Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0760%/8h= +83.2% APRpaid last 24h +0.215%

Price spread now: Backpack against Phemex+0.062%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$670.668% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.428%+$43 on $10k

Price spread, last 3 days (all we have)−0.190%−$19 · spread now +0.062%, 7d avg +0.061%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.061%, so right now this pair is about funding alone: +$23 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.428% in total (about 22.3% 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	Phemex NEARUSDT	4.3360	−0.0275	get 0.0275% / 8h	7h 12m	$3.9M	$8.4M	50x
Short	Backpack NEAR_USDC_PERP	4.3387	0.0485	get 0.0061% / 1h	12m 02s	$1.3M	$5.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.062%Rate

Funding earned: $159.61
Price spread: +0.062% → +0.061%: $0.13
Slippage, 4 orders: −$44.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $92.98
Costs to cover: 0.668%
Break-even: 2.9 days

Slippage from Phemex: live order book, 2 min ago; Backpack: 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	10.36 bp	25.8 bp −$26	50.2 bp −$502	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.50 bp	6.5 bp −$6	14.6 bp −$146	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
Phemex NEARUSDTlong	−0.0275%	8h	4.3360	long leg	$3.9M	$8.4M	50x
Reya NEARRUSDPERP	−0.0171%	1h	4.3402	+0.096%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0130%	1h	4.3411	+0.117%	$7.5M	$37.5M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3370	+0.023%	$2.3M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3459	+0.229%	$113K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3520	+0.369%	$359K	$19.0M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3430	+0.162%	$205K	—	150x	as long as short
Variational Omni NEAR	+0.0005%	8h	4.3018	−0.788%	$8.2M	$18.9M	—	as long as short
01 Exchange NEARUSD	+0.0016%	1h	4.3445	+0.196%	$13K	$7K	10x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.497%	$578	$302K	12x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex NEARUSDT	+0.0096%	1h	4.3440	+0.185%	$116K	$479K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.3430	+0.161%	$58K	$177K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3452	+0.212%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3520	+0.369%	$3.0M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3470	+0.255%	$401K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3407	+0.108%	$259.1M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3400	+0.092%	$220.0M	$415.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3390	+0.069%	$61.3M	$280.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3470	+0.254%	$206K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3083	−0.638%	$245K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3355	−0.012%	$31.2M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3370	+0.023%	$76.2M	$141.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3380	+0.046%	$56.3M	$42.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3339	−0.048%	$72.2M	$122.8M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3360	0.000%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3290	−0.161%	$258K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3295	−0.149%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3330	−0.069%	$181K	$780K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3448	+0.203%	$194K	$3.4M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3500	+0.323%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3425	+0.150%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3550	+0.438%	$459K	$3.7M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3408	+0.110%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3428	+0.158%	$202K	$31K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3400	+0.092%	$13.0M	$27.8M	75x	as long as short
Hyperliquid NEAR	+0.0362%	1h	4.3428	+0.157%	$369.7M	$306.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0307%	1h	4.3425	+0.149%	$277K	—	100x	as long as short
Nado NEAR-PERP	+0.0415%	1h	4.3450	+0.208%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3460	+0.231%	$404K	$1.2M	10x	as long as short
Lighter RH NEAR	+0.0456%	1h	4.3431	+0.164%	$1.6M	$7.0M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0464%	1h	4.3464	+0.240%	$1.9M	$3.8M	25x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0485%	1h	4.3387	+0.062%	$1.3M	$5.9M	20x
Phoenix NEAR	+0.0499%	1h	4.3638	+0.641%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1497%	1h	4.3294	−0.153%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1816%	1h	4.3474	+0.262%	$17.4M	$24.7M	15x	as long as short