Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0813%/8h= +89.0% APRpaid last 24h +0.164%

Price spread now: Phoenix against Binance+0.149%7-day average +0.198% · you sell dearer than you buy

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.784%+$78 on $10k

Price spread, last 7 days+0.002%$0 · spread now +0.149%, 7d avg +0.198%

Together, before fees+0.786%+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.050% cheaper against Binance than usual: you would sell low and buy high (spread +0.149% now, against its 7-day average of +0.198%). If the spread goes back, that is −$5 on $10k: about 5 hours of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.784% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NEARUSDT	4.3601	0.0136	pay 0.0136% / 8h	7h 56m	$263.1M	$1.09B	75x
Short	Phoenix NEAR	4.3666	0.0949	get 0.0119% / 1h	56m 48s	$1.8M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.149%Rate

Funding earned: $170.76
Price spread: +0.149% → +0.198%: −$4.98
Slippage, 4 orders: −$20.97
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $127.81
Costs to cover: 0.380%
Break-even: 1.8 days

Slippage from Binance: live order book, 2 min ago; Phoenix: 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 Binance live order book, 2 min ago	1.14 bp	6.1 bp −$6	11.6 bp −$116	37.1 bp −$3,711	123.0 bp −$61.5K
Sell Phoenix live order book, 2 min ago	0.91 bp	11.7 bp −$12	28.0 bp −$280	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
Kraken Futures PF_NEARUSD	−0.0433%	1h	4.3617	+0.035%	$7.2M	$38.7M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3629	+0.063%	$2K	—	20x	as long as short
Phemex NEARUSDT	−0.0122%	8h	4.3640	+0.089%	$3.5M	$8.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3543	−0.132%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3639	+0.088%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.026%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3690	+0.204%	$115K	$500K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3606	+0.010%	$2.7M	$4.8M	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3570	−0.072%	$219.8M	$430.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3560	−0.095%	$61.5M	$295.8M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NEAR-USD	+0.0100%	1h	4.3720	+0.272%	$229K	$1.5M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3688	+0.199%	$252K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3618	+0.038%	$36.1M	$61.6M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3640	+0.089%	$52.8M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3600	−0.003%	$72.1M	$127.6M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3629	+0.064%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3729	+0.293%	$253K	$892K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3710	+0.250%	$167K	$815K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3640	+0.089%	$272K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3668	+0.153%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3790	+0.433%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3634	+0.075%	$5K	$50K	10x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3706	+0.241%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3638	+0.084%	$3.6M	$16.2M	25x	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.3640	+0.089%	$203K	$40K	3x	as long as short
Binance NEARUSDTlong	+0.0136%	8h	4.3601	long leg	$263.1M	$1.09B	75x
MEXC NEAR_USDT	+0.0138%	8h	4.3630	+0.066%	$89.0M	$152.4M	200x	as long as short
BingX NEAR-USDT	+0.0144%	8h	4.3610	+0.020%	—	$83.0M	—	as long as short
Kalshi KXNEARPERP	+0.0163%	8h	4.3682	+0.185%	$909K	$25.1M	2.2x	as long as short
Nado NEAR-PERP	+0.0223%	1h	4.3655	+0.123%	$1.7M	$3.2M	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0250%	8h	4.3771	+0.390%	$1.4M	$1.6M	10x	as long as short
BloFin NEAR-USDT	+0.0258%	8h	4.3640	+0.089%	$13.2M	$32.2M	75x	as long as short
01 Exchange NEARUSD	+0.0288%	1h	4.3741	+0.321%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0321%	1h	4.3652	+0.116%	$352.1M	$317.2M	10x	as long as short
HTX NEAR-USDT	+0.0342%	8h	4.3820	+0.502%	$463K	$3.8M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0344% / S −0.0244%	1h	4.3647	+0.104%	$255K	—	100x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3717	+0.266%	$2.3M	$17.1M	50x	as long as short
Lighter RH NEAR	+0.0552%	1h	4.3630	+0.066%	$1.5M	$6.4M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0605%	1h	4.3666	+0.149%	$1.1M	$7.2M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3658	+0.131%	$599K	$1.4M	10x	as long as short
Lighter NEAR	+0.0664%	1h	4.3638	+0.084%	$17.2M	$23.7M	15x	as long as short
Pacifica NEAR	+0.0701%	1h	4.3595	−0.014%	$411K	$1.4M	10x	as long as short
Phoenix NEARshort	+0.0949%	1h	4.3666	+0.149%	$1.8M	$2.4M	10x
Deribit NEAR_USDC-PERPETUAL	+0.0964%	1h	4.3701	+0.229%	$1.9M	$13.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1082%	1h	4.3684	+0.190%	$5K	$7K	10x	as long as short