Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.050%

Price spread now: Phemex against Deribit−0.155%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.155%, 7d avg −0.060%

Together, before fees−0.369%−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.096% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NEAR_USDC-PERPETUAL	4.5671	0.0407	pay 0.0051% / 1h	12m 42s	$2.0M	$4.5M	25x
Short	Phemex NEARUSDT	4.5600	0.0080	get 0.0080% / 8h	5h 12m	$3.9M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$68.75
Price spread: −0.155% → −0.060%: −$9.55
Slippage, 4 orders: −$54.65
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$151.95
Costs to cover: 0.736%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 1 min ago	5.03 bp	10.7 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	5.47 bp	27.4 bp −$27	76.3 bp −$763	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	4.5701	+0.066%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.5669	−0.004%	$2.2M	$15.7M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.5642	−0.063%	$113K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.5681	+0.022%	$482K	$21.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5663	−0.019%	$170K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−9.330%	$578	$302K	12x	as long as short
Phemex NEARUSDTshort	+0.0080%	8h	4.5600	−0.155%	$3.9M	$8.3M	50x
Popdex NEARUSDT	+0.0096%	1h	4.5740	+0.151%	$115K	$511K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.5659	−0.026%	$435K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5680	+0.020%	$279.8M	$1.11B	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.5620	−0.112%	$228.5M	$425.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.5600	−0.155%	$65.8M	$309.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5467	−0.448%	$259K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5640	−0.068%	$33.2M	$64.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5650	−0.046%	$78.9M	$147.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5630	−0.090%	$56.1M	$45.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5614	−0.125%	$75.1M	$129.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.5610	−0.134%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.5466	−0.449%	$8.8M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.5651	−0.044%	$274K	$989K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5626	−0.100%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5600	−0.155%	$175K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5760	+0.195%	$212K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5658	−0.028%	$58K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5770	+0.217%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5625	−0.101%	$9K	$54K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5760	+0.195%	$474K	$4.1M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.5605	−0.145%	$33K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5789	+0.259%	$213K	$40K	3x	as long as short
Extended NEAR-USD	+0.0112%	1h	4.5589	−0.179%	$4.3M	$19.2M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5670	−0.002%	$13.8M	$34.1M	75x	as long as short
Aster NEARUSDT	+0.0306%	8h	4.5688	+0.037%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0363% / S −0.0249%	1h	4.5662	−0.020%	$276K	—	100x	as long as short
Nado NEAR-PERP	+0.0378%	1h	4.5720	+0.107%	$2.0M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.5788	+0.256%	$13K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0407%	1h	4.5671	long leg	$2.0M	$4.5M	25x
Arcus NEAR-USD	+0.0410%	1h	4.5680	+0.020%	$221K	$1.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0597%	1h	4.5666	−0.011%	$1.4M	$6.7M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0675%	1h	4.5663	−0.017%	$8.5M	$41.3M	50x	as long as short
Lighter RH NEAR	+0.0720%	1h	4.5718	+0.103%	$1.6M	$7.1M	10x	as long as short
Hyperliquid NEAR	+0.0821%	1h	4.5745	+0.162%	$383.6M	$321.0M	10x	as long as short
Phoenix NEAR	+0.0855%	1h	4.5923	+0.552%	$1.9M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.5639	−0.071%	$576K	$1.4M	10x	as long as short
Lighter NEAR	+0.1208%	1h	4.5754	+0.181%	$18.3M	$26.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1583%	1h	4.5505	−0.364%	$6K	$12K	10x	as long as short