NEAR

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1617%/8h= −177.0% APRnext payment −$2.02 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against Lighter−0.115%7-day average +0.643% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.352%−$35 on $10k

Price spread, last 7 days−1.026%−$103 · spread now −0.115%, 7d avg +0.643%

Together, before fees−1.378%+ Points / potential airdropLighter: Season 3 · farm board−$138 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Backpack is 0.758% cheaper against Lighter than usual: you would sell low and buy high (−$76 if the spread goes back to its 7-day average of +0.643%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.352% in total (about -18.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.02 per $10,000. 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	Lighter NEAR	4.2869	0.2056	pay 0.0257% / 1h	38m 34s	$17.1M	$24.0M	15x
Short	Backpack NEAR_USDC_PERP	4.2819	0.0439	get 0.0055% / 1h	38m 34s	$1.3M	$5.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$339.5
Price spread: −0.115% → +0.643%: −$75.82
Slippage, 4 orders: −$11.19
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$436.51
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 1 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 Lighter live order book, 5 min ago	1.84 bp	3.8 bp −$4	31.4 bp −$314	83.3 bp −$8,329	doesn't fit
Sell Backpack live order book, 1 min ago	1.52 bp	7.1 bp −$7	14.8 bp −$148	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	4.2611	−0.600%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.2798	−0.165%	$7.5M	$37.0M	50x	as long as short
Gate NEAR_USDT	−0.0129%	8h	4.2699	−0.395%	$30.8M	$59.0M	75x	as long as short
Bybit NEARUSDT	−0.0128%	8h	4.2614	−0.594%	$217.0M	$417.0M	75x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2770	−0.230%	$2.2M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0024%	1h	4.2655	−0.498%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2726	−0.332%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2714	−0.360%	$430K	$18.5M	2.2x	as long as short
Variational Omni NEAR	+0.0002%	8h	4.2588	−0.653%	$7.9M	$18.7M	—	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2832	−0.086%	$203K	—	150x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.402%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2650	−0.510%	$111K	$481K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2736	−0.310%	$31K	$647	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2813	−0.129%	$57K	$193K	20x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2775	−0.217%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2726	−0.333%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2663	−0.479%	$253.7M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2620	−0.580%	$60.7M	$277.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	−0.393%	$196K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2709	−0.371%	$243K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2700	−0.393%	$78.4M	$139.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2770	−0.230%	$56.0M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2642	−0.528%	$70.8M	$124.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2680	−0.440%	—	$141.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2724	−0.337%	$275K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2740	−0.300%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2650	−0.510%	$178K	$790K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2640	−0.533%	$191K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2860	−0.020%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2779	−0.209%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2880	+0.027%	$455K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2790	−0.183%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2708	−0.375%	$3.8M	$17.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2779	−0.208%	$199K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0197%	1h	4.2786	−0.192%	$362.6M	$300.2M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2790	−0.183%	$13.2M	$28.9M	75x	as long as short
Lighter RH NEAR	+0.0312%	1h	4.2765	−0.241%	$1.6M	$6.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0373% / S −0.0308%	1h	4.2836	−0.076%	$273K	—	100x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0404%	1h	4.2839	−0.069%	$1.9M	$3.2M	25x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2704	−0.383%	$404K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0439%	1h	4.2819	−0.115%	$1.3M	$5.7M	20x
Phoenix NEAR	+0.0499%	1h	4.2790	−0.183%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0510%	1h	4.2608	−0.608%	$1.9M	$3.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1272%	1h	4.2837	−0.073%	$5K	$12K	10x	as long as short
Lighter NEARlong	+0.2056%	1h	4.2869	long leg	$17.1M	$24.0M	15x