Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0271%/8h= −29.6% APRpaid last 24h −0.077%

Price spread now: Phemex against GMX−0.118%7-day average +0.018% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.210%−$21 on $10k

Price spread, last 3 days (all we have)+0.121%+$12 · spread now −0.118%, 7d avg +0.018%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.136% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NEAR/USD [ETH-USDC]	4.3391	L +0.0359% / S −0.0277%	pay 0.0045% / 1h	44m 50s	$260K	—	100x
Short	Phemex NEARUSDT	4.3340	0.0089	get 0.0089% / 8h	6h 44m	$3.8M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$56.81
Price spread: −0.118% → +0.018%: −$13.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$94.4
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	5.77 bp	22.2 bp −$22	46.2 bp −$462	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4.3350	−0.096%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3415	+0.055%	$2.2M	$13.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3451	+0.138%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3475	+0.193%	$521K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3409	+0.040%	$201K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.566%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0040%	8h	4.3438	+0.108%	$8.2M	$19.1M	—	as long as short
Phemex NEARUSDTshort	+0.0089%	8h	4.3340	−0.118%	$3.8M	$8.3M	50x
Popdex NEARUSDT	+0.0096%	1h	4.3420	+0.066%	$116K	$477K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3430	+0.089%	$58K	$161K	20x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NEAR	+0.0100%	1h	4.3485	+0.215%	$411K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3315	−0.176%	$259.3M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3300	−0.210%	$220.2M	$419.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3310	−0.187%	$61.2M	$280.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3500	+0.251%	$206K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3300	−0.210%	$247K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3281	−0.254%	$31.1M	$60.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3270	−0.279%	$76.6M	$137.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3310	−0.187%	$55.7M	$42.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3202	−0.436%	$71.6M	$123.4M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3300	−0.210%	—	$142.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3320	−0.165%	$260K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3229	−0.374%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3310	−0.187%	$179K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3434	+0.098%	$206K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3480	+0.205%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3395	+0.009%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3460	+0.158%	$442K	$3.9M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3454	+0.144%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0103%	8h	4.3395	+0.008%	$3.0M	$5.8M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3214	−0.409%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3420	+0.066%	$202K	$34K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0218%	1h	4.3396	+0.010%	$7.7M	$39.6M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3220	−0.395%	$13.2M	$27.6M	75x	as long as short
Nado NEAR-PERP	+0.0334%	1h	4.3356	−0.081%	$1.9M	$3.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]long	L +0.0359% / S −0.0277%	1h	4.3391	long leg	$260K	—	100x
01 Exchange NEARUSD	+0.0384%	1h	4.3479	+0.202%	$13K	$7K	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3463	+0.165%	$541K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3533	+0.327%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0760%	1h	4.3423	+0.073%	$1.6M	$6.9M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0764%	1h	4.3440	+0.112%	$1.9M	$4.1M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0849%	1h	4.3435	+0.101%	$1.3M	$6.0M	20x	as long as short
Hyperliquid NEAR	+0.0871%	1h	4.3466	+0.172%	$368.5M	$303.4M	10x	as long as short
Lighter NEAR	+0.1432%	1h	4.3482	+0.210%	$17.3M	$24.6M	15x	as long as short
Aftermath Perps NEARUSD	+0.1437%	1h	4.3308	−0.192%	$5K	$12K	10x	as long as short