAR	+0.1032%	1h	4.3887	−0.027%	$17.7M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1604%	1h	4.4008	+0.249%	$5K	$12K	10x	as long as short