Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0162%/8h= +17.8% APRpaid last 24h +0.070%

Price spread now: Arcus against Phemex+0.220%7-day average +0.059% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.353%+$35 on $10k

Price spread, last 4 days (all we have)−1.152%−$115 · spread now +0.220%, 7d avg +0.059%

Together, before fees−0.799%−$80 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Arcus is 0.161% dearer against Phemex than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.5470	−0.0062	get 0.0062% / 8h	7h 02m	$3.6M	$7.7M	50x
Short	Arcus NEAR-USD	4.5570	0.0100	get 0.0013% / 1h	2m 04s	$238K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now +0.220%Rate

Funding earned: $34.11
Price spread: +0.220% → +0.059%: $16.13
Slippage, 4 orders: −$62.22
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$28.49
Costs to cover: 0.787%
Break-even: 12.8 days

Slippage from Phemex: live order book, 2 min ago; Arcus: 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 Phemex live order book, 2 min ago	13.16 bp	26.6 bp −$27	62.5 bp −$625	doesn't fit	doesn't fit
Sell Arcus live order book, 2 min ago	3.29 bp	6.6 bp −$7	11.8 bp −$118	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
Kraken Futures PF_NEARUSD	−0.0415%	1h	4.5494	+0.053%	$7.5M	$38.7M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.5502	+0.070%	$2K	—	20x	as long as short
Phemex NEARUSDTlong	−0.0062%	8h	4.5470	long leg	$3.6M	$7.7M	50x
dYdX NEAR-USD	0.0000%	1h	4.5518	+0.105%	$111K	$53K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5468	−0.005%	$171K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−8.929%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.5520	+0.110%	$119K	$516K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.5500	+0.066%	$2.7M	$4.7M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5508	+0.084%	$276.1M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.5530	+0.132%	$237.4M	$435.1M	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-SWAP	+0.0100%	8h	4.5510	+0.088%	$64.8M	$310.8M	50x	as long as short
Arcus NEAR-USDshort	+0.0100%	1h	4.5570	+0.220%	$238K	$1.4M	10x
Bulk NEAR-USD	+0.0100%	1h	4.5050	−0.924%	$260K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5487	+0.037%	$39.0M	$64.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5520	+0.110%	$85.3M	$167.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5520	+0.110%	$54.0M	$45.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5476	+0.013%	$75.1M	$127.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.5520	+0.110%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.5318	−0.335%	$9.4M	$17.8M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.5430	−0.088%	$268K	$900K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5537	+0.147%	$1.5M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5480	+0.022%	$171K	$825K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5525	+0.121%	$283K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5472	+0.004%	$59K	$254K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5540	+0.154%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5515	+0.099%	$5K	$49K	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.5458	−0.027%	$3.8M	$15.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5485	+0.033%	$211K	$38K	3x	as long as short
Paradex NEAR-USD-PERP	+0.0108%	8h	4.5560	+0.197%	$33K	$413	10x	as long as short
Kalshi KXNEARPERP	+0.0128%	8h	4.5630	+0.352%	$913K	$25.5M	2.2x	as long as short
Nado NEAR-PERP	+0.0219%	1h	4.5535	+0.143%	$1.8M	$3.2M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5690	+0.484%	$12.9M	$33.6M	75x	as long as short
HTX NEAR-USDT	+0.0343%	8h	4.5550	+0.176%	$482K	$3.8M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0244%	1h	4.5474	+0.008%	$267K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.5524	+0.119%	$13K	$5K	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.5569	+0.218%	$2.4M	$17.9M	50x	as long as short
Hyperliquid NEAR	+0.0497%	1h	4.5538	+0.150%	$370.2M	$320.1M	10x	as long as short
Lighter RH NEAR	+0.0560%	1h	4.5560	+0.198%	$1.6M	$6.6M	10x	as long as short
Lighter NEAR	+0.0568%	1h	4.5568	+0.214%	$17.9M	$24.3M	15x	as long as short
Backpack NEAR_USDC_PERP	+0.0651%	1h	4.5529	+0.130%	$1.1M	$7.2M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.5686	+0.475%	$649K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0701%	1h	4.5586	+0.254%	$430K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0740%	1h	4.5702	+0.510%	$1.7M	$2.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1158%	1h	4.5526	+0.123%	$2.0M	$13.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1261%	1h	4.5321	−0.327%	$6K	$7K	10x	as long as short