Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0640%/8h= +70.1% APRpaid last 24h +0.175%

Price spread now: Phoenix against Bybit+0.261%7-day average +0.231% · you sell dearer than you buy

Net, funding: paid 7d − costs+$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.795%+$80 on $10k

Price spread, last 7 days−0.096%−$10 · spread now +0.261%, 7d avg +0.231%

Together, before fees+0.699%+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Phoenix is 0.030% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.231%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.3640	0.0100	pay 0.0100% / 8h	7h 53m	$220.2M	$429.1M	75x
Short	Phoenix NEAR	4.3754	0.0740	get 0.0093% / 1h	53m 26s	$1.8M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.261%Rate

Funding earned: $134.47
Price spread: +0.261% → +0.231%: $3.01
Slippage, 4 orders: −$22.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $97.3
Costs to cover: 0.402%
Break-even: 1.9 days

Slippage from Bybit: live order book, 6 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 Bybit live order book, 6 min ago	1.14 bp	8.1 bp −$8	13.0 bp −$130	29.8 bp −$2,983	146.9 bp −$73.4K
Sell Phoenix live order book, 5 min ago	0.91 bp	11.7 bp −$12	28.0 bp −$280	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
Phemex NEARUSDT	−0.0628%	8h	4.3620	−0.046%	$3.5M	$8.2M	50x	as long as short
Kraken Futures PF_NEARUSD	−0.0433%	1h	4.3628	−0.028%	$7.2M	$38.6M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3629	−0.024%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3616	−0.054%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3618	−0.050%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.110%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3650	+0.023%	$119K	$500K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3640	0.000%	$2.7M	$4.8M	50x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.3640	long leg	$220.2M	$429.1M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3650	+0.023%	$61.5M	$296.5M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NEAR-USD	+0.0100%	1h	4.3650	+0.023%	$229K	$1.5M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3688	+0.110%	$252K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3621	−0.044%	$36.1M	$61.6M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3670	+0.069%	$52.9M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3635	−0.011%	$72.1M	$127.6M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3578	−0.143%	$8.9M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3594	−0.105%	$253K	$893K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3697	+0.130%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3570	−0.160%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3650	+0.023%	$272K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3646	+0.014%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3720	+0.183%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3640	0.000%	$5K	$50K	10x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3628	−0.027%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3613	−0.062%	$3.6M	$16.2M	25x	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.3644	+0.009%	$203K	$40K	3x	as long as short
MEXC NEAR_USDT	+0.0132%	8h	4.3650	+0.023%	$90.2M	$152.8M	200x	as long as short
Binance NEARUSDT	+0.0132%	8h	4.3645	+0.011%	$263.4M	$1.09B	75x	as long as short
BingX NEAR-USDC	+0.0144%	8h	4.3640	0.000%	—	$6.6M	—	as long as short
Kalshi KXNEARPERP	+0.0159%	8h	4.3703	+0.144%	$911K	$25.1M	2.2x	as long as short
Hyperliquid NEAR	+0.0221%	1h	4.3674	+0.078%	$352.1M	$316.4M	10x	as long as short
BloFin NEAR-USDT	+0.0253%	8h	4.3670	+0.069%	$13.4M	$32.2M	75x	as long as short
01 Exchange NEARUSD	+0.0312%	1h	4.3654	+0.032%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0329%	1h	4.3645	+0.013%	$1.7M	$3.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0345% / S −0.0246%	1h	4.3651	+0.025%	$255K	—	100x	as long as short
Lighter RH NEAR	+0.0392%	1h	4.3681	+0.094%	$1.5M	$6.4M	10x	as long as short
HTX NEAR-USDT	+0.0436%	8h	4.3770	+0.298%	$463K	$3.8M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3634	−0.014%	$2.3M	$17.0M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0570%	1h	4.3648	+0.018%	$1.1M	$7.2M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3646	+0.014%	$594K	$1.5M	10x	as long as short
Lighter NEAR	+0.0680%	1h	4.3676	+0.083%	$17.2M	$23.8M	15x	as long as short
Pacifica NEAR	+0.0701%	1h	4.3636	−0.009%	$411K	$1.4M	10x	as long as short
Phoenix NEARshort	+0.0740%	1h	4.3754	+0.261%	$1.8M	$2.4M	10x
Deribit NEAR_USDC-PERPETUAL	+0.0759%	1h	4.3667	+0.062%	$1.9M	$13.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1095%	1h	4.3680	+0.092%	$5K	$7K	10x	as long as short