Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0785%/8h= −86.0% APRpaid last 24h −0.217%

Price spread now: edgeX against Backpack+0.114%7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.367%−$37 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.114%, 7d avg −0.070%

Together, before fees−0.599%+ Points / potential airdropedgeX: Active · farm board−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.185% dearer against Backpack than usual: you sell high and buy low (spread +0.114% now, against its 7-day average of −0.070%): +$18 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.367% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.367% in total (about -19.1% 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	Backpack NEAR_USDC_PERP	4.3839	0.0885	pay 0.0111% / 1h	28m 20s	$1.4M	$6.0M	20x
Short	edgeX NEARUSDC	4.3889	0.0100	get 0.0050% / 4h	2h 28m	$271K	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$164.93
Price spread: +0.114% → −0.070%: $18.45
Slippage, 4 orders: −$22.83
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$188.3
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; edgeX: live order book, just now.

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, 1 min ago	1.49 bp	6.7 bp −$7	14.6 bp −$146	doesn't fit	doesn't fit
Sell edgeX live order book, just now	6.81 bp	12.4 bp −$12	28.5 bp −$285	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	4.4089	+0.570%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3791	−0.109%	$2.2M	$13.7M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3758	−0.185%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3828	−0.025%	$588K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.4090	+0.572%	$160K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.541%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0059%	8h	4.3918	+0.181%	$8.5M	$18.7M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4010	+0.390%	$113K	$482K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3750	−0.203%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4143	+0.694%	$265.4M	$1.07B	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.4106	+0.609%	$224.1M	$418.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4070	+0.527%	$62.3M	$286.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3970	+0.299%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3449	−0.889%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4099	+0.593%	$31.8M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4090	+0.573%	$75.6M	$139.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4020	+0.413%	$56.3M	$42.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4086	+0.563%	$73.0M	$123.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4100	+0.595%	—	$6.6M	—	as long as short
edgeX NEARUSDCshort	+0.0100%	4h	4.3889	+0.114%	$271K	$1.0M	20x
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3920	+0.184%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3880	+0.094%	$182K	$766K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4087	+0.566%	$219K	$3.5M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4099	+0.593%	$59K	$189K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4070	+0.527%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4085	+0.561%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3870	+0.071%	$455K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3800	−0.089%	$3.9M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3844	+0.010%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4069	+0.524%	$3.8M	$18.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4130	+0.664%	$205K	$34K	3x	as long as short
Aster NEARUSDT	+0.0147%	8h	4.3934	+0.218%	$3.1M	$5.7M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0215%	1h	4.4074	+0.537%	$7.7M	$40.0M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0349% / S −0.0257%	1h	4.4080	+0.551%	$252K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.4038	+0.454%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0416%	1h	4.4065	+0.516%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.4015	+0.401%	$553K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3944	+0.240%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0776%	1h	4.3779	−0.137%	$1.6M	$7.0M	10x	as long as short
Hyperliquid NEAR	+0.0849%	1h	4.4158	+0.728%	$373.3M	$306.9M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0885%	1h	4.3839	long leg	$1.4M	$6.0M	20x
Deribit NEAR_USDC-PERPETUAL	+0.0998%	1h	4.4129	+0.662%	$1.9M	$4.2M	25x	as long as short
Aftermath Perps NEARUSD	+0.1475%	1h	4.3819	−0.045%	$6K	$12K	10x	as long as short
Lighter NEAR	+0.1576%	1h	4.3816	−0.053%	$17.5M	$25.0M	15x	as long as short