Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Phemex against Bybit+0.095%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.336%+$34 · spread now +0.095%, 7d avg +0.043%

Together, before fees+0.332%+$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.052% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.4178	0.0100	pay 0.0100% / 8h	4h 23m	$222.1M	$424.1M	75x
Short	Phemex NEARUSDT	4.4220	0.0100	get 0.0100% / 8h	4h 23m	$3.8M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.095%Rate

Funding earned: $0
Price spread: +0.095% → +0.043%: $5.18
Slippage, 4 orders: −$41.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.63
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	1.13 bp	10.8 bp −$11	15.1 bp −$151	35.2 bp −$3,523	187.7 bp −$93.9K
Sell Phemex live order book, 6 min ago	6.84 bp	24.5 bp −$25	48.3 bp −$483	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	4.4207	+0.066%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4046	−0.299%	$2.3M	$15.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4092	−0.196%	$109K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4147	−0.070%	$589K	$22.0M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4184	+0.015%	$166K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.266%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4190	+0.027%	$113K	$518K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4132	−0.105%	$422K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4230	+0.118%	$271.6M	$1.10B	75x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.4178	long leg	$222.1M	$424.1M	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	4.4170	−0.018%	$62.9M	$300.1M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4098	−0.181%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4196	+0.041%	$32.0M	$63.9M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4210	+0.072%	$74.5M	$149.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4210	+0.072%	$54.9M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4179	+0.002%	$72.6M	$130.4M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4180	+0.005%	—	$147.3M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3777	−0.908%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4030	−0.334%	$264K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3860	−0.720%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4050	−0.290%	$169K	$802K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4241	+0.143%	$233K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4189	+0.025%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4280	+0.231%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4185	+0.016%	$8K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4290	+0.254%	$459K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.4220	+0.095%	$3.8M	$8.4M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4140	−0.085%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4215	+0.084%	$206K	$40K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4260	+0.186%	$13.9M	$32.9M	75x	as long as short
Hyperliquid NEAR	+0.0283%	1h	4.4251	+0.165%	$364.9M	$324.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0288%	1h	4.4222	+0.100%	$1.3M	$6.5M	20x	as long as short
Aster NEARUSDT	+0.0299%	8h	4.4230	+0.118%	$3.0M	$5.5M	50x	as long as short
01 Exchange NEARUSD	+0.0312%	1h	4.4245	+0.152%	$13K	$7K	10x	as long as short
Extended NEAR-USD	+0.0320%	1h	4.4146	−0.074%	$3.9M	$19.7M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0190%	1h	4.4192	+0.032%	$234K	—	100x	as long as short
Nado NEAR-PERP	+0.0527%	1h	4.4166	−0.027%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0568%	1h	4.4264	+0.195%	$1.5M	$7.2M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4230	+0.118%	$219K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0587%	1h	4.4220	+0.094%	$8.1M	$39.7M	50x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4201	+0.052%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.0896%	1h	4.4273	+0.215%	$17.9M	$26.5M	15x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4221	+0.096%	$587K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1108%	1h	4.4228	+0.113%	$2.0M	$7.3M	25x	as long as short
Aftermath Perps NEARUSD	+0.1507%	1h	4.4076	−0.232%	$5K	$12K	10x	as long as short