Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.224%

Price spread now: Backpack against OKX−0.123%7-day average +0.839% · you buy dearer than you sell

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.393%+$39 on $10k

Price spread, last 7 days−0.708%−$71 · spread now −0.123%, 7d avg +0.839%

Together, before fees−0.315%−$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.962% cheaper against OKX than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.839%). If the spread goes back, that is −$96 on $10k: about 12 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NEAR-USDT-SWAP	4.3900	0.0100	pay 0.0100% / 8h	3h 59m	$62.8M	$294.9M	50x
Short	Backpack NEAR_USDC_PERP	4.3846	0.0366	get 0.0046% / 1h	59m 34s	$1.4M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now −0.123%Rate

Funding earned: $55.82
Price spread: −0.123% → +0.839%: −$96.18
Slippage, 4 orders: −$17.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$78.17
Costs to cover: 0.378%
Break-even: 16.8 days

Slippage from OKX: live order book, 5 min ago; Backpack: 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 OKX live order book, 5 min ago	1.14 bp	9.9 bp −$10	15.7 bp −$157	33.9 bp −$3,389	doesn't fit
Sell Backpack live order book, 5 min ago	1.25 bp	9.1 bp −$9	19.7 bp −$197	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	4.3888	−0.027%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.3818	−0.187%	$2.2M	$15.6M	50x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3851	−0.112%	$622K	$22.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3877	−0.052%	$164K	—	150x	as long as short
dYdX NEAR-USD	+0.0007%	1h	4.3861	−0.088%	$108K	$69K	10x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.672%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3940	+0.091%	$113K	$507K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3912	+0.027%	$417K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3970	+0.159%	$271.4M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3888	−0.027%	$221.4M	$422.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAPlong	+0.0100%	8h	4.3900	long leg	$62.8M	$294.9M	50x
Bulk NEAR-USD	+0.0100%	1h	4.3879	−0.049%	$250K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3945	+0.103%	$32.0M	$60.1M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3930	+0.068%	$76.2M	$142.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3960	+0.137%	$54.8M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3906	+0.014%	$72.1M	$129.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3960	+0.137%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3907	+0.017%	$8.5M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3951	+0.116%	$264K	$966K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3988	+0.202%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3990	+0.205%	$169K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3948	+0.109%	$244K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3858	−0.096%	$57K	$244K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3940	+0.091%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3940	+0.091%	$455K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3880	−0.046%	$3.8M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3928	+0.065%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3823	−0.175%	$204K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0215%	1h	4.3825	−0.171%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3900	0.000%	$13.9M	$32.6M	75x	as long as short
Aster NEARUSDT	+0.0311%	8h	4.3930	+0.067%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0191%	1h	4.3823	−0.175%	$233K	—	100x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0366%	1h	4.3846	−0.123%	$1.4M	$6.4M	20x
Nado NEAR-PERP	+0.0385%	1h	4.3903	+0.007%	$1.9M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0439%	1h	4.3975	+0.171%	$362.3M	$320.2M	10x	as long as short
01 Exchange NEARUSD	+0.0496%	1h	4.4016	+0.264%	$13K	$7K	10x	as long as short
Extended NEAR-USD	+0.0560%	1h	4.3934	+0.077%	$3.9M	$19.6M	25x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4000	+0.228%	$217K	$1.7M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0592%	1h	4.3836	−0.145%	$7.9M	$39.8M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0708%	1h	4.3866	−0.077%	$2.0M	$7.4M	25x	as long as short
Lighter RH NEAR	+0.0712%	1h	4.3954	+0.123%	$1.6M	$7.3M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4008	+0.246%	$1.8M	$2.7M	10x	as long as short
Lighter NEAR	+0.1040%	1h	4.3967	+0.151%	$17.7M	$24.8M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.4002	+0.233%	$602K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1603%	1h	4.3969	+0.156%	$5K	$12K	10x	as long as short