NEAR

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0786%/8h= −86.1% APRnext payment −$0.98 per $10,000 · paid last 24h −0.217%

Price spread now: Polymarket Perps against Backpack+0.207%7-day average −0.734% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs+$63as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.396%−$40 on $10k

Price spread, last 7 days+0.661%+$66 · spread now +0.207%, 7d avg −0.734%

Together, before fees+0.266%+$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.941% dearer against Backpack than usual: you sell high and buy low (spread +0.207% now, against its 7-day average of −0.734%): +$94 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.396% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.396% in total (about -20.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.98 per $10,000. 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	4.3937	0.0886	pay 0.0111% / 1h	29m 38s	$1.4M	$6.0M	20x
Short	Polymarket Perps NEAR-USD	4.4028	0.0100	get 0.0013% / 1h	29m 38s	$218K	$3.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.207%Rate

Funding earned: −$165.05
Price spread: +0.207% → −0.734%: $94.11
Slippage, 4 orders: −$13.39
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$102.33
Costs to cover: 0.314%
Break-even: from the start

Slippage from Backpack: live order book, 4 min ago; Polymarket Perps: live order book, 4 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, 4 min ago	0.11 bp	5.1 bp −$5	14.7 bp −$147	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	3.54 bp	9.1 bp −$9	18.2 bp −$182	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	4.3940	+0.006%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.4077	+0.319%	$2.2M	$13.8M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3833	−0.238%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3954	+0.039%	$589K	$19.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3905	−0.073%	$159K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.751%	$578	$302K	12x	as long as short
Phemex NEARUSDT	+0.0051%	8h	4.3880	−0.130%	$3.9M	$8.2M	50x	as long as short
Variational Omni NEAR	+0.0059%	8h	4.3918	−0.043%	$8.5M	$18.7M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3930	−0.016%	$112K	$482K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3841	−0.219%	$414K	$1.2M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.3920	−0.039%	$264.0M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3901	−0.082%	$223.0M	$417.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3900	−0.084%	$62.2M	$285.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3900	−0.084%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3449	−1.110%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3798	−0.316%	$31.6M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3790	−0.335%	$75.7M	$139.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3810	−0.289%	$56.0M	$42.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3808	−0.294%	$72.5M	$123.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3810	−0.289%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3889	−0.109%	$271K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3920	−0.040%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3880	−0.130%	$182K	$766K	50x	as long as short
Polymarket Perps NEAR-USDshort	+0.0100%	1h	4.4028	+0.207%	$218K	$3.5M	10x
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3929	−0.018%	$59K	$189K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4020	+0.189%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3915	−0.050%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4090	+0.348%	$457K	$3.8M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3804	−0.303%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3775	−0.368%	$3.8M	$18.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3920	−0.039%	$204K	$34K	3x	as long as short
Aster NEARUSDT	+0.0149%	8h	4.3891	−0.105%	$3.1M	$5.7M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0215%	1h	4.3915	−0.051%	$7.7M	$39.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0361% / S −0.0276%	1h	4.3894	−0.098%	$263K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3957	+0.046%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0409%	1h	4.3941	+0.009%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3928	−0.021%	$552K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3944	+0.016%	$1.8M	$2.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0593%	1h	4.3929	−0.018%	$1.9M	$4.1M	25x	as long as short
Lighter RH NEAR	+0.0768%	1h	4.3904	−0.075%	$1.6M	$7.0M	10x	as long as short
Hyperliquid NEAR	+0.0834%	1h	4.3902	−0.080%	$371.1M	$306.5M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0886%	1h	4.3937	long leg	$1.4M	$6.0M	20x
Aftermath Perps NEARUSD	+0.1451%	1h	4.3774	−0.370%	$6K	$12K	10x	as long as short
Lighter NEAR	+0.1528%	1h	4.3926	−0.025%	$17.6M	$24.9M	15x	as long as short