Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0587%/8h= −64.3% APRpaid last 24h −0.217%

Price spread now: SunX against Backpack+0.286%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$196as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1571.575% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.390%−$39 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now +0.286%, 7d avg +0.076%

Together, before fees−0.335%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.210% dearer against Backpack than usual: you sell high and buy low (spread +0.286% now, against its 7-day average of +0.076%): +$21 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 7 days (−0.390% in total) that is about 3.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.390% in total (about -20.3% 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	4.3426	0.0687	pay 0.0086% / 1h	18m 56s	$1.3M	$6.6M	20x
Short	SunX NEAR-USDT	4.3550	0.0100	get 0.0100% / 8h	2h 18m	$2K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.286%Rate

Funding earned: −$123.34
Price spread: +0.286% → +0.076%: $21
Slippage, 4 orders: −$139.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$259.84
Costs to cover: 1.575%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; SunX: 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, 5 min ago	2.21 bp	7.4 bp −$7	17.2 bp −$172	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	31.35 bp	87.8 bp −$88	doesn't fit	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	4.3445	+0.044%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3492	+0.152%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3444	+0.042%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.642%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3490	+0.147%	$114K	$497K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3365	−0.140%	$217.6M	$420.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3390	−0.083%	$61.2M	$288.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3050	−0.866%	$245K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3375	−0.117%	$32.9M	$60.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3420	−0.014%	$78.5M	$145.0M	200x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3430	+0.009%	$52.4M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3394	−0.074%	$71.7M	$127.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3380	−0.106%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3197	−0.526%	$8.4M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3265	−0.371%	$261K	$956K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3062	−0.837%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3495	+0.159%	$265K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3470	+0.101%	$57K	$243K	20x	as long as short
SunX NEAR-USDTshort	+0.0100%	8h	4.3550	+0.286%	$2K	$1.3M	20x
HTX NEAR-USDT	+0.0100%	8h	4.3560	+0.309%	$469K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3440	+0.032%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3445	+0.044%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3476	+0.115%	$202K	$37K	3x	as long as short
Binance NEARUSDT	+0.0105%	8h	4.3420	−0.014%	$265.7M	$1.09B	75x	as long as short
BloFin NEAR-USDT	+0.0225%	8h	4.3500	+0.170%	$13.3M	$31.9M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3489	+0.145%	$2.3M	$16.2M	50x	as long as short
Kalshi KXNEARPERP	+0.0309%	8h	4.3478	+0.120%	$970K	$24.6M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0312% / S −0.0201%	1h	4.3429	+0.006%	$233K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.3410	−0.037%	$2.8M	$5.3M	50x	as long as short
ApeX Omni NEARUSDT	+0.0346%	1h	4.3030	−0.912%	$165K	$795K	50x	as long as short
Nado NEAR-PERP	+0.0386%	1h	4.3491	+0.150%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0520%	1h	4.3385	−0.093%	$3.7M	$19.5M	25x	as long as short
SoDEX NEAR-USD	+0.0584%	1h	4.3455	+0.067%	$6K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0664%	1h	4.3443	+0.039%	$356.1M	$309.7M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0687%	1h	4.3426	long leg	$1.3M	$6.6M	20x
Kraken Futures PF_NEARUSD	+0.0728%	1h	4.3451	+0.057%	$7.4M	$39.0M	50x	as long as short
01 Exchange NEARUSD	+0.0744%	1h	4.3563	+0.315%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3520	+0.216%	$225K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.3505	+0.183%	$399K	$1.3M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.3522	+0.221%	$17.0M	$25.1M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.3267	−0.366%	$1.8M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1063%	1h	4.3476	+0.115%	$2.0M	$11.3M	25x	as long as short
Lighter RH NEAR	+0.1112%	1h	4.3501	+0.173%	$1.5M	$7.4M	10x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3518	+0.212%	$695K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1326%	1h	4.3120	−0.705%	$5K	$12K	10x	as long as short