Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.074%

Price spread now: GMX against Bybit−0.132%7-day average +0.031% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.253%+$25 on $10k

Price spread, last 3 days (all we have)+0.256%+$26 · spread now −0.132%, 7d avg +0.031%

Together, before fees+0.509%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.163% cheaper against Bybit than usual: you would sell low and buy high (spread −0.132% now, against its 7-day average of +0.031%). If the spread goes back, that is −$16 on $10k: about 3.5 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.4510	0.0100	pay 0.0100% / 8h	6h 21m	$225.4M	$421.9M	75x
Short	GMX NEAR/USD [ETH-USDC]	4.4451	L +0.0360% / S −0.0258%	get 0.0032% / 1h	21m 51s	$269K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.132%Rate

Funding earned: $33.14
Price spread: −0.132% → +0.031%: −$16.33
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$6.2
Costs to cover: 0.230%
Break-even: 8.3 days

Slippage unknown: Bybit: live order book, 2 min ago; GMX: no order-book sample. Net counts fees only.

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	1.13 bp	8.9 bp −$9	16.4 bp −$164	40.0 bp −$4,002	188.6 bp −$94.3K
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NEAR on 44 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	4.4458	−0.116%	$2K	—	20x	as long as short
Phemex NEARUSDT	−0.0170%	8h	4.4450	−0.135%	$3.9M	$8.2M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.4448	−0.139%	$2.2M	$14.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4612	+0.229%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4561	+0.115%	$703K	$19.7M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.4459	−0.115%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.965%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0072%	8h	4.3998	−1.151%	$8.6M	$18.6M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4460	−0.112%	$110K	$486K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4642	+0.297%	$422K	$1.2M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.4510	0.000%	$269.9M	$1.07B	75x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.4510	long leg	$225.4M	$421.9M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4540	+0.067%	$63.4M	$292.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.4560	+0.112%	$212K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4050	−1.033%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4470	−0.090%	$32.2M	$62.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4480	−0.067%	$75.6M	$141.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4480	−0.067%	$54.9M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4450	−0.135%	$73.3M	$125.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4490	−0.045%	—	$143.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4063	−1.004%	$272K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4170	−0.764%	$1.5M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4180	−0.741%	$184K	$762K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4501	−0.020%	$218K	$3.5M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4470	−0.090%	$61K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4560	+0.112%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4465	−0.101%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4520	+0.022%	$456K	$3.9M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4562	+0.118%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4423	−0.195%	$3.9M	$18.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4683	+0.388%	$208K	$34K	3x	as long as short
Aster NEARUSDT	+0.0168%	8h	4.4500	−0.022%	$3.1M	$5.8M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0213%	1h	4.4473	−0.084%	$8.1M	$40.8M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0335%	1h	4.4500	−0.022%	$1.9M	$4.2M	25x	as long as short
GMX NEAR/USD [ETH-USDC]short	L +0.0360% / S −0.0258%	1h	4.4451	−0.132%	$269K	—	100x
Nado NEAR-PERP	+0.0369%	1h	4.4485	−0.056%	$1.9M	$3.1M	10x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.4533	+0.052%	$13K	$7K	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.4520	+0.023%	$561K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.4147	−0.816%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0832%	1h	4.4486	−0.054%	$1.7M	$7.0M	10x	as long as short
Hyperliquid NEAR	+0.0897%	1h	4.4537	+0.061%	$376.4M	$307.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0954%	1h	4.4513	+0.007%	$1.4M	$6.1M	20x	as long as short
Aftermath Perps NEARUSD	+0.1528%	1h	4.4160	−0.786%	$6K	$12K	10x	as long as short
Lighter NEAR	+0.1672%	1h	4.4544	+0.077%	$17.8M	$25.4M	15x	as long as short