Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.091%

Price spread now: Phemex against Nado−0.138%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

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

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 4 days (all we have)+0.572%+$57 · spread now −0.138%, 7d avg +0.020%

Together, before fees+0.475%+ Points / potential airdropNado: Active · farm board+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.158% cheaper against Nado than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.097% in total (about -10.4% 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	Nado NEAR-PERP	4.3460	0.0576	pay 0.0072% / 1h	23m 35s	$1.8M	$3.1M	10x
Short	Phemex NEARUSDT	4.3400	0.0100	get 0.0100% / 8h	3h 23m	$3.7M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$99.91
Price spread: −0.138% → +0.020%: −$15.8
Slippage, 4 orders: −$28.98
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$163.69
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Nado: live order book, 5 min ago; Phemex: live order book, 5 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 Nado live order book, 5 min ago	0.80 bp	7.2 bp −$7	17.4 bp −$174	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.15 bp	14.0 bp −$14	42.2 bp −$422	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	4.3438	−0.051%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3298	−0.372%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3348	−0.257%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.717%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3423	−0.085%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3240	−0.506%	$109K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3312	−0.340%	$265.4M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3270	−0.437%	$214.4M	$428.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3260	−0.460%	$61.4M	$290.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.483%	$246K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3298	−0.373%	$32.1M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3320	−0.322%	$73.0M	$145.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3320	−0.322%	$53.6M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3252	−0.479%	$71.4M	$128.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3280	−0.414%	—	$145.8M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3627	+0.384%	$8.4M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3622	+0.372%	$255K	$947K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3589	+0.298%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3640	+0.414%	$168K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3483	+0.053%	$279K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3383	−0.177%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3570	+0.253%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	+0.138%	$472K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3400	−0.138%	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3306	−0.355%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3395	−0.150%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3540	+0.184%	$13.5M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3338	−0.280%	$407K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0285%	8h	4.3439	−0.048%	$780K	$23.3M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0199%	1h	4.3348	−0.258%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0333%	8h	4.3350	−0.254%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0379%	1h	4.3350	−0.253%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0528%	1h	4.3235	−0.518%	$13K	$7K	10x	as long as short
Nado NEAR-PERPlong	+0.0576%	1h	4.3460	long leg	$1.8M	$3.1M	10x
Backpack NEAR_USDC_PERP	+0.0578%	1h	4.3419	−0.094%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0619%	1h	4.3358	−0.235%	$355.1M	$313.6M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3280	−0.414%	$212K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0640%	1h	4.3236	−0.516%	$3.8M	$20.0M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.3356	−0.240%	$7.6M	$39.3M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0811%	1h	4.3390	−0.161%	$1.9M	$9.0M	25x	as long as short
Lighter RH NEAR	+0.0904%	1h	4.3390	−0.161%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3721	+0.601%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1112%	1h	4.3387	−0.168%	$17.5M	$25.0M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3248	−0.489%	$686K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1554%	1h	4.3501	+0.094%	$5K	$13K	10x	as long as short