Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0442%/8h= +48.4% APRpaid last 24h +0.160%

Price spread now: Phoenix against Gate−0.304%47s7-day average +0.213% · you buy dearer than you sell

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.547% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.728%+$73 on $10k

Price spread, last 7 days+0.475%+$47 · spread now −0.304%, 7d avg +0.213%

Together, before fees+1.202%+$120 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.517% cheaper against Gate than usual: you would sell low and buy high (spread −0.304% now, against its 7-day average of +0.213%). If the spread goes back, that is −$52 on $10k: about 3.9 days of funding at the current rate (+$13 a day). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NEAR_USDT	4.3352	0.0100	pay 0.0100% / 8h	54m 37s	$30.7M	$58.4M	75x
Short	Phoenix NEAR	4.3220	0.0542	get 0.0068% / 1h	54m 37s	$1.8M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.304%Rate

Funding earned: $92.91
Price spread: −0.304% → +0.213%: −$51.73
Slippage, 4 orders: −$32.68
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.49
Costs to cover: 0.547%
Break-even: 8.0 days

Slippage from Gate: live order book, 4 min ago; Phoenix: 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 Gate live order book, 4 min ago	3.01 bp	11.8 bp −$12	16.2 bp −$162	31.9 bp −$3,185	51.2 bp −$25.6K
Sell Phoenix live order book, 4 min ago	0.93 bp	11.9 bp −$12	20.4 bp −$204	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	4.3272	−0.184%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.3220	−0.304%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3314	−0.087%	$112K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3243	−0.251%	$413K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3290	−0.143%	$209K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.480%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3320	−0.074%	$108K	$495K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3330	−0.052%	$31K	$647	10x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3323	−0.066%	$407K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3337	−0.035%	$255.7M	$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	4.3302	−0.115%	$223.4M	$421.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3310	−0.097%	$61.8M	$288.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3340	−0.028%	$199K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3063	−0.667%	$245K	$2K	10x	as long as short
Gate NEAR_USDTlong	+0.0100%	8h	4.3352	long leg	$30.7M	$58.4M	75x
MEXC NEAR_USDT	+0.0100%	8h	4.3320	−0.074%	$81.5M	$139.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3320	−0.074%	$56.8M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3358	+0.014%	$72.2M	$126.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3340	−0.028%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3159	−0.445%	$8.1M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3192	−0.368%	$270K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3177	−0.404%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3230	−0.281%	$181K	$789K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3317	−0.081%	$216K	$3.3M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3299	−0.122%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3340	−0.028%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3289	−0.145%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3250	−0.235%	$4.0M	$8.1M	50x	as long as short
Aster NEARUSDT	+0.0103%	8h	4.3336	−0.037%	$3.1M	$5.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3338	−0.032%	$4.3M	$15.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3282	−0.162%	$208K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0117%	1h	4.3289	−0.145%	$7.6M	$36.7M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3260	−0.212%	$13.0M	$32.7M	75x	as long as short
01 Exchange NEARUSD	+0.0256%	1h	4.3381	+0.067%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0392% / S −0.0343%	1h	4.3290	−0.143%	$294K	—	100x	as long as short
Lighter RH NEAR	+0.0392%	1h	4.3341	−0.025%	$1.6M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.3370	+0.041%	$418K	$1.2M	10x	as long as short
Phoenix NEARshort	+0.0542%	1h	4.3220	−0.304%	$1.8M	$2.7M	10x
Deribit NEAR_USDC-PERPETUAL	+0.0582%	1h	4.3330	−0.051%	$1.9M	$2.3M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0592%	1h	4.3379	+0.062%	$1.3M	$5.6M	20x	as long as short
Nado NEAR-PERP	+0.0680%	1h	4.3330	−0.051%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0910%	8h	4.3420	+0.157%	$463K	$3.6M	75x	as long as short
Aftermath Perps NEARUSD	+0.1144%	1h	4.3134	−0.503%	$5K	$11K	10x	as long as short
Hyperliquid NEAR	+0.1516%	1h	4.3405	+0.122%	$375.1M	$295.4M	10x	as long as short
Lighter NEAR	+0.2112%	1h	4.3427	+0.173%	$16.7M	$23.5M	15x	as long as short