Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1367%/8h= −149.7% APRpaid last 24h −0.218%

Price spread now: Phemex against Lighter−0.124%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.801%−$80 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now −0.124%, 7d avg −0.165%

Together, before fees−0.884%+ Points / potential airdropLighter: Season 3 · farm board−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.040% dearer against Lighter than usual: you sell high and buy low (spread −0.124% now, against its 7-day average of −0.165%): +$4 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.801% in total) that is about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.801% in total (about -41.8% 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	Lighter NEAR	4.3394	0.1456	pay 0.0182% / 1h	44m 35s	$17.3M	$24.6M	15x
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 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 PhemexbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$287.16
Price spread: −0.124% → −0.165%: $4.02
Slippage, 4 orders: −$35.95
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$331.09
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Phemex: 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 Lighter live order book, 9 min ago	2.13 bp	6.3 bp −$6	26.3 bp −$263	75.4 bp −$7,545	doesn't fit
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

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	4.3023	−0.854%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3415	+0.048%	$2.2M	$13.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3256	−0.317%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3475	+0.187%	$521K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3409	+0.034%	$201K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.572%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0040%	8h	4.3438	+0.102%	$8.2M	$19.1M	—	as long as short
Phemex NEARUSDTshort	+0.0089%	8h	4.3340	−0.124%	$3.8M	$8.3M	50x
Popdex NEARUSDT	+0.0096%	1h	4.3130	−0.608%	$115K	$477K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3430	+0.083%	$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	4.3308	−0.199%	$409K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3160	−0.539%	$258.4M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3132	−0.604%	$219.5M	$418.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3120	−0.631%	$61.1M	$278.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3250	−0.332%	$205K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3300	−0.217%	$247K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3234	−0.369%	$31.1M	$60.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3260	−0.309%	$76.5M	$137.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3340	−0.124%	$55.7M	$42.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3057	−0.777%	$71.4M	$123.3M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3180	−0.493%	—	$142.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3320	−0.171%	$260K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3229	−0.380%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3310	−0.194%	$179K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3147	−0.569%	$223K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3480	+0.198%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3395	+0.002%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3460	+0.152%	$442K	$3.9M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3225	−0.390%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0102%	8h	4.3328	−0.151%	$3.0M	$5.8M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3149	−0.565%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3420	+0.060%	$202K	$34K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0218%	1h	4.3396	+0.004%	$7.7M	$39.6M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3220	−0.401%	$13.2M	$27.6M	75x	as long as short
Nado NEAR-PERP	+0.0356%	1h	4.3065	−0.758%	$1.9M	$3.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0359% / S −0.0277%	1h	4.3391	−0.006%	$260K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3173	−0.509%	$13K	$7K	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3172	−0.511%	$538K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3533	+0.320%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0760%	1h	4.3356	−0.088%	$1.6M	$6.9M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0764%	1h	4.3440	+0.106%	$1.9M	$4.1M	25x	as long as short
Hyperliquid NEAR	+0.0844%	1h	4.3383	−0.025%	$365.8M	$304.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0849%	1h	4.3435	+0.094%	$1.3M	$6.0M	20x	as long as short
Aftermath Perps NEARUSD	+0.1437%	1h	4.3308	−0.198%	$5K	$12K	10x	as long as short
Lighter NEARlong	+0.1456%	1h	4.3394	long leg	$17.3M	$24.6M	15x