Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0933%/8h= +102.2% APRpaid last 24h +0.158%

Price spread now: Phoenix against Bitget+0.042%99s7-day average +0.233% · you sell dearer than you buy

Net, funding: paid 7d − costs+$33as 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−$460.456% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.786%+$79 on $10k

Price spread, last 7 days+0.203%+$20 · spread now +0.042%, 7d avg +0.233%

Together, before fees+0.989%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.191% cheaper against Bitget than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.233%). If the spread goes back, that is −$19 on $10k: about 16 hours of funding at the current rate (+$28 a day). At the pace of the last 7 days (+0.786% in total) that is about 41 hours. The two prices were read 99 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	Bitget NEARUSDT	4.2973	0.0100	pay 0.0100% / 8h	2h 23m	$71.1M	$127.1M	75x
Short	Phoenix NEAR	4.2991	0.1033	get 0.0129% / 1h	23m 47s	$1.8M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.042%Rate

Funding earned: $195.97
Price spread: +0.042% → +0.233%: −$19.13
Slippage, 4 orders: −$26.57
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $131.27
Costs to cover: 0.456%
Break-even: 2.3 days

Slippage from Bitget: live order book, 5 min ago; 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 Bitget live order book, 5 min ago	0.70 bp	13.7 bp −$14	17.8 bp −$178	31.4 bp −$3,145	doesn't fit
Sell Phoenix live order book, 5 min ago	0.93 bp	11.8 bp −$12	33.8 bp −$338	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	4.3062	+0.206%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2982	+0.022%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2998	+0.059%	$161K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.637%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3140	+0.389%	$113K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3000	+0.063%	$263.2M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2932	−0.095%	$214.2M	$420.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2970	−0.007%	$60.4M	$285.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2997	+0.057%	$245K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2944	−0.067%	$32.5M	$60.1M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.3010	+0.086%	$77.2M	$144.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2990	+0.040%	$51.7M	$45.8M	75x	as long as short
Bitget NEARUSDTlong	+0.0100%	8h	4.2973	long leg	$71.1M	$127.1M	75x
BingX NEAR-USDC	+0.0100%	8h	4.2970	−0.007%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2778	−0.454%	$8.1M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2867	−0.246%	$258K	$954K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2900	−0.170%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3082	+0.254%	$262K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3065	+0.214%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3160	+0.435%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3190	+0.505%	$465K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3050	+0.179%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3040	+0.155%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3085	+0.261%	$200K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3070	+0.226%	$13.3M	$31.7M	75x	as long as short
ApeX Omni NEARUSDT	+0.0226%	1h	4.2860	−0.263%	$165K	$794K	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3116	+0.333%	$2.3M	$16.0M	50x	as long as short
Kalshi KXNEARPERP	+0.0275%	8h	4.3127	+0.358%	$880K	$24.5M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0311% / S −0.0198%	1h	4.3004	+0.072%	$232K	—	100x	as long as short
Aster NEARUSDT	+0.0333%	8h	4.2980	+0.016%	$2.8M	$5.3M	50x	as long as short
Nado NEAR-PERP	+0.0391%	1h	4.3060	+0.202%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0536%	1h	4.2948	−0.059%	$3.6M	$19.6M	25x	as long as short
SoDEX NEAR-USD	+0.0589%	1h	4.3055	+0.191%	$6K	$52K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0668%	1h	4.3076	+0.240%	$1.3M	$6.6M	20x	as long as short
Hyperliquid NEAR	+0.0675%	1h	4.3007	+0.079%	$352.3M	$309.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0735%	1h	4.3036	+0.147%	$7.4M	$38.8M	50x	as long as short
01 Exchange NEARUSD	+0.0744%	1h	4.3181	+0.484%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3090	+0.272%	$216K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.3023	+0.116%	$394K	$1.3M	10x	as long as short
Lighter NEAR	+0.0936%	1h	4.3123	+0.349%	$16.9M	$25.1M	15x	as long as short
Phoenix NEARshort	+0.1033%	1h	4.2991	+0.042%	$1.8M	$2.5M	10x
Lighter RH NEAR	+0.1136%	1h	4.3128	+0.361%	$1.4M	$7.4M	10x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3078	+0.244%	$688K	$1.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1377%	1h	4.3090	+0.272%	$1.9M	$11.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1389%	1h	4.2957	−0.036%	$5K	$12K	10x	as long as short