Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0383%/8h= +42.0% APRpaid last 24h +0.207%

Price spread now: Backpack against Gate+0.349%7-day average +0.735% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 7 days−1.392%−$139 · spread now +0.349%, 7d avg +0.735%

Together, before fees−1.017%−$102 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.386% cheaper against Gate than usual: you would sell low and buy high (spread +0.349% now, against its 7-day average of +0.735%). If the spread goes back, that is −$39 on $10k: about 3.4 days of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.376% in total) that is about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NEAR_USDT	4.1245	0.0100	pay 0.0100% / 8h	1h 54m	$29.4M	$56.7M	75x
Short	Backpack NEAR_USDC_PERP	4.1389	0.0483	get 0.0060% / 1h	54m 30s	$1.3M	$5.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.349%Rate

Funding earned: $80.5
Price spread: +0.349% → +0.735%: −$38.57
Slippage, 4 orders: −$22.41
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.48
Costs to cover: 0.474%
Break-even: 7.5 days

Slippage from Gate: live order book, 4 min ago; Backpack: live order book, 5 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 Gate live order book, 4 min ago	2.90 bp	17.5 bp −$18	20.1 bp −$201	35.2 bp −$3,517	53.1 bp −$26.6K
Sell Backpack live order book, 5 min ago	0.24 bp	7.0 bp −$7	15.7 bp −$157	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	4.1215	−0.073%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.1339	+0.228%	$2.1M	$12.6M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	+0.400%	$578	$302K	12x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1226	−0.046%	$104K	$54K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1334	+0.216%	$422K	$18.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1281	+0.088%	$204K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0049%	1h	4.1384	+0.337%	$7.5M	$36.9M	50x	as long as short
01 Exchange NEARUSD	+0.0056%	1h	4.1227	−0.044%	$12K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1220	−0.061%	$110K	$492K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.1317	+0.175%	$53K	$157K	20x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1194	−0.123%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1258	+0.033%	$2.9M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.1236	−0.022%	$347K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1283	+0.092%	$235.4M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1280	+0.085%	$210.6M	$427.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1310	+0.158%	$56.2M	$275.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1220	−0.061%	$305K	$1.6M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1252	+0.017%	$235K	$6K	10x	as long as short
Gate NEAR_USDTlong	+0.0100%	8h	4.1245	long leg	$29.4M	$56.7M	75x
MEXC NEAR_USDT	+0.0100%	8h	4.1230	−0.036%	$80.8M	$140.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1230	−0.036%	$55.7M	$44.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1213	−0.078%	$68.5M	$126.5M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1260	+0.036%	—	$136.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1361	+0.282%	$7.7M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1392	+0.357%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1460	+0.521%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1490	+0.594%	$182K	$794K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1245	0.000%	$198K	$3.2M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1400	+0.376%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1345	+0.242%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1370	+0.303%	$3.8M	$8.2M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1208	−0.089%	$3.8M	$14.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1355	+0.267%	$199K	$62K	3x	as long as short
Lighter RH NEAR	+0.0128%	1h	4.1279	+0.082%	$1.4M	$6.9M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0137%	1h	4.1358	+0.274%	$1.8M	$2.1M	25x	as long as short
Lighter NEAR	+0.0192%	1h	4.1255	+0.025%	$15.2M	$22.4M	15x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1340	+0.230%	$12.2M	$33.5M	75x	as long as short
Hyperliquid NEAR	+0.0273%	1h	4.1271	+0.063%	$346.8M	$296.5M	10x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.1239	−0.016%	$409K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0378% / S −0.0327%	1h	4.1267	+0.052%	$277K	—	100x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0483%	1h	4.1389	+0.349%	$1.3M	$5.8M	20x
Phoenix NEAR	+0.0582%	1h	4.1533	+0.698%	$1.7M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0630%	1h	4.1213	−0.078%	$1.8M	$3.6M	10x	as long as short
Aftermath Perps NEARUSD	+0.0966%	1h	4.1366	+0.294%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1035%	8h	4.1460	+0.521%	$445K	$3.7M	75x	as long as short