Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0508%/8h= −55.6% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Extended+0.976%7-day average +0.065% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days−1.058%−$106 · spread now +0.976%, 7d avg +0.065%

Together, before fees−1.068%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$107 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.911% dearer against Extended than usual: you sell high and buy low (spread +0.976% now, against its 7-day average of +0.065%): +$91 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 6.0 days. At the pace of the last 4 days (−0.010% in total) that is about 10 months.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.010% in total (about -1.1% 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	4.3483	0.0608	pay 0.0076% / 1h	57m 11s	$3.9M	$19.6M	25x
Short	Variational Omni NEAR	4.3907	0.0100	get 0.0100% / 8h	3h 57m	$8.5M	$18.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.976%Rate

Funding earned: −$106.68
Price spread: +0.976% → +0.065%: $91.09
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$20.59
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 2 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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, 2 min ago	0.46 bp	4.5 bp −$5	8.7 bp −$87	615.5 bp −$61.6K	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.85 bp	doesn't fit	11.6 bp −$116	36.4 bp −$3,644	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	4.3654	+0.393%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3709	+0.519%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3579	+0.221%	$651K	$22.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3641	+0.363%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.767%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3520	+0.086%	$2.3M	$15.6M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3670	+0.430%	$112K	$498K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3606	+0.284%	$269.2M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3550	+0.154%	$220.1M	$423.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3550	+0.154%	$62.0M	$292.9M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk NEAR-USD	+0.0100%	1h	4.3879	+0.910%	$250K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3552	+0.159%	$31.8M	$60.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3610	+0.292%	$75.2M	$143.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3600	+0.269%	$54.3M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3539	+0.129%	$71.6M	$129.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3560	+0.177%	—	$146.3M	—	as long as short
Variational Omni NEARshort	+0.0100%	8h	4.3907	+0.976%	$8.5M	$18.0M	—
edgeX NEARUSDC	+0.0100%	4h	4.3935	+1.040%	$264K	$939K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3900	+0.959%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3920	+1.005%	$169K	$800K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3682	+0.458%	$244K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3544	+0.141%	$56K	$244K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3580	+0.223%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3760	+0.637%	$453K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3600	+0.269%	$3.7M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3697	+0.492%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3504	+0.048%	$202K	$40K	3x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0164%	1h	4.3508	+0.058%	$1.9M	$7.4M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3570	+0.200%	$13.7M	$32.2M	75x	as long as short
SoDEX NEAR-USD	+0.0230%	1h	4.3513	+0.069%	$8K	$52K	10x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3745	+0.604%	$416K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0312%	8h	4.3682	+0.457%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0319% / S −0.0191%	1h	4.3609	+0.290%	$232K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0463%	1h	4.3569	+0.198%	$1.3M	$6.4M	20x	as long as short
Hyperliquid NEAR	+0.0536%	1h	4.3618	+0.311%	$359.3M	$320.6M	10x	as long as short
01 Exchange NEARUSD	+0.0584%	1h	4.3743	+0.598%	$13K	$7K	10x	as long as short
Extended NEAR-USDlong	+0.0608%	1h	4.3483	long leg	$3.9M	$19.6M	25x
Arcus NEAR-USD	+0.0627%	1h	4.3720	+0.545%	$215K	$1.6M	10x	as long as short
Nado NEAR-PERP	+0.0667%	1h	4.3669	+0.429%	$1.9M	$3.1M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0709%	1h	4.3489	+0.014%	$7.8M	$39.7M	50x	as long as short
Phoenix NEAR	+0.0794%	1h	4.3982	+1.148%	$1.8M	$2.8M	10x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.3573	+0.207%	$1.6M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3727	+0.562%	$600K	$1.4M	10x	as long as short
Lighter NEAR	+0.1368%	1h	4.3635	+0.350%	$17.6M	$24.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1633%	1h	4.3862	+0.871%	$5K	$12K	10x	as long as short