Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0777%/8h= −85.1% APRpaid last 24h −0.215%

Price spread now: Phemex against Backpack−0.184%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.428%−$43 on $10k

Price spread, last 3 days (all we have)+0.312%+$31 · spread now −0.184%, 7d avg −0.061%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Phemex is 0.123% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.428% in total (about -22.3% 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	4.3500	0.0481	pay 0.0060% / 1h	12m 40s	$1.3M	$5.9M	20x
Short	Phemex NEARUSDT	4.3420	−0.0297	pay 0.0297% / 8h	7h 12m	$3.9M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$163.24
Price spread: −0.184% → −0.061%: −$12.29
Slippage, 4 orders: −$46.81
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$244.34
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	1.50 bp	7.3 bp −$7	16.4 bp −$164	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.33 bp	39.2 bp −$39	126.2 bp −$1,262	doesn't fit	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
Phemex NEARUSDTshort	−0.0297%	8h	4.3420	−0.184%	$3.9M	$8.4M	50x
Reya NEARRUSDPERP	−0.0171%	1h	4.3405	−0.218%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0129%	1h	4.3465	−0.079%	$7.5M	$37.5M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3413	−0.200%	$2.3M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3459	−0.094%	$113K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3438	−0.143%	$353K	$19.0M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3404	−0.220%	$206K	—	150x	as long as short
Variational Omni NEAR	+0.0005%	8h	4.3018	−1.107%	$8.2M	$18.9M	—	as long as short
01 Exchange NEARUSD	+0.0016%	1h	4.3445	−0.126%	$13K	$7K	10x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.805%	$578	$302K	12x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex NEARUSDT	+0.0096%	1h	4.3440	−0.138%	$116K	$479K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.3417	−0.191%	$58K	$176K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3452	−0.110%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3530	+0.069%	$3.0M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3470	−0.068%	$401K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3462	−0.088%	$259.4M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3430	−0.161%	$220.1M	$415.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3460	−0.092%	$61.4M	$280.7M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3470	−0.069%	$206K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3083	−0.958%	$245K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3464	−0.083%	$31.3M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3470	−0.069%	$76.4M	$141.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3460	−0.092%	$56.4M	$42.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3430	−0.161%	$72.4M	$122.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3450	−0.115%	—	$141.8M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3290	−0.483%	$258K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3295	−0.471%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3330	−0.391%	$181K	$780K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3446	−0.124%	$193K	$3.4M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3490	−0.023%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3429	−0.163%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	+0.046%	$459K	$3.7M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3417	−0.191%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3405	−0.218%	$202K	$31K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3400	−0.230%	$13.0M	$27.8M	75x	as long as short
Hyperliquid NEAR	+0.0353%	1h	4.3563	+0.145%	$370.8M	$306.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0307%	1h	4.3411	−0.205%	$277K	—	100x	as long as short
Nado NEAR-PERP	+0.0421%	1h	4.3425	−0.172%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3460	−0.091%	$404K	$1.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0441%	1h	4.3444	−0.129%	$1.9M	$3.8M	25x	as long as short
Lighter RH NEAR	+0.0456%	1h	4.3533	+0.076%	$1.6M	$7.0M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0481%	1h	4.3500	long leg	$1.3M	$5.9M	20x
Phoenix NEAR	+0.0499%	1h	4.3638	+0.317%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1502%	1h	4.3260	−0.552%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1816%	1h	4.3568	+0.156%	$17.4M	$24.7M	15x	as long as short