Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.047%

Price spread now: Coinbase International against Phemex−0.112%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.163%−$16 on $10k

Price spread, last 3 days (all we have)+0.112%+$11 · spread now −0.112%, 7d avg −0.029%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.084% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3590	0.0100	pay 0.0100% / 8h	6h 00m	$3.8M	$8.2M	50x
Short	Coinbase International NEAR-PERP-INTX	4.3541	−0.0064	pay 0.0008% / 1h	0m 39s	$2.2M	$14.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$34.44
Price spread: −0.112% → −0.029%: −$8.37
Slippage, 4 orders: −$35.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$100.8
Costs to cover: 0.580%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	2.29 bp	14.9 bp −$15	35.5 bp −$355	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	4.58 bp	10.0 bp −$10	16.7 bp −$167	doesn't fit	doesn't fit

NEAR on 44 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	4.3477	−0.259%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTXshort	−0.0064%	1h	4.3541	−0.112%	$2.2M	$14.2M	50x
dYdX NEAR-USD	0.0000%	1h	4.3555	−0.081%	$107K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3522	−0.156%	$553K	$19.6M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3520	−0.161%	$196K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.001%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3550	−0.092%	$114K	$486K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3559	−0.071%	$408K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3560	−0.069%	$264.1M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3515	−0.172%	$219.0M	$416.9M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3490	−0.229%	$61.9M	$287.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3620	+0.069%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	−0.080%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3569	−0.048%	$31.4M	$63.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3570	−0.046%	$75.8M	$145.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3590	0.000%	$53.9M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3600	+0.023%	$71.6M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3590	0.000%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3517	−0.167%	$8.4M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3594	+0.010%	$269K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3541	−0.114%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3590	0.000%	$196K	$775K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3519	−0.163%	$204K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3539	−0.117%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3540	−0.115%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3595	+0.011%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	+0.115%	$455K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3590	long leg	$3.8M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3539	−0.117%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3550	−0.091%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3545	−0.103%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0177%	8h	4.3537	−0.121%	$3.0M	$5.6M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0217%	1h	4.3607	+0.038%	$7.7M	$40.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0347% / S −0.0242%	1h	4.3518	−0.164%	$254K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3642	+0.119%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.3505	−0.195%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3635	+0.103%	$549K	$1.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0554%	1h	4.3589	−0.002%	$1.9M	$4.3M	25x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3584	−0.014%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0784%	1h	4.3557	−0.076%	$1.6M	$7.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0803%	1h	4.3578	−0.028%	$1.5M	$6.3M	20x	as long as short
Hyperliquid NEAR	+0.0859%	1h	4.3545	−0.103%	$366.5M	$306.1M	10x	as long as short
Aftermath Perps NEARUSD	+0.1664%	1h	4.3639	+0.113%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1696%	1h	4.3676	+0.197%	$17.4M	$25.8M	15x	as long as short