Funding you earn now, next payment 22:00 UTC+0.0077%/8h= +8.5% APRnext payment +$0.10 per $10,000 · paid last 24h −0.051%
Price spread now: Phoenix against Backpack−0.031%80s7-day average −0.540% · you buy dearer than you sell
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.395% of the position
Funding, last 7 days+0.344%+$34 on $10k
+Price spread, last 7 days+1.475%+$147 · spread now −0.031%, 7d avg −0.540%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.509% dearer against Backpack than usual: you sell high and buy low: +$51 more if the spread goes back to its 7-day average of −0.540%. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack NEAR_USDC_PERP | 4.1627 | 0.0465 | pay 0.0058% / 1h | 43m 42s | $1.2M | $5.7M | 20x |
| Short | Phoenix NEAR | 4.1614 | 0.0542 | get 0.0068% / 1h | 43m 42s | $1.7M | $2.7M | 10x |
Backpack NEAR_USDC_PERP
Phoenix NEARFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $16.22
- Price spread: −0.031% → −0.540%
- $50.9
- Slippage, 4 orders
- −$22.51
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $27.61
- Costs to cover
- 0.395%
- Break-even
- from the start
Slippage from Backpack: live order book, just now; Phoenix: live order book, 5 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, just now | 0.72 bp | 9.4 bp −$9 | 17.4 bp −$174 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 5 min ago | 0.96 bp | 11.8 bp −$12 | 23.6 bp −$236 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Reya NEARRUSDPERP | −0.0171% | 1h | 4.1622 | −0.012% | $2K | — | 20x | as long as short |
| Coinbase International NEAR-PERP-INTX | −0.0032% | 1h | 4.1618 | −0.022% | $2.1M | $12.6M | 50x | as long as short |
| Injective NEAR/USDC PERP | −0.0002% | 1h | 4.1410 | −0.521% | $578 | $302K | 12x | as long as short |
| dYdX NEAR-USD | 0.0000% | 1h | 4.1596 | −0.074% | $107K | $56K | 10x | as long as short |
| Kalshi KXNEARPERP | 0.0000% | 8h | 4.1663 | +0.086% | $426K | $18.3M | 2.2x | as long as short |
| gTrade (Gains Network) NEAR/USD | L +0.0004% / S −0.0004% | 1h | 4.1623 | −0.010% | $206K | — | 150x | as long as short |
| Kraken Futures PF_NEARUSD | +0.0049% | 1h | 4.1642 | +0.036% | $7.5M | $36.8M | 50x | as long as short |
| 01 Exchange NEARUSD | +0.0064% | 1h | 4.1689 | +0.149% | $12K | $7K | 10x | as long as short |
| Lighter NEAR | +0.0096% | 1h | 4.1638 | +0.026% | $15.3M | $22.5M | 15x | as long as short |
| Lighter RH NEAR | +0.0096% | 1h | 4.1647 | +0.048% | $1.4M | $6.9M | 10x | as long as short |
Reya NEARRUSDPERP
Coinbase International NEAR-PERP-INTX
Injective NEAR/USDC PERP
dYdX NEAR-USD
Kalshi KXNEARPERP
gTrade (Gains Network) NEAR/USD
Kraken Futures PF_NEARUSD
01 Exchange NEARUSD
Lighter NEAR
Lighter RH NEARShow all 45 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Popdex NEARUSDT | +0.0096% | 1h | 4.1660 | +0.079% | $111K | $483K | 50x | as long as short |
| Orderly PERP_NEAR_USDC | +0.0099% | 8h | 4.1617 | −0.024% | $54K | $156K | 20x | as long as short |
| Paradex NEAR-USD-PERP | +0.0100% | 8h | 4.1635 | +0.019% | $30K | $647 | 10x | as long as short |
| Aster NEARUSDT | +0.0100% | 8h | 4.1620 | −0.017% | $2.9M | $5.7M | 50x | as long as short |
| Pacifica NEAR | +0.0100% | 1h | 4.1655 | +0.067% | $351K | $1.2M | 10x | as long as short |
| Binance NEARUSDT | +0.0100% | 8h | 4.1570 | −0.137% | $237.9M | $1.07B | 75x | as long as short |
| Bybit NEARUSDT | +0.0100% | 8h | 4.1553 | −0.178% | $211.9M | $422.7M | 75x | as long as short |
| OKX NEAR-USDT-SWAP | +0.0100% | 8h | 4.1550 | −0.185% | $57.0M | $274.6M | 50x | as long as short |
| Arcus NEAR-USD | +0.0100% | 1h | 4.1670 | +0.103% | $309K | $1.6M | 10x | as long as short |
| Gate NEAR_USDT | +0.0100% | 8h | 4.1574 | −0.127% | $29.7M | $57.1M | 75x | as long as short |
| MEXC NEAR_USDT | +0.0100% | 8h | 4.1580 | −0.113% | $81.9M | $141.0M | 200x | as long as short |
| KuCoin NEARUSDTM | +0.0100% | 8h | 4.1580 | −0.113% | $54.9M | $44.5M | 75x | as long as short |
| Bitget NEARUSDT | +0.0100% | 8h | 4.1593 | −0.082% | $69.1M | $125.7M | 75x | as long as short |
| BingX NEAR-USDC | +0.0100% | 8h | 4.1580 | −0.113% | — | $6.6M | — | as long as short |
| Variational Omni NEAR | +0.0100% | 8h | 4.1461 | −0.399% | $7.7M | $18.5M | — | as long as short |
| edgeX NEARUSDC | +0.0100% | 4h | 4.1534 | −0.223% | $237K | $1.2M | 20x | as long as short |
| GRVT NEAR_USDT_Perp | +0.0100% | 8h | 4.1516 | −0.267% | $1.4M | $1.3M | 10x | as long as short |
| ApeX Omni NEARUSDT | +0.0100% | 1h | 4.1500 | −0.305% | $182K | $792K | 50x | as long as short |
| Polymarket Perps NEAR-USD | +0.0100% | 1h | 4.1705 | +0.187% | $198K | $3.1M | 10x | as long as short |
| SunX NEAR-USDT | +0.0100% | 8h | 4.1660 | +0.079% | $2K | $1.4M | 20x | as long as short |
| SoDEX NEAR-USD | +0.0100% | 1h | 4.1619 | −0.019% | $5K | $46K | 10x | as long as short |
| Phemex NEARUSDT | +0.0100% | 8h | 4.1600 | −0.065% | $3.8M | $8.2M | 50x | as long as short |
| Bulk NEAR-USD | +0.0100% | 1h | 4.1450 | −0.425% | $236K | $4K | 10x | as long as short |
| Extended NEAR-USD | +0.0104% | 1h | 4.1558 | −0.165% | $3.8M | $14.7M | 25x | as long as short |
| Aevo NEAR-PERP | +0.0104% | 1h | 4.1610 | −0.041% | $200K | $62K | 3x | as long as short |
| BloFin NEAR-USDT | +0.0220% | 8h | 4.1600 | −0.065% | $12.2M | $33.4M | 75x | as long as short |
| Deribit NEAR_USDC-PERPETUAL | +0.0278% | 1h | 4.1650 | +0.055% | $1.8M | $2.1M | 25x | as long as short |
| Hyperliquid NEAR | +0.0314% | 1h | 4.1644 | +0.041% | $350.2M | $298.6M | 10x | as long as short |
| RISEx NEAR/USDC | +0.0364% | 1h | 4.1690 | +0.152% | $413K | $1.2M | 10x | as long as short |
| GMX NEAR/USD [ETH-USDC] | L +0.0380% / S −0.0327% | 1h | 4.1618 | −0.022% | $280K | — | 100x | as long as short |
| Backpack NEAR_USDC_PERPlong | +0.0465% | 1h | 4.1627 | long leg | $1.2M | $5.7M | 20x | |
| Nado NEAR-PERP | +0.0522% | 1h | 4.1650 | +0.055% | $1.8M | $3.5M | 10x | as long as short |
| Phoenix NEARshort | +0.0542% | 1h | 4.1614 | −0.031% | $1.7M | $2.7M | 10x | |
| Aftermath Perps NEARUSD | +0.0891% | 1h | 4.1526 | −0.243% | $5K | $11K | 10x | as long as short |
| HTX NEAR-USDT | +0.1006% | 8h | 4.1780 | +0.368% | $451K | $3.6M | 75x | as long as short |
Popdex NEARUSDT
Orderly PERP_NEAR_USDC
Paradex NEAR-USD-PERP
Aster NEARUSDT
Pacifica NEAR
Binance NEARUSDT
Bybit NEARUSDT
OKX NEAR-USDT-SWAP
Arcus NEAR-USD
Gate NEAR_USDT
MEXC NEAR_USDT
KuCoin NEARUSDTM
Bitget NEARUSDT
BingX NEAR-USDC
Variational Omni NEAR
edgeX NEARUSDC
GRVT NEAR_USDT_Perp
ApeX Omni NEARUSDT
Polymarket Perps NEAR-USD
SunX NEAR-USDT
SoDEX NEAR-USD
Phemex NEARUSDT
Bulk NEAR-USD
Extended NEAR-USD
Aevo NEAR-PERP
BloFin NEAR-USDT
Deribit NEAR_USDC-PERPETUAL
Hyperliquid NEAR
RISEx NEAR/USDC
GMX NEAR/USD [ETH-USDC]
Nado NEAR-PERP
Aftermath Perps NEARUSD
HTX NEAR-USDT