Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0753%/8h= −82.5% APRpaid last 24h −0.074%

Price spread now: MEXC against Deribit+0.002%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.388%−$39 on $10k

Price spread, last 4 days (all we have)−0.337%−$34 · spread now +0.002%, 7d avg −0.083%

Together, before fees−0.726%−$73 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.086% dearer against Deribit than usual: you sell high and buy low (spread +0.002% now, against its 7-day average of −0.083%): +$9 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.388% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.388% in total (about -20.2% 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	4.3549	0.0853	pay 0.0107% / 1h	28m 10s	$1.9M	$9.0M	25x
Short	MEXC NEAR_USDT	4.3550	0.0100	get 0.0100% / 8h	3h 28m	$73.2M	$145.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$158.13
Price spread: +0.002% → −0.083%: $8.57
Slippage, 4 orders: −$10.48
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$167.04
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; MEXC: live order book, 1 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	3.10 bp	6.6 bp −$7	16.6 bp −$166	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.15 bp	2.2 bp −$2	4.1 bp −$41	21.4 bp −$2,135	74.8 bp −$37.4K

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	4.3537	−0.028%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3581	+0.073%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3517	−0.074%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.912%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3653	+0.239%	$2.4M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3570	+0.048%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3567	+0.041%	$267.1M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3526	−0.053%	$215.7M	$428.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3530	−0.044%	$61.8M	$293.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3412	−0.314%	$247K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3530	−0.044%	$32.2M	$61.2M	75x	as long as short
MEXC NEAR_USDTshort	+0.0100%	8h	4.3550	+0.002%	$73.2M	$145.3M	200x
KuCoin NEARUSDTM	+0.0100%	8h	4.3560	+0.025%	$54.0M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3525	−0.055%	$71.5M	$129.0M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3540	−0.021%	—	$145.9M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3637	+0.203%	$8.4M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3632	+0.191%	$255K	$951K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3676	+0.291%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3600	+0.117%	$168K	$798K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3587	+0.087%	$280K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3546	−0.007%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3660	+0.255%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3690	+0.324%	$474K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3550	+0.002%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3573	+0.056%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3558	+0.022%	$203K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3630	+0.186%	$13.6M	$32.4M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3619	+0.160%	$409K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0283%	8h	4.3581	+0.073%	$783K	$23.3M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0326% / S −0.0203%	1h	4.3514	−0.081%	$236K	—	100x	as long as short
Aster NEARUSDT	+0.0331%	8h	4.3570	+0.048%	$2.9M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0382%	1h	4.3519	−0.069%	$8K	$49K	10x	as long as short
01 Exchange NEARUSD	+0.0528%	1h	4.3651	+0.234%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0563%	1h	4.3573	+0.055%	$1.3M	$6.7M	20x	as long as short
Nado NEAR-PERP	+0.0567%	1h	4.3580	+0.071%	$1.8M	$3.2M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3640	+0.209%	$214K	$1.6M	10x	as long as short
Hyperliquid NEAR	+0.0641%	1h	4.3585	+0.083%	$357.4M	$317.7M	10x	as long as short
Extended NEAR-USD	+0.0648%	1h	4.3504	−0.103%	$3.8M	$20.0M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0708%	1h	4.3527	−0.050%	$7.6M	$39.4M	50x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0853%	1h	4.3549	long leg	$1.9M	$9.0M	25x
Lighter RH NEAR	+0.0904%	1h	4.3595	+0.106%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3543	−0.014%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1128%	1h	4.3595	+0.107%	$17.6M	$25.0M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3634	+0.196%	$686K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1549%	1h	4.3533	−0.037%	$5K	$12K	10x	as long as short