Funding you earn now, next payment 08:00 UTC+0.0029%/8h= +3.2% APRnext payment +$0.04 per $10,000 · paid last 24h +0.074%
Price spread now: Phoenix against Deribit−0.002%7-day average +0.096% · you buy dearer than you sell
Net, funding: paid 7d − costs+$1as in the Funding arb table
Net, price: spread back to 7d avg − costs−$46as in the Price arb table
costs, in and out, $10k−$360.361% of the position
Funding, last 7 days+0.370%+$37 on $10k
+Price spread, last 4 days (all we have)−0.251%−$25 · spread now −0.002%, 7d avg +0.096%
=Funding pays, the price is against you. Phoenix is 0.098% cheaper against Deribit than usual: you would sell low and buy high (spread −0.002% now, against its 7-day average of +0.096%). If the spread goes back, that is −$10 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.370% in total) that is about 45 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit NEAR_USDC-PERPETUAL | 4.3751 | 0.0711 | pay 0.0089% / 1h | 50m 25s | $1.9M | $13.1M | 25x |
| Short | Phoenix NEAR | 4.3750 | 0.0740 | get 0.0093% / 1h | 50m 25s | $1.8M | $2.4M | 10x |
Deribit NEAR_USDC-PERPETUAL
Phoenix NEARFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $6.16
- Price spread: −0.002% → +0.096%
- −$9.81
- Slippage, 4 orders
- −$22.06
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$39.71
- Costs to cover
- 0.361%
- Break-even
- 52.1 days
Slippage from Deribit: live order book, 4 min ago; Phoenix: live order book, 3 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, 4 min ago | 2.52 bp | 6.0 bp −$6 | 17.3 bp −$173 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 3 min ago | 0.91 bp | 11.8 bp −$12 | 26.9 bp −$269 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_NEARUSD | −0.0432% | 1h | 4.3692 | −0.135% | $7.3M | $38.6M | 50x | as long as short |
| Phemex NEARUSDT | −0.0192% | 8h | 4.3680 | −0.162% | $3.5M | $8.2M | 50x | as long as short |
| Reya NEARRUSDPERP | −0.0171% | 1h | 4.3505 | −0.562% | $2K | — | 20x | as long as short |
| dYdX NEAR-USD | 0.0000% | 1h | 4.3573 | −0.408% | $107K | $67K | 10x | as long as short |
| gTrade (Gains Network) NEAR/USD | L +0.0004% / S −0.0006% | 1h | 4.3694 | −0.130% | $164K | — | 150x | as long as short |
| Injective NEAR/USDC PERP | +0.0033% | 1h | 4.1410 | −5.351% | $578 | $301K | 12x | as long as short |
| Popdex NEARUSDT | +0.0096% | 1h | 4.3580 | −0.391% | $118K | $503K | 50x | as long as short |
| Hyperliquid NEAR | +0.0100% | 1h | 4.3557 | −0.443% | $350.9M | $316.7M | 10x | as long as short |
| Aster NEARUSDT | +0.0100% | 8h | 4.3545 | −0.470% | $2.7M | $4.8M | 50x | as long as short |
| Bybit NEARUSDT | +0.0100% | 8h | 4.3522 | −0.523% | $219.6M | $428.9M | 75x | as long as short |
Kraken Futures PF_NEARUSD
Phemex NEARUSDT
Reya NEARRUSDPERP
dYdX NEAR-USD
gTrade (Gains Network) NEAR/USD
Injective NEAR/USDC PERP
Popdex NEARUSDT
Hyperliquid NEAR
Aster NEARUSDT
Bybit NEARUSDTShow all 45 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX NEAR-USDT-SWAP | +0.0100% | 8h | 4.3520 | −0.528% | $61.4M | $295.5M | 50x | as long as short |
| Arcus NEAR-USD | +0.0100% | 1h | 4.3600 | −0.345% | $228K | $1.5M | 10x | as long as short |
| Bulk NEAR-USD | +0.0100% | 1h | 4.3688 | −0.144% | $252K | $3K | 10x | as long as short |
| Gate NEAR_USDT | +0.0100% | 8h | 4.3525 | −0.517% | $36.1M | $61.7M | 75x | as long as short |
| KuCoin NEARUSDTM | +0.0100% | 8h | 4.3540 | −0.482% | $52.8M | $45.9M | 75x | as long as short |
| Bitget NEARUSDT | +0.0100% | 8h | 4.3507 | −0.558% | $71.9M | $127.6M | 75x | as long as short |
| Variational Omni NEAR | +0.0100% | 8h | 4.3688 | −0.144% | $9.0M | $18.3M | — | as long as short |
| edgeX NEARUSDC | +0.0100% | 4h | 4.3651 | −0.228% | $253K | $894K | 20x | as long as short |
| GRVT NEAR_USDT_Perp | +0.0100% | 8h | 4.3670 | −0.184% | $1.4M | $1.6M | 10x | as long as short |
| ApeX Omni NEARUSDT | +0.0100% | 1h | 4.3660 | −0.208% | $166K | $816K | 50x | as long as short |
| Polymarket Perps NEAR-USD | +0.0100% | 1h | 4.3556 | −0.446% | $272K | $4.1M | 10x | as long as short |
| Orderly PERP_NEAR_USDC | +0.0100% | 8h | 4.3536 | −0.491% | $58K | $235K | 20x | as long as short |
| SunX NEAR-USDT | +0.0100% | 8h | 4.3770 | +0.043% | $2K | $1.3M | 20x | as long as short |
| SoDEX NEAR-USD | +0.0100% | 1h | 4.3705 | −0.105% | $5K | $50K | 10x | as long as short |
| Paradex NEAR-USD-PERP | +0.0101% | 8h | 4.3560 | −0.437% | $31K | $585 | 10x | as long as short |
| Extended NEAR-USD | +0.0104% | 1h | 4.3544 | −0.473% | $3.6M | $16.1M | 25x | as long as short |
| Aevo NEAR-PERP | +0.0112% | 1h | 4.3525 | −0.517% | $202K | $40K | 3x | as long as short |
| MEXC NEAR_USDT | +0.0126% | 8h | 4.3530 | −0.505% | $90.0M | $153.1M | 200x | as long as short |
| Binance NEARUSDT | +0.0126% | 8h | 4.3550 | −0.459% | $262.8M | $1.09B | 75x | as long as short |
| BingX NEAR-USDC | +0.0144% | 8h | 4.3530 | −0.505% | — | $6.7M | — | as long as short |
| Kalshi KXNEARPERP | +0.0155% | 8h | 4.3716 | −0.080% | $931K | $25.1M | 2.2x | as long as short |
| BloFin NEAR-USDT | +0.0246% | 8h | 4.3710 | −0.094% | $12.5M | $32.2M | 75x | as long as short |
| 01 Exchange NEARUSD | +0.0264% | 1h | 4.3606 | −0.331% | $13K | $7K | 10x | as long as short |
| Nado NEAR-PERP | +0.0332% | 1h | 4.3521 | −0.525% | $1.6M | $3.2M | 10x | as long as short |
| GMX NEAR/USD [ETH-USDC] | L +0.0346% / S −0.0247% | 1h | 4.3700 | −0.117% | $255K | — | 100x | as long as short |
| Lighter RH NEAR | +0.0376% | 1h | 4.3624 | −0.290% | $1.5M | $6.4M | 10x | as long as short |
| HTX NEAR-USDT | +0.0429% | 8h | 4.3820 | +0.158% | $463K | $3.8M | 75x | as long as short |
| Coinbase International NEAR-PERP-INTX | +0.0488% | 1h | 4.3687 | −0.146% | $2.3M | $17.0M | 50x | as long as short |
| Backpack NEAR_USDC_PERP | +0.0561% | 1h | 4.3694 | −0.130% | $1.1M | $7.2M | 20x | as long as short |
| Lighter NEAR | +0.0576% | 1h | 4.3631 | −0.275% | $17.2M | $23.8M | 15x | as long as short |
| RISEx NEAR/USDC | +0.0656% | 1h | 4.3588 | −0.372% | $591K | $1.5M | 10x | as long as short |
| Pacifica NEAR | +0.0701% | 1h | 4.3574 | −0.404% | $411K | $1.4M | 10x | as long as short |
| Deribit NEAR_USDC-PERPETUALlong | +0.0711% | 1h | 4.3751 | long leg | $1.9M | $13.1M | 25x | |
| Phoenix NEARshort | +0.0740% | 1h | 4.3750 | −0.002% | $1.8M | $2.4M | 10x | |
| Aftermath Perps NEARUSD | +0.1100% | 1h | 4.3690 | −0.139% | $5K | $7K | 10x | as long as short |
OKX NEAR-USDT-SWAP
Arcus NEAR-USD
Bulk NEAR-USD
Gate NEAR_USDT
KuCoin NEARUSDTM
Bitget NEARUSDT
Variational Omni NEAR
edgeX NEARUSDC
GRVT NEAR_USDT_Perp
ApeX Omni NEARUSDT
Polymarket Perps NEAR-USD
Orderly PERP_NEAR_USDC
SunX NEAR-USDT
SoDEX NEAR-USD
Paradex NEAR-USD-PERP
Extended NEAR-USD
Aevo NEAR-PERP
MEXC NEAR_USDT
Binance NEARUSDT
BingX NEAR-USDC
Kalshi KXNEARPERP
BloFin NEAR-USDT
01 Exchange NEARUSD
Nado NEAR-PERP
GMX NEAR/USD [ETH-USDC]
Lighter RH NEAR
HTX NEAR-USDT
Coinbase International NEAR-PERP-INTX
Backpack NEAR_USDC_PERP
Lighter NEAR
RISEx NEAR/USDC
Pacifica NEAR
Aftermath Perps NEARUSD