Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0855%/8h= −93.6% APRpaid last 24h −0.183%

Price spread now: Kalshi against Phoenix−0.828%7-day average −0.192% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.913%−$91 on $10k

Price spread, last 7 days+0.791%+$79 · spread now −0.828%, 7d avg −0.192%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Kalshi is 0.636% cheaper against Phoenix than usual: you would sell low and buy high (−$64 if the spread goes back to its 7-day average of −0.192%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.3944	0.0855	pay 0.0107% / 1h	48m 42s	$1.8M	$2.7M	10x
Short	Kalshi KXNEARPERP	4.3580	0	get 0.0000% / 8h	1h 48m	$548K	$19.3M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.828%Rate

Funding earned: −$179.49
Price spread: −0.828% → −0.192%: −$63.59
Slippage, 4 orders: −$32.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$292.8
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Kalshi: live order book, 5 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 Phoenix live order book, 5 min ago	0.91 bp	12.2 bp −$12	51.0 bp −$510	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	7.88 bp	12.9 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit

NEAR on 44 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	4.3538	−0.924%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.3541	−0.917%	$2.2M	$14.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3708	−0.537%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERPshort	0.0000%	8h	4.3580	−0.828%	$548K	$19.3M	2.2x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3546	−0.907%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.766%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3610	−0.760%	$114K	$483K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3705	−0.544%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3682	−0.595%	$265.2M	$1.07B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3764	−0.410%	$221.2M	$416.7M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3720	−0.510%	$62.2M	$288.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3657	−0.653%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3666	−0.633%	$31.4M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3740	−0.464%	$75.4M	$139.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3810	−0.305%	$54.7M	$44.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3663	−0.639%	$71.7M	$126.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3670	−0.624%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3926	−0.040%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3800	−0.327%	$268K	$994K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3910	−0.077%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3790	−0.350%	$195K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3606	−0.769%	$205K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3559	−0.876%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3710	−0.532%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3565	−0.862%	$5K	$50K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	−0.692%	$456K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3610	−0.760%	$3.8M	$8.1M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3732	−0.481%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3726	−0.497%	$3.8M	$18.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3575	−0.840%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0193%	8h	4.3752	−0.438%	$3.0M	$5.5M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0232%	1h	4.3575	−0.840%	$1.9M	$4.3M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0244%	1h	4.3550	−0.896%	$255K	—	100x	as long as short
01 Exchange NEARUSD	+0.0400%	1h	4.3689	−0.580%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.3700	−0.555%	$208K	$1.7M	10x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.3539	−0.921%	$1.9M	$3.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0658%	1h	4.3688	−0.583%	$1.4M	$6.4M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0707%	1h	4.3586	−0.814%	$8.1M	$41.0M	50x	as long as short
Lighter RH NEAR	+0.0760%	1h	4.3715	−0.521%	$1.6M	$6.9M	10x	as long as short
Hyperliquid NEAR	+0.0763%	1h	4.3720	−0.510%	$368.2M	$304.6M	10x	as long as short
Phoenix NEARlong	+0.0855%	1h	4.3944	long leg	$1.8M	$2.7M	10x
RISEx NEAR/USDC	+0.0924%	1h	4.3677	−0.607%	$551K	$1.3M	10x	as long as short
Lighter NEAR	+0.1208%	1h	4.3728	−0.491%	$17.5M	$25.6M	15x	as long as short
Aftermath Perps NEARUSD	+0.1703%	1h	4.3758	−0.422%	$6K	$12K	10x	as long as short