Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.005%

Price spread now: Injective against Orderly−3.487%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.487% cheaper against Orderly than usual: you would sell low and buy high (−$349 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NEAR_USDC	4.2906	0.0100	pay 0.0100% / 8h	3h 00m	$57K	$246K	20x
Short	Injective NEAR/USDC PERP	4.1410	0.0033	get 0.0004% / 1h	0m 40s	$578	$301K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.487%Rate

Funding earned: −$14
Price spread: −3.487% → 0.000%: −$348.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$368.69
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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	4.2898	−0.019%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2882	−0.055%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2865	−0.096%	$161K	—	150x	as long as short
Injective NEAR/USDC PERPshort	+0.0033%	1h	4.1410	−3.487%	$578	$301K	12x
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.2938	+0.075%	$2.3M	$15.7M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2950	+0.103%	$111K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2939	+0.076%	$261.8M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2923	+0.040%	$212.7M	$426.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2940	+0.079%	$60.6M	$285.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2973	+0.156%	$245K	−$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	4.2918	+0.028%	$31.9M	$62.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2950	+0.103%	$72.5M	$147.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2880	−0.061%	$53.2M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2947	+0.096%	$71.0M	$127.4M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2960	+0.126%	—	$144.5M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2857	−0.113%	$8.1M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2978	+0.169%	$251K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2967	+0.143%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2960	+0.126%	$165K	$794K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2944	+0.089%	$267K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDClong	+0.0100%	8h	4.2906	long leg	$57K	$246K	20x
SunX NEAR-USDT	+0.0100%	8h	4.3030	+0.289%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2990	+0.196%	$458K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2920	+0.033%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2913	+0.017%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2910	+0.009%	$200K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2930	+0.056%	$13.4M	$31.6M	75x	as long as short
Kalshi KXNEARPERP	+0.0250%	8h	4.2955	+0.114%	$773K	$23.9M	2.2x	as long as short
Pacifica NEAR	+0.0263%	1h	4.2906	+0.001%	$396K	$1.3M	10x	as long as short
SoDEX NEAR-USD	+0.0303%	1h	4.2885	−0.049%	$6K	$53K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0322% / S −0.0198%	1h	4.2856	−0.116%	$231K	—	100x	as long as short
Aster NEARUSDT	+0.0329%	8h	4.2931	+0.058%	$2.8M	$5.5M	50x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.2979	+0.170%	$13K	$7K	10x	as long as short
Extended NEAR-USD	+0.0528%	1h	4.2950	+0.103%	$3.7M	$19.8M	25x	as long as short
Hyperliquid NEAR	+0.0543%	1h	4.2890	−0.037%	$350.9M	$313.4M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0562%	1h	4.2908	+0.005%	$1.3M	$6.8M	20x	as long as short
Nado NEAR-PERP	+0.0562%	1h	4.2935	+0.068%	$1.8M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.2990	+0.196%	$211K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0719%	1h	4.2886	−0.047%	$7.5M	$38.9M	50x	as long as short
Lighter RH NEAR	+0.0904%	1h	4.2968	+0.145%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3300	+0.918%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1024%	1h	4.2979	+0.171%	$17.3M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.2972	+0.154%	$662K	$1.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1290%	1h	4.2935	+0.068%	$1.9M	$10.0M	25x	as long as short
Aftermath Perps NEARUSD	+0.1500%	1h	4.3028	+0.284%	$5K	$12K	10x	as long as short