Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.215%

Price spread now: Backpack against BingX+0.251%7-day average +0.769% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.449%+$45 on $10k

Price spread, last 7 days−1.265%−$127 · spread now +0.251%, 7d avg +0.769%

Together, before fees−0.816%−$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.518% cheaper against BingX than usual: you would sell low and buy high (spread +0.251% now, against its 7-day average of +0.769%). If the spread goes back, that is −$52 on $10k: about 5.0 days of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NEAR-USDC	4.2660	0.0100	pay 0.0100% / 8h	7h 41m	—	$6.6M	—
Short	Backpack NEAR_USDC_PERP	4.2767	0.0448	get 0.0056% / 1h	41m 31s	$1.4M	$5.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.251%Rate

Funding earned: $73.14
Price spread: +0.251% → +0.769%: −$51.85
Slippage, 4 orders: −$16.81
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.51
Costs to cover: 0.368%
Break-even: 8.5 days

Slippage from BingX: live order book, 6 min ago; Backpack: live order book, 3 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 BingX live order book, 6 min ago	1.17 bp	11.3 bp −$11	25.0 bp −$250	59.1 bp −$5,913	401.7 bp −$200.9K
Sell Backpack live order book, 3 min ago	1.40 bp	7.0 bp −$7	16.0 bp −$160	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	4.2753	+0.217%	$2K	—	20x	as long as short
Bybit NEARUSDT	−0.0137%	8h	4.2635	−0.059%	$217.3M	$418.1M	75x	as long as short
Kraken Futures PF_NEARUSD	−0.0132%	1h	4.2758	+0.231%	$7.5M	$36.9M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2791	+0.307%	$2.2M	$12.9M	50x	as long as short
Gate NEAR_USDT	−0.0087%	8h	4.2670	+0.023%	$30.7M	$58.8M	75x	as long as short
01 Exchange NEARUSD	−0.0008%	1h	4.2667	+0.016%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2699	+0.092%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2759	+0.232%	$382K	$18.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2742	+0.193%	$203K	—	150x	as long as short
Variational Omni NEAR	+0.0008%	8h	4.2958	+0.699%	$8.0M	$18.7M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.930%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2670	+0.023%	$111K	$480K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2711	+0.120%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2691	+0.073%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2664	+0.009%	$3.0M	$5.6M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2666	+0.013%	$399K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2664	+0.009%	$253.7M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2630	−0.070%	$60.6M	$277.2M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	+0.094%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3050	+0.914%	$245K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2660	0.000%	$78.5M	$138.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2720	+0.141%	$55.9M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2684	+0.056%	$70.8M	$124.8M	75x	as long as short
BingX NEAR-USDClong	+0.0100%	8h	4.2660	long leg	—	$6.6M	—
edgeX NEARUSDC	+0.0100%	4h	4.2773	+0.265%	$275K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2740	+0.188%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2880	+0.516%	$179K	$790K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2784	+0.291%	$197K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2830	+0.398%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2740	+0.188%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2870	+0.492%	$456K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2760	+0.234%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2667	+0.016%	$3.9M	$17.2M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2734	+0.173%	$199K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0199%	1h	4.2749	+0.209%	$363.0M	$301.6M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2760	+0.234%	$13.1M	$28.8M	75x	as long as short
Lighter RH NEAR	+0.0288%	1h	4.2712	+0.122%	$1.6M	$6.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0373% / S −0.0307%	1h	4.2744	+0.197%	$273K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0406%	1h	4.2736	+0.178%	$1.9M	$3.1M	25x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2688	+0.067%	$404K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0448%	1h	4.2767	+0.251%	$1.4M	$5.6M	20x
Phoenix NEAR	+0.0499%	1h	4.2927	+0.626%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0515%	1h	4.2660	0.000%	$1.9M	$3.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1312%	1h	4.2903	+0.569%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2136%	1h	4.2795	+0.316%	$17.1M	$23.9M	15x	as long as short