Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.026%

Price spread now: dYdX against Phemex−0.204%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$170as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1561.564% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.204%, 7d avg −0.019%

Together, before fees−0.185%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.186% cheaper against Phemex than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3000	0.0100	pay 0.0100% / 8h	2h 30m	$3.6M	$8.3M	50x
Short	dYdX NEAR-USD	4.2912	0	get 0.0000% / 1h	30m 20s	$106K	$68K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$21
Price spread: −0.204% → −0.019%: −$18.59
Slippage, 4 orders: −$134.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$196.02
Costs to cover: 1.564%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; dYdX: live order book, 19 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, 4 min ago	6.98 bp	20.0 bp −$20	43.8 bp −$438	doesn't fit	doesn't fit
Sell dYdX live order book, 19 min ago	43.23 bp	65.8 bp −$66	147.0 bp −$1,470	161.2 bp −$16.1K	360.4 bp −$180.2K

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	4.2995	−0.012%	$2K	—	20x	as long as short
dYdX NEAR-USDshort	0.0000%	1h	4.2912	−0.204%	$106K	$68K	10x
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2937	−0.147%	$161K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.698%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2970	−0.070%	$113K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3000	0.000%	$262.8M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2950	−0.116%	$214.1M	$420.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2960	−0.093%	$60.5M	$285.1M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2997	−0.006%	$245K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2966	−0.079%	$32.4M	$60.0M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.3020	+0.047%	$76.1M	$143.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3020	+0.047%	$52.0M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2967	−0.077%	$71.1M	$127.2M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2960	−0.093%	—	$143.4M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2878	−0.283%	$8.1M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2962	−0.088%	$259K	$958K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2949	−0.119%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3006	+0.014%	$262K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2995	−0.012%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3090	+0.209%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3100	+0.233%	$466K	$4.0M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3000	long leg	$3.6M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.2941	−0.138%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3015	+0.035%	$200K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2960	−0.093%	$13.2M	$31.6M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3035	+0.081%	$2.3M	$15.8M	50x	as long as short
Kalshi KXNEARPERP	+0.0262%	8h	4.2967	−0.077%	$869K	$24.6M	2.2x	as long as short
ApeX Omni NEARUSDT	+0.0263%	1h	4.2960	−0.093%	$165K	$795K	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0311% / S −0.0198%	1h	4.2931	−0.159%	$232K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.2996	−0.008%	$2.8M	$5.3M	50x	as long as short
Nado NEAR-PERP	+0.0372%	1h	4.2985	−0.035%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0528%	1h	4.2961	−0.091%	$3.7M	$19.7M	25x	as long as short
SoDEX NEAR-USD	+0.0567%	1h	4.2975	−0.058%	$6K	$53K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0650%	1h	4.2964	−0.084%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0692%	1h	4.3037	+0.086%	$351.8M	$310.3M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0736%	1h	4.2958	−0.097%	$7.4M	$38.9M	50x	as long as short
01 Exchange NEARUSD	+0.0752%	1h	4.3039	+0.091%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3000	0.000%	$216K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.2967	−0.078%	$394K	$1.3M	10x	as long as short
Lighter NEAR	+0.0936%	1h	4.3038	+0.089%	$16.8M	$25.1M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.3089	+0.207%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1112%	1h	4.3036	+0.084%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1171%	1h	4.3000	0.000%	$1.9M	$11.0M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3005	+0.011%	$684K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1349%	1h	4.2958	−0.099%	$5K	$12K	10x	as long as short