Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.047%

Price spread now: Phemex against Coinbase International−0.023%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.023%, 7d avg +0.029%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.052% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.029%). If the spread goes back, that is −$5 on $10k: about 25 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.163% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International NEAR-PERP-INTX	4.3550	−0.0064	get 0.0008% / 1h	2m 47s	$2.2M	$14.2M	50x
Short	Phemex NEARUSDT	4.3540	0.0100	get 0.0100% / 8h	6h 02m	$3.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $34.44
Price spread: −0.023% → +0.029%: −$5.17
Slippage, 4 orders: −$53.55
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$46.28
Costs to cover: 0.756%
Break-even: 16.4 days

Slippage from Coinbase International: live order book, 6 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 Coinbase International live order book, 6 min ago	6.85 bp	15.0 bp −$15	21.9 bp −$219	589.6 bp −$59.0K	doesn't fit
Sell Phemex live order book, 6 min ago	5.70 bp	23.4 bp −$23	47.6 bp −$476	doesn't fit	doesn't fit

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	4.3588	+0.087%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTXlong	−0.0064%	1h	4.3550	long leg	$2.2M	$14.2M	50x
dYdX NEAR-USD	0.0000%	1h	4.3601	+0.118%	$107K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3619	+0.158%	$560K	$19.6M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3511	−0.088%	$196K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.914%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3610	+0.138%	$114K	$487K	50x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3557	+0.017%	$8.4M	$18.4M	—	as long as short
Pacifica NEAR	+0.0100%	1h	4.3621	+0.164%	$409K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3541	−0.020%	$264.0M	$1.08B	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.3520	−0.069%	$219.0M	$417.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3510	−0.092%	$62.0M	$288.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3640	+0.207%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	+0.012%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3503	−0.108%	$31.4M	$63.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3560	+0.023%	$75.3M	$144.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3540	−0.023%	$53.8M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3523	−0.062%	$71.4M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3530	−0.046%	—	$143.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3788	+0.546%	$270K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3556	+0.014%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3780	+0.528%	$199K	$774K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3644	+0.216%	$207K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3545	−0.011%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3640	+0.207%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3530	−0.046%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3700	+0.344%	$456K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3540	−0.023%	$3.8M	$8.1M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3592	+0.097%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3474	−0.174%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3553	+0.006%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0180%	8h	4.3550	0.000%	$3.0M	$5.6M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0217%	1h	4.3542	−0.018%	$7.7M	$40.7M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0347% / S −0.0242%	1h	4.3513	−0.085%	$255K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0347%	1h	4.3556	+0.014%	$1.9M	$4.3M	25x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3646	+0.220%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0424%	1h	4.3597	+0.109%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3642	+0.212%	$547K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3816	+0.611%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0792%	1h	4.3597	+0.108%	$1.6M	$7.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0819%	1h	4.3548	−0.005%	$1.5M	$6.3M	20x	as long as short
Hyperliquid NEAR	+0.0862%	1h	4.3590	+0.092%	$366.9M	$305.9M	10x	as long as short
Aftermath Perps NEARUSD	+0.1646%	1h	4.3712	+0.372%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1704%	1h	4.3641	+0.209%	$17.4M	$25.8M	15x	as long as short