Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Bybit against Phemex−0.090%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.342%−$34 · spread now −0.090%, 7d avg −0.043%

Together, before fees−0.338%−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.046% cheaper against Phemex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.4680	0.0100	pay 0.0100% / 8h	4h 44m	$3.8M	$8.4M	50x
Short	Bybit NEARUSDT	4.4640	0.0100	get 0.0100% / 8h	4h 44m	$223.6M	$425.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.090%Rate

Funding earned: $0
Price spread: −0.090% → −0.043%: −$4.62
Slippage, 4 orders: −$45.68
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$73.31
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bybit: 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 Phemex live order book, 5 min ago	7.85 bp	22.6 bp −$23	48.5 bp −$485	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.12 bp	13.5 bp −$14	18.6 bp −$186	36.9 bp −$3,687	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	4.4695	+0.034%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4686	+0.013%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4567	−0.254%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4554	−0.282%	$610K	$22.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4693	+0.029%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.319%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4750	+0.157%	$117K	$515K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4592	−0.198%	$426K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4682	+0.005%	$273.2M	$1.11B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.4640	−0.090%	$223.6M	$425.1M	75x

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	4.4620	−0.134%	$63.4M	$304.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4550	−0.291%	$254K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4699	+0.043%	$32.3M	$63.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4710	+0.067%	$75.1M	$147.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4720	+0.090%	$55.5M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4637	−0.096%	$73.4M	$130.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4650	−0.067%	—	$148.0M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4367	−0.701%	$8.6M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4481	−0.446%	$267K	$979K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4624	−0.125%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4460	−0.492%	$171K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4696	+0.036%	$241K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4701	+0.047%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4760	+0.179%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4684	+0.009%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4760	+0.179%	$466K	$4.0M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.4680	long leg	$3.8M	$8.4M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4562	−0.265%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4690	+0.022%	$208K	$40K	3x	as long as short
Hyperliquid NEAR	+0.0186%	1h	4.4775	+0.213%	$369.8M	$326.9M	10x	as long as short
Extended NEAR-USD	+0.0200%	1h	4.4638	−0.093%	$4.0M	$19.6M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0218%	1h	4.4700	+0.045%	$1.4M	$6.6M	20x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4410	−0.604%	$14.1M	$33.1M	75x	as long as short
01 Exchange NEARUSD	+0.0240%	1h	4.4759	+0.177%	$13K	$7K	10x	as long as short
Aster NEARUSDT	+0.0296%	8h	4.4710	+0.067%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0339% / S −0.0217%	1h	4.4701	+0.048%	$250K	—	100x	as long as short
Nado NEAR-PERP	+0.0500%	1h	4.4725	+0.101%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0512%	1h	4.4740	+0.134%	$1.6M	$7.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0581%	1h	4.4712	+0.071%	$8.3M	$40.2M	50x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4800	+0.269%	$221K	$1.8M	10x	as long as short
Lighter NEAR	+0.0680%	1h	4.4764	+0.188%	$18.0M	$26.2M	15x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4521	−0.356%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0824%	1h	4.4726	+0.103%	$2.0M	$6.8M	25x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4738	+0.129%	$565K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1557%	1h	4.4608	−0.161%	$6K	$12K	10x	as long as short