Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h −0.213%

Price spread now: KuCoin against Backpack+0.163%7-day average −0.731% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs+$42as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.393%−$39 on $10k

Price spread, last 7 days+1.271%+$127 · spread now +0.163%, 7d avg −0.731%

Together, before fees+0.878%+$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.895% dearer against Backpack than usual: you sell high and buy low (spread +0.163% now, against its 7-day average of −0.731%): +$89 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 9.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.2880	0.0414	pay 0.0052% / 1h	56m 28s	$1.4M	$5.6M	20x
Short	KuCoin NEARUSDTM	4.2950	0.0100	get 0.0100% / 8h	7h 56m	$56.0M	$43.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.163%Rate

Funding earned: −$65.98
Price spread: +0.163% → −0.731%: $89.47
Slippage, 4 orders: −$25.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$23.63
Costs to cover: 0.471%
Break-even: from the start

Slippage from Backpack: live order book, 3 min ago; KuCoin: live order book, 3 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, 3 min ago	0.94 bp	6.5 bp −$7	15.1 bp −$151	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.17 bp	17.2 bp −$17	29.8 bp −$298	88.6 bp −$8,860	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	4.2903	+0.054%	$2K	—	20x	as long as short
Phemex NEARUSDT	−0.0163%	8h	4.2830	−0.117%	$3.8M	$8.5M	50x	as long as short
Bybit NEARUSDT	−0.0157%	8h	4.2905	+0.058%	$218.4M	$420.3M	75x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.2853	−0.063%	$7.6M	$37.3M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2718	−0.378%	$2.2M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0016%	1h	4.2957	+0.180%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2909	+0.067%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2752	−0.299%	$385K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2915	+0.081%	$203K	—	150x	as long as short
Variational Omni NEAR	+0.0024%	8h	4.2669	−0.492%	$7.8M	$18.5M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.428%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2940	+0.140%	$111K	$492K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2838	−0.098%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2923	+0.099%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2949	+0.160%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2917	+0.085%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2904	+0.057%	$254.4M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2900	+0.047%	$60.9M	$284.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2930	+0.117%	$197K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2646	−0.545%	$243K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2932	+0.121%	$31.0M	$58.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2900	+0.047%	$79.6M	$137.9M	200x	as long as short
KuCoin NEARUSDTMshort	+0.0100%	8h	4.2950	+0.163%	$56.0M	$43.4M	75x
Bitget NEARUSDT	+0.0100%	8h	4.2929	+0.114%	$71.2M	$125.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2900	+0.047%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2639	−0.562%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2676	−0.476%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2710	−0.396%	$178K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2951	+0.166%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2890	+0.023%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2817	−0.147%	$4K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2870	−0.023%	$457K	$3.7M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2925	+0.105%	$3.9M	$16.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2835	−0.106%	$199K	$28K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2850	−0.070%	$13.1M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0352%	1h	4.2964	+0.196%	$1.6M	$6.8M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0377% / S −0.0316%	1h	4.2830	−0.116%	$275K	—	100x	as long as short
Nado NEAR-PERP	+0.0387%	1h	4.2935	+0.128%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0400%	1h	4.2997	+0.273%	$366.4M	$301.5M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0414%	1h	4.2880	long leg	$1.4M	$5.6M	20x
Deribit NEAR_USDC-PERPETUAL	+0.0427%	1h	4.2868	−0.028%	$1.9M	$2.9M	25x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2969	+0.209%	$420K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2848	−0.075%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1179%	1h	4.2824	−0.130%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1728%	1h	4.3035	+0.362%	$17.0M	$23.4M	15x	as long as short