Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0745%/8h= −81.6% APRpaid last 24h −0.094%

Price spread now: KuCoin against Deribit−0.235%53s7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.481% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.408%−$41 on $10k

Price spread, last 4 days (all we have)−0.784%−$78 · spread now −0.235%, 7d avg −0.063%

Together, before fees−1.192%−$119 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and KuCoin is 0.172% cheaper against Deribit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.063%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.408% in total (about -21.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NEAR_USDC-PERPETUAL	4.3873	0.0845	pay 0.0106% / 1h	28m 20s	$1.9M	$13.1M	25x
Short	KuCoin NEARUSDTM	4.3770	0.0100	get 0.0100% / 8h	7h 28m	$52.5M	$45.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.235%Rate

Funding earned: −$156.45
Price spread: −0.235% → −0.063%: −$17.18
Slippage, 4 orders: −$29.08
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$221.71
Costs to cover: 0.481%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; KuCoin: live order book, 11 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 Deribit live order book, 1 min ago	4.00 bp	7.5 bp −$7	16.7 bp −$167	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	2.29 bp	16.5 bp −$16	26.8 bp −$268	98.0 bp −$9,795	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
Kraken Futures PF_NEARUSD	−0.0431%	1h	4.3808	−0.149%	$7.2M	$38.7M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3733	−0.319%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3716	−0.359%	$107K	$65K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3779	−0.213%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.614%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3690	−0.417%	$120K	$503K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3760	−0.256%	$2.7M	$4.7M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3759	−0.260%	$263.8M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3875	+0.005%	$221.0M	$427.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3870	−0.007%	$61.6M	$295.8M	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	4.3720	−0.349%	$221K	$1.5M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3750	−0.280%	$252K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3748	−0.285%	$36.7M	$62.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3740	−0.303%	$90.7M	$157.8M	200x	as long as short
KuCoin NEARUSDTMshort	+0.0100%	8h	4.3770	−0.235%	$52.5M	$45.4M	75x
Bitget NEARUSDT	+0.0100%	8h	4.3734	−0.317%	$72.2M	$127.5M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3688	−0.422%	$9.0M	$18.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3715	−0.361%	$253K	$896K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3710	−0.372%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3730	−0.326%	$165K	$825K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3715	−0.360%	$273K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3911	+0.087%	$57K	$238K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3840	−0.075%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3820	−0.121%	$5K	$49K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3810	−0.144%	$3.5M	$8.1M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3729	−0.328%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3684	−0.431%	$3.6M	$15.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3830	−0.098%	$204K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0107%	8h	4.3830	−0.098%	—	$6.6M	—	as long as short
Kalshi KXNEARPERP	+0.0140%	8h	4.3840	−0.075%	$867K	$25.5M	2.2x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3790	−0.189%	$12.7M	$32.4M	75x	as long as short
Hyperliquid NEAR	+0.0251%	1h	4.3755	−0.269%	$353.6M	$316.4M	10x	as long as short
Nado NEAR-PERP	+0.0260%	1h	4.3710	−0.372%	$1.7M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0320%	1h	4.3719	−0.351%	$13K	$6K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0353% / S −0.0257%	1h	4.3679	−0.443%	$257K	—	100x	as long as short
Lighter NEAR	+0.0424%	1h	4.3778	−0.216%	$17.3M	$23.9M	15x	as long as short
HTX NEAR-USDT	+0.0431%	8h	4.3940	+0.153%	$464K	$3.7M	75x	as long as short
Lighter RH NEAR	+0.0448%	1h	4.3782	−0.207%	$1.5M	$6.4M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3824	−0.112%	$2.3M	$17.2M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0526%	1h	4.3788	−0.194%	$1.1M	$7.1M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3707	−0.377%	$590K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0701%	1h	4.3735	−0.315%	$412K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0740%	1h	4.3734	−0.317%	$1.8M	$2.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0845%	1h	4.3873	long leg	$1.9M	$13.1M	25x
Aftermath Perps NEARUSD	+0.1031%	1h	4.3760	−0.259%	$5K	$7K	10x	as long as short