Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0363%/8h= +39.8% APRpaid last 24h +0.224%

Price spread now: Backpack against MEXC−0.094%7-day average +0.770% · you buy dearer than you sell

Net, funding: paid 7d − costs+$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.421%+$42 on $10k

Price spread, last 7 days−0.799%−$80 · spread now −0.094%, 7d avg +0.770%

Together, before fees−0.378%−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.864% cheaper against MEXC than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of +0.770%). If the spread goes back, that is −$86 on $10k: about 7.9 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NEAR_USDT	4.3610	0.0100	pay 0.0100% / 8h	3h 57m	$75.2M	$143.0M	200x
Short	Backpack NEAR_USDC_PERP	4.3569	0.0463	get 0.0058% / 1h	57m 12s	$1.3M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.094%Rate

Funding earned: $76.31
Price spread: −0.094% → +0.770%: −$86.36
Slippage, 4 orders: −$8.1
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.15
Costs to cover: 0.181%
Break-even: 9.6 days

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 2 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 MEXC live order book, 2 min ago	1.14 bp	2.5 bp −$3	5.6 bp −$56	46.9 bp −$4,688	88.6 bp −$44.3K
Sell Backpack live order book, 2 min ago	1.03 bp	8.4 bp −$8	18.6 bp −$186	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	4.3654	+0.100%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3709	+0.226%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3579	−0.071%	$651K	$22.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3641	+0.070%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.045%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3520	−0.206%	$2.3M	$15.6M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3670	+0.138%	$112K	$498K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3606	−0.008%	$269.2M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3550	−0.138%	$220.1M	$423.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3550	−0.138%	$62.0M	$292.9M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk NEAR-USD	+0.0100%	1h	4.3879	+0.616%	$250K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3552	−0.133%	$31.8M	$60.2M	75x	as long as short
MEXC NEAR_USDTlong	+0.0100%	8h	4.3610	long leg	$75.2M	$143.0M	200x
KuCoin NEARUSDTM	+0.0100%	8h	4.3600	−0.023%	$54.3M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3539	−0.163%	$71.6M	$129.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3560	−0.115%	—	$146.3M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3907	+0.682%	$8.5M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3935	+0.746%	$264K	$939K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3900	+0.665%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3920	+0.711%	$169K	$800K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3682	+0.165%	$244K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3544	−0.151%	$56K	$244K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3580	−0.069%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3760	+0.344%	$453K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3600	−0.023%	$3.7M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3697	+0.199%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3504	−0.244%	$202K	$40K	3x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0164%	1h	4.3508	−0.234%	$1.9M	$7.4M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3570	−0.092%	$13.7M	$32.2M	75x	as long as short
SoDEX NEAR-USD	+0.0230%	1h	4.3513	−0.222%	$8K	$52K	10x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3745	+0.310%	$416K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0312%	8h	4.3682	+0.164%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0319% / S −0.0191%	1h	4.3609	−0.003%	$232K	—	100x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0463%	1h	4.3569	−0.094%	$1.3M	$6.4M	20x
Hyperliquid NEAR	+0.0536%	1h	4.3618	+0.018%	$359.3M	$320.6M	10x	as long as short
01 Exchange NEARUSD	+0.0584%	1h	4.3743	+0.305%	$13K	$7K	10x	as long as short
Extended NEAR-USD	+0.0608%	1h	4.3483	−0.292%	$3.9M	$19.6M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3720	+0.252%	$215K	$1.6M	10x	as long as short
Nado NEAR-PERP	+0.0667%	1h	4.3669	+0.136%	$1.9M	$3.1M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0709%	1h	4.3489	−0.278%	$7.8M	$39.7M	50x	as long as short
Phoenix NEAR	+0.0794%	1h	4.3982	+0.853%	$1.8M	$2.8M	10x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.3573	−0.085%	$1.6M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3727	+0.269%	$600K	$1.4M	10x	as long as short
Lighter NEAR	+0.1368%	1h	4.3635	+0.057%	$17.6M	$24.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1633%	1h	4.3862	+0.577%	$5K	$12K	10x	as long as short