Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0492%/8h= +53.9% APRpaid last 24h +0.211%

Price spread now: Backpack against Orderly+0.185%7-day average +0.069% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 3 days (all we have)−0.384%−$38 · spread now +0.185%, 7d avg +0.069%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.115% dearer against Orderly than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NEAR_USDC	4.3299	0.0100	pay 0.0100% / 8h	55m 07s	$57K	$194K	20x
Short	Backpack NEAR_USDC_PERP	4.3379	0.0592	get 0.0074% / 1h	55m 07s	$1.3M	$5.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.185%Rate

Funding earned: $103.38
Price spread: +0.185% → +0.069%: $11.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $98.91
Costs to cover: 0.160%
Break-even: 0.3 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 4 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 4 min ago	1.28 bp	6.9 bp −$7	16.1 bp −$161	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4.3272	−0.061%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.3220	−0.182%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3250	−0.114%	$112K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3243	−0.129%	$413K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3290	−0.021%	$209K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.363%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3290	−0.021%	$108K	$495K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3269	−0.070%	$31K	$647	10x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3258	−0.094%	$406K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3346	+0.109%	$255.8M	$1.07B	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.3330	+0.072%	$223.7M	$420.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3300	+0.002%	$61.7M	$288.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3280	−0.044%	$199K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3063	−0.546%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3329	+0.069%	$30.7M	$58.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3300	+0.002%	$82.0M	$139.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3320	+0.048%	$56.8M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3329	+0.069%	$72.1M	$126.2M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3330	+0.072%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3159	−0.323%	$8.1M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3192	−0.246%	$270K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3177	−0.282%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3230	−0.159%	$181K	$789K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3317	+0.042%	$216K	$3.3M	10x	as long as short
Orderly PERP_NEAR_USDClong	+0.0100%	8h	4.3299	long leg	$57K	$194K	20x
SunX NEAR-USDT	+0.0100%	8h	4.3340	+0.095%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3289	−0.023%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3250	−0.113%	$4.0M	$8.1M	50x	as long as short
Aster NEARUSDT	+0.0102%	8h	4.3348	+0.113%	$3.1M	$5.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3272	−0.062%	$4.0M	$14.8M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3282	−0.040%	$208K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0117%	1h	4.3289	−0.023%	$7.6M	$36.7M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3260	−0.090%	$13.0M	$32.7M	75x	as long as short
01 Exchange NEARUSD	+0.0256%	1h	4.3327	+0.065%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0392% / S −0.0343%	1h	4.3290	−0.021%	$294K	—	100x	as long as short
Lighter RH NEAR	+0.0392%	1h	4.3356	+0.132%	$1.6M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.3315	+0.037%	$418K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0542%	1h	4.3220	−0.182%	$1.8M	$2.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0582%	1h	4.3330	+0.072%	$1.9M	$2.3M	25x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0592%	1h	4.3379	+0.185%	$1.3M	$5.6M	20x
Nado NEAR-PERP	+0.0720%	1h	4.3250	−0.113%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0910%	8h	4.3420	+0.279%	$463K	$3.6M	75x	as long as short
Aftermath Perps NEARUSD	+0.1144%	1h	4.3134	−0.382%	$5K	$11K	10x	as long as short
Hyperliquid NEAR	+0.1534%	1h	4.3441	+0.328%	$375.3M	$299.9M	10x	as long as short
Lighter NEAR	+0.2112%	1h	4.3417	+0.273%	$16.7M	$23.5M	15x	as long as short