Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0583%/8h= +63.9% APRpaid last 24h +0.232%

Price spread now: Backpack against Bybit+0.176%7-day average +0.831% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.437%+$44 on $10k

Price spread, last 7 days−1.074%−$107 · spread now +0.176%, 7d avg +0.831%

Together, before fees−0.637%−$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.655% cheaper against Bybit than usual: you would sell low and buy high (spread +0.176% now, against its 7-day average of +0.831%). If the spread goes back, that is −$65 on $10k: about 3.7 days of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.437% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.4220	0.0100	pay 0.0100% / 8h	5h 41m	$223.1M	$417.2M	75x
Short	Backpack NEAR_USDC_PERP	4.4298	0.0683	get 0.0085% / 1h	41m 46s	$1.4M	$6.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.176%Rate

Funding earned: $122.49
Price spread: +0.176% → +0.831%: −$65.47
Slippage, 4 orders: −$11.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.82
Costs to cover: 0.322%
Break-even: 5.6 days

Slippage from Bybit: live order book, 2 min ago; Backpack: 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 Bybit live order book, 2 min ago	1.14 bp	9.0 bp −$9	14.0 bp −$140	32.3 bp −$3,233	183.3 bp −$91.6K
Sell Backpack live order book, 2 min ago	2.16 bp	7.2 bp −$7	18.5 bp −$185	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	4.4144	−0.172%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.4129	−0.206%	$2.2M	$14.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4176	−0.099%	$109K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4175	−0.102%	$554K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.4189	−0.070%	$200K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.355%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4140	−0.181%	$116K	$484K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4196	−0.055%	$417K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4192	−0.063%	$268.9M	$1.07B	75x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.4220	long leg	$223.1M	$417.2M	75x

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4190	−0.068%	$62.8M	$291.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3650	−1.289%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4157	−0.142%	$31.7M	$62.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4180	−0.090%	$75.7M	$140.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4200	−0.045%	$55.5M	$44.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4129	−0.206%	$72.5M	$126.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4170	−0.113%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3557	−1.498%	$8.4M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3587	−1.432%	$261K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3605	−1.391%	$1.4M	$1.4M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4184	−0.081%	$206K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4202	−0.041%	$62K	$192K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4240	+0.045%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4195	−0.057%	$5K	$50K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4300	+0.181%	$461K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4190	−0.068%	$3.9M	$8.1M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4139	−0.183%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4161	−0.134%	$3.8M	$18.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4206	−0.031%	$206K	$34K	3x	as long as short
ApeX Omni NEARUSDT	+0.0134%	1h	4.3630	−1.334%	$198K	$779K	50x	as long as short
Aster NEARUSDT	+0.0218%	8h	4.4210	−0.023%	$3.0M	$5.5M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4180	−0.090%	$13.9M	$30.9M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0351% / S −0.0245%	1h	4.4189	−0.070%	$259K	—	100x	as long as short
Nado NEAR-PERP	+0.0360%	1h	4.4133	−0.197%	$1.9M	$3.0M	10x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.4192	−0.063%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.4200	−0.045%	$210K	$1.7M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0683%	1h	4.4298	+0.176%	$1.4M	$6.6M	20x
Kraken Futures PF_NEARUSD	+0.0696%	1h	4.4238	+0.041%	$8.3M	$41.0M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0723%	1h	4.4221	+0.002%	$1.9M	$4.3M	25x	as long as short
Hyperliquid NEAR	+0.0794%	1h	4.4199	−0.047%	$372.0M	$305.4M	10x	as long as short
Lighter RH NEAR	+0.0800%	1h	4.4252	+0.072%	$1.6M	$6.9M	10x	as long as short
Phoenix NEAR	+0.0855%	1h	4.3792	−0.968%	$1.8M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.4177	−0.097%	$558K	$1.3M	10x	as long as short
Lighter NEAR	+0.1416%	1h	4.4269	+0.111%	$17.7M	$25.7M	15x	as long as short
Aftermath Perps NEARUSD	+0.1727%	1h	4.3843	−0.852%	$6K	$12K	10x	as long as short