Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0500%/8h= +54.8% APRpaid last 24h +0.050%

Price spread now: Deribit against Phemex+0.134%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$830.833% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.383%+$38 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.134%, 7d avg +0.060%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Deribit is 0.074% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.5470	0.0085	pay 0.0085% / 8h	5h 12m	$3.9M	$8.3M	50x
Short	Deribit NEAR_USDC-PERPETUAL	4.5531	0.0585	get 0.0073% / 1h	12m 20s	$2.0M	$4.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.134%Rate

Funding earned: $105.08
Price spread: +0.134% → +0.060%: $7.42
Slippage, 4 orders: −$64.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $29.21
Costs to cover: 0.833%
Break-even: 5.1 days

Slippage from Phemex: live order book, 2 min ago; Deribit: 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	9.86 bp	24.6 bp −$25	63.3 bp −$633	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	5.03 bp	8.5 bp −$9	doesn't fit	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
Reya NEARRUSDPERP	−0.0171%	1h	4.5524	+0.119%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.5542	+0.158%	$2.2M	$15.6M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.5642	+0.379%	$113K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.5681	+0.464%	$482K	$21.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5473	+0.007%	$170K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−8.929%	$578	$302K	12x	as long as short
Phemex NEARUSDTlong	+0.0085%	8h	4.5470	long leg	$3.9M	$8.3M	50x
Popdex NEARUSDT	+0.0096%	1h	4.5580	+0.242%	$114K	$512K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.5659	+0.416%	$435K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5530	+0.132%	$278.9M	$1.11B	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.5484	+0.031%	$227.9M	$425.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.5480	+0.022%	$65.6M	$308.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5467	−0.008%	$259K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5530	+0.132%	$33.1M	$64.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5570	+0.220%	$78.9M	$147.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5610	+0.308%	$56.0M	$45.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5488	+0.040%	$74.9M	$129.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.5510	+0.088%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.5466	−0.009%	$8.8M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.5651	+0.398%	$274K	$989K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5626	+0.342%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5600	+0.286%	$175K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5570	+0.220%	$214K	$3.8M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5521	+0.112%	$58K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5620	+0.330%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5500	+0.066%	$9K	$54K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5720	+0.550%	$473K	$4.1M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.5605	+0.296%	$33K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5535	+0.143%	$212K	$40K	3x	as long as short
Extended NEAR-USD	+0.0120%	1h	4.5487	+0.037%	$4.3M	$19.2M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5670	+0.440%	$13.8M	$34.1M	75x	as long as short
Aster NEARUSDT	+0.0306%	8h	4.5628	+0.348%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0362% / S −0.0249%	1h	4.5512	+0.093%	$275K	—	100x	as long as short
Nado NEAR-PERP	+0.0386%	1h	4.5562	+0.203%	$2.0M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.5612	+0.312%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.5680	+0.462%	$221K	$1.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUALshort	+0.0585%	1h	4.5531	+0.134%	$2.0M	$4.5M	25x
Backpack NEAR_USDC_PERP	+0.0597%	1h	4.5666	+0.431%	$1.4M	$6.7M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0677%	1h	4.5533	+0.138%	$8.4M	$41.3M	50x	as long as short
Lighter RH NEAR	+0.0720%	1h	4.5718	+0.545%	$1.6M	$7.1M	10x	as long as short
Hyperliquid NEAR	+0.0816%	1h	4.5618	+0.325%	$382.6M	$321.0M	10x	as long as short
Phoenix NEAR	+0.0855%	1h	4.5923	+0.996%	$1.9M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.5639	+0.371%	$576K	$1.4M	10x	as long as short
Lighter NEAR	+0.1208%	1h	4.5754	+0.624%	$18.3M	$26.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.1600%	1h	4.5512	+0.092%	$6K	$12K	10x	as long as short