Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0349%/8h= −38.2% APRpaid last 24h −0.213%

Price spread now: OKX against Backpack−0.220%7-day average −0.817% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs+$28as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.370%−$37 on $10k

Price spread, last 7 days+1.622%+$162 · spread now −0.220%, 7d avg −0.817%

Together, before fees+1.251%+$125 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.597% dearer against Backpack than usual: you sell high and buy low (spread −0.220% now, against its 7-day average of −0.817%): +$60 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.2774	0.0449	pay 0.0056% / 1h	1m 49s	$1.4M	$5.6M	20x
Short	OKX NEAR-USDT-SWAP	4.2680	0.0100	get 0.0100% / 8h	1m 49s	$60.7M	$285.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.220%Rate

Funding earned: −$73.25
Price spread: −0.220% → −0.817%: $59.74
Slippage, 4 orders: −$11.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$45.22
Costs to cover: 0.317%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	1.16 bp	6.2 bp −$6	14.5 bp −$145	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.17 bp	8.9 bp −$9	16.6 bp −$166	36.5 bp −$3,652	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	4.2659	−0.268%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2786	+0.028%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2809	+0.081%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2746	−0.065%	$391K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2744	−0.069%	$203K	—	150x	as long as short
Variational Omni NEAR	+0.0032%	8h	4.2749	−0.058%	$7.8M	$18.5M	—	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.189%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0037%	8h	4.2666	−0.252%	$217.1M	$421.8M	75x	as long as short
01 Exchange NEARUSD	+0.0064%	1h	4.2726	−0.112%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2690	−0.196%	$110K	$496K	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	+0.0099%	8h	4.2754	−0.047%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2684	−0.211%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2752	−0.050%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2793	+0.044%	$401K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2694	−0.188%	$253.0M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAPshort	+0.0100%	8h	4.2680	−0.220%	$60.7M	$285.7M	50x
Arcus NEAR-USD	+0.0100%	1h	4.2750	−0.056%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2757	−0.039%	$244K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2708	−0.154%	$30.8M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2720	−0.126%	$79.0M	$142.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2740	−0.079%	$55.8M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2670	−0.243%	$70.7M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2680	−0.220%	—	$140.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2741	−0.077%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2826	+0.121%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2820	+0.108%	$179K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2692	−0.192%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2800	+0.061%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2745	−0.068%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2750	−0.056%	$3.8M	$8.5M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2697	−0.180%	$3.8M	$16.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2741	−0.077%	$202K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2769	−0.013%	$7.6M	$37.4M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2780	+0.014%	$13.0M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0336%	1h	4.2812	+0.089%	$1.6M	$7.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0316%	1h	4.2751	−0.054%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2715	−0.138%	$418K	$1.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0405%	1h	4.2786	+0.028%	$1.9M	$2.8M	25x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0449%	1h	4.2774	long leg	$1.4M	$5.6M	20x
Phoenix NEAR	+0.0463%	1h	4.2887	+0.264%	$1.8M	$2.7M	10x	as long as short
Hyperliquid NEAR	+0.0585%	1h	4.2782	+0.019%	$364.5M	$301.3M	10x	as long as short
Nado NEAR-PERP	+0.0655%	1h	4.2690	−0.196%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0739%	8h	4.2820	+0.108%	$457K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1189%	1h	4.2798	+0.056%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1784%	1h	4.2880	+0.247%	$16.9M	$24.7M	15x	as long as short