Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0408%/8h= −44.6% APRpaid last 24h −0.213%

Price spread now: BingX against Backpack−0.045%7-day average −0.812% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs+$38as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

Price spread, last 7 days+0.434%+$43 · spread now −0.045%, 7d avg −0.812%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.767% dearer against Backpack than usual: you sell high and buy low (spread −0.045% now, against its 7-day average of −0.812%): +$77 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.4820	0.0584	pay 0.0073% / 1h	44m 40s	$1.3M	$6.5M	20x
Short	BingX NEAR-USDC	4.4800	0.0176	get 0.0176% / 8h	1h 44m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$85.6
Price spread: −0.045% → −0.812%: $76.74
Slippage, 4 orders: −$18.81
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$47.67
Costs to cover: 0.388%
Break-even: from the start

Slippage from Backpack: live order book, 4 min ago; BingX: live order book, 8 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 Backpack live order book, 4 min ago	2.00 bp	7.5 bp −$8	17.1 bp −$171	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	1.13 bp	11.0 bp −$11	26.0 bp −$260	63.3 bp −$6,331	517.1 bp −$258.5K

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	4.4778	−0.094%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4807	−0.029%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4768	−0.115%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.608%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4740	−0.178%	$110K	$496K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4820	0.000%	$230.6M	$428.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4800	−0.045%	$63.4M	$300.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−1.013%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4763	−0.127%	$34.9M	$60.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4820	0.000%	$53.4M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4835	+0.033%	$74.2M	$126.5M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.296%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4748	−0.161%	$261K	$966K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4791	−0.065%	$283K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4768	−0.116%	$58K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4840	+0.045%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4910	+0.201%	$466K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4810	−0.022%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0106%	8h	4.4830	+0.022%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	−0.143%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0127%	1h	4.4730	−0.201%	$168K	$804K	50x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.4805	−0.033%	$208K	$40K	3x	as long as short
BingX NEAR-USDCshort	+0.0176%	8h	4.4800	−0.045%	—	$6.7M	—
MEXC NEAR_USDT	+0.0182%	8h	4.4840	+0.045%	$85.6M	$145.2M	200x	as long as short
Binance NEARUSDT	+0.0185%	8h	4.4860	+0.089%	$273.1M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0206%	1h	4.4800	−0.045%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERP	+0.0300%	8h	4.4707	−0.252%	$1.1M	$25.0M	2.2x	as long as short
BloFin NEAR-USDT	+0.0302%	8h	4.4870	+0.112%	$13.6M	$33.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0316% / S −0.0201%	1h	4.4764	−0.125%	$240K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4840	+0.045%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0352%	1h	4.4780	−0.089%	$3.7M	$18.9M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4842	+0.049%	$2.3M	$16.5M	50x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.4774	−0.103%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0539%	1h	4.4740	−0.178%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0584%	1h	4.4820	long leg	$1.3M	$6.5M	20x
Hyperliquid NEAR	+0.0624%	1h	4.4844	+0.054%	$368.8M	$309.3M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0652%	1h	4.4765	−0.122%	$7.4M	$38.3M	50x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4900	+0.178%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.1000%	1h	4.4875	+0.123%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.5001	+0.404%	$1.9M	$2.5M	10x	as long as short
Lighter NEAR	+0.1056%	1h	4.4888	+0.151%	$17.6M	$24.7M	15x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1113%	1h	4.4805	−0.033%	$1.9M	$12.3M	25x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4833	+0.029%	$413K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1213%	1h	4.4680	−0.311%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4771	−0.109%	$678K	$1.4M	10x	as long as short