Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0365%/8h= −39.9% APRpaid last 24h −0.214%

Price spread now: Bybit against Backpack−0.109%7-day average −0.811% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs+$36as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.407%−$41 on $10k

Price spread, last 7 days+1.344%+$134 · spread now −0.109%, 7d avg −0.811%

Together, before fees+0.937%+$94 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.702% dearer against Backpack than usual: you sell high and buy low (spread −0.109% now, against its 7-day average of −0.811%): +$70 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.1375	0.0465	pay 0.0058% / 1h	50m 11s	$1.2M	$5.7M	20x
Short	Bybit NEARUSDT	4.1330	0.0100	get 0.0100% / 8h	1h 50m	$210.9M	$426.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$76.59
Price spread: −0.109% → −0.811%: $70.21
Slippage, 4 orders: −$13.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.46
Costs to cover: 0.341%
Break-even: from the start

Slippage from Backpack: live order book, 4 min ago; Bybit: live order book, 4 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	3.15 bp	8.7 bp −$9	18.1 bp −$181	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.21 bp	8.6 bp −$9	13.0 bp −$130	34.0 bp −$3,399	139.0 bp −$69.5K

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	4.1334	−0.099%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.1449	+0.179%	$2.1M	$12.7M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	+0.085%	$578	$302K	12x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1392	+0.040%	$106K	$56K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1332	−0.104%	$433K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1313	−0.149%	$205K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0049%	1h	4.1360	−0.036%	$7.5M	$36.8M	50x	as long as short
01 Exchange NEARUSD	+0.0064%	1h	4.1411	+0.087%	$12K	$7K	10x	as long as short
Lighter NEAR	+0.0096%	1h	4.1405	+0.073%	$15.2M	$22.4M	15x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1380	+0.012%	$110K	$493K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.1350	−0.060%	$53K	$157K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1493	+0.285%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1396	+0.051%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.1462	+0.211%	$349K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1340	−0.085%	$235.7M	$1.08B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.1330	−0.109%	$210.9M	$426.6M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1330	−0.109%	$56.4M	$275.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1400	+0.060%	$307K	$1.6M	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1338	−0.089%	$29.5M	$56.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1350	−0.060%	$81.2M	$140.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1350	−0.060%	$55.9M	$44.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1338	−0.089%	$68.7M	$126.2M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.1340	−0.085%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1461	+0.209%	$7.7M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1229	−0.353%	$235K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1340	−0.085%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1240	−0.326%	$181K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1398	+0.056%	$198K	$3.2M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1560	+0.447%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1335	−0.097%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1340	−0.085%	$3.8M	$8.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1450	+0.181%	$236K	$4K	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1327	−0.116%	$3.8M	$14.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1345	−0.073%	$199K	$62K	3x	as long as short
Lighter RH NEAR	+0.0112%	1h	4.1393	+0.044%	$1.4M	$6.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1480	+0.254%	$12.2M	$33.5M	75x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0234%	1h	4.1368	−0.017%	$1.8M	$2.1M	25x	as long as short
Hyperliquid NEAR	+0.0310%	1h	4.1387	+0.029%	$347.8M	$298.0M	10x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.1407	+0.076%	$410K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0379% / S −0.0327%	1h	4.1332	−0.104%	$278K	—	100x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0465%	1h	4.1375	long leg	$1.2M	$5.7M	20x
Nado NEAR-PERP	+0.0483%	1h	4.1380	+0.012%	$1.8M	$3.6M	10x	as long as short
Phoenix NEAR	+0.0542%	1h	4.1307	−0.164%	$1.7M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.0920%	1h	4.1394	+0.047%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1020%	8h	4.1470	+0.230%	$445K	$3.6M	75x	as long as short