Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h −0.011%

Price spread now: Phemex against Extended+0.423%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.423%, 7d avg +0.059%

Together, before fees−0.162%+ Points / potential airdropExtended: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.364% dearer against Extended than usual: you sell high and buy low (spread +0.423% now, against its 7-day average of +0.059%): +$36 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.057% in total) that is about 44 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% 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	Extended NEAR-USD	4.2938	0.0536	pay 0.0067% / 1h	34m 34s	$3.7M	$19.8M	25x
Short	Phemex NEARUSDT	4.3120	0.0100	get 0.0100% / 8h	2h 34m	$3.6M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.423%Rate

Funding earned: −$91.56
Price spread: +0.423% → +0.059%: $36.42
Slippage, 4 orders: −$22.24
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$94.38
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Extended: live order book, 5 min ago; Phemex: live order book, 4 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 Extended live order book, 5 min ago	0.58 bp	5.5 bp −$5	10.7 bp −$107	638.9 bp −$63.9K	doesn't fit
Sell Phemex live order book, 4 min ago	1.17 bp	14.5 bp −$15	48.8 bp −$488	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	4.3095	+0.365%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2971	+0.076%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3077	+0.323%	$161K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.559%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3000	+0.144%	$113K	$500K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3021	+0.192%	$262.9M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2983	+0.104%	$213.8M	$420.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3000	+0.144%	$60.5M	$285.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2850	−0.206%	$244K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2947	+0.020%	$32.3M	$59.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.2980	+0.097%	$74.7M	$143.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2990	+0.120%	$51.9M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2945	+0.015%	$70.9M	$127.2M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2980	+0.097%	—	$143.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2998	+0.140%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2986	+0.112%	$251K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2990	+0.120%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3133	+0.453%	$263K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3129	+0.444%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3190	+0.586%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3200	+0.609%	$464K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3120	+0.423%	$3.6M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.2959	+0.049%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3140	+0.470%	$201K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3140	+0.470%	$13.3M	$31.8M	75x	as long as short
Kalshi KXNEARPERP	+0.0250%	8h	4.3101	+0.379%	$858K	$24.5M	2.2x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3140	+0.470%	$2.3M	$15.9M	50x	as long as short
ApeX Omni NEARUSDT	+0.0281%	1h	4.2980	+0.097%	$165K	$794K	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0311% / S −0.0198%	1h	4.3076	+0.322%	$233K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.3000	+0.144%	$2.8M	$5.3M	50x	as long as short
Nado NEAR-PERP	+0.0356%	1h	4.2963	+0.057%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USDlong	+0.0536%	1h	4.2938	long leg	$3.7M	$19.8M	25x
SoDEX NEAR-USD	+0.0604%	1h	4.3105	+0.388%	$6K	$53K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0660%	1h	4.3120	+0.423%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0705%	1h	4.3029	+0.211%	$351.6M	$310.0M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0734%	1h	4.3110	+0.400%	$7.5M	$38.7M	50x	as long as short
01 Exchange NEARUSD	+0.0752%	1h	4.3067	+0.300%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3020	+0.190%	$216K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.2988	+0.115%	$394K	$1.3M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.3043	+0.243%	$16.8M	$25.1M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.3144	+0.479%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1104%	1h	4.3042	+0.241%	$1.5M	$7.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1143%	1h	4.3140	+0.470%	$2.0M	$11.0M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3008	+0.162%	$691K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1397%	1h	4.2915	−0.054%	$5K	$12K	10x	as long as short