Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0498%/8h= +54.5% APRpaid last 24h +0.211%

Price spread now: Backpack against edgeX+0.293%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.352%+$35 on $10k

Price spread, last 3 days (all we have)−0.432%−$43 · spread now +0.293%, 7d avg +0.063%

Together, before fees−0.080%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.230% dearer against edgeX than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX NEARUSDC	4.3096	0.0100	pay 0.0050% / 4h	56m 44s	$269K	$1.2M	20x
Short	Backpack NEAR_USDC_PERP	4.3222	0.0598	get 0.0075% / 1h	56m 44s	$1.3M	$5.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.293%Rate

Funding earned: $104.53
Price spread: +0.293% → +0.063%: $23.02
Slippage, 4 orders: −$20.63
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $87.92
Costs to cover: 0.396%
Break-even: 1.1 days

Slippage from edgeX: live order book, 2 min ago; Backpack: live order book, 2 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 edgeX live order book, 2 min ago	6.95 bp	12.1 bp −$12	29.7 bp −$297	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.28 bp	6.9 bp −$7	16.1 bp −$161	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	4.3202	+0.246%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.3191	+0.221%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3156	+0.140%	$112K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3218	+0.284%	$413K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3193	+0.225%	$208K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.912%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3230	+0.312%	$107K	$494K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3226	+0.303%	$31K	$647	10x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3174	+0.182%	$405K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3150	+0.125%	$252.5M	$1.07B	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	4.3101	+0.012%	$222.2M	$420.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3130	+0.080%	$61.4M	$287.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3230	+0.312%	$199K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3063	−0.076%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3173	+0.179%	$30.6M	$58.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3160	+0.149%	$82.2M	$138.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3180	+0.196%	$56.6M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3173	+0.179%	$71.9M	$126.2M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3160	+0.149%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3069	−0.062%	$8.0M	$17.9M	—	as long as short
edgeX NEARUSDClong	+0.0100%	4h	4.3096	long leg	$269K	$1.2M	20x
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3088	−0.018%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3140	+0.103%	$180K	$789K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3252	+0.363%	$215K	$3.3M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3157	+0.142%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3220	+0.288%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3173	+0.179%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3190	+0.219%	$4.0M	$8.1M	50x	as long as short
Aster NEARUSDT	+0.0104%	8h	4.3220	+0.288%	$3.1M	$5.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3148	+0.121%	$4.0M	$14.8M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3175	+0.185%	$208K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0117%	1h	4.3203	+0.249%	$7.6M	$36.8M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3210	+0.265%	$12.9M	$32.6M	75x	as long as short
Lighter RH NEAR	+0.0224%	1h	4.3248	+0.353%	$1.5M	$7.0M	10x	as long as short
01 Exchange NEARUSD	+0.0256%	1h	4.3275	+0.416%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0392% / S −0.0343%	1h	4.3202	+0.246%	$293K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.3253	+0.365%	$417K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0542%	1h	4.3220	+0.288%	$1.8M	$2.7M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0598%	1h	4.3222	+0.293%	$1.3M	$5.6M	20x
Deribit NEAR_USDC-PERPETUAL	+0.0653%	1h	4.3223	+0.295%	$1.9M	$2.3M	25x	as long as short
Nado NEAR-PERP	+0.0680%	1h	4.3209	+0.264%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0915%	8h	4.3340	+0.567%	$462K	$3.6M	75x	as long as short
Aftermath Perps NEARUSD	+0.1110%	1h	4.3048	−0.110%	$5K	$11K	10x	as long as short
Hyperliquid NEAR	+0.1570%	1h	4.3281	+0.430%	$373.8M	$299.6M	10x	as long as short
Lighter NEAR	+0.1992%	1h	4.3290	+0.451%	$16.6M	$23.5M	15x	as long as short