Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0227%/8h= +24.9% APRpaid last 24h +0.185%

Price spread now: Hyperliquid against Phemex+0.135%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$630.628% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 4 days (all we have)−0.279%−$28 · spread now +0.135%, 7d avg +0.119%

Together, before fees+0.165%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.119%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.4600	0.0100	pay 0.0100% / 8h	4h 49m	$3.8M	$8.4M	50x
Short	Hyperliquid NEAR	4.4660	0.0327	get 0.0041% / 1h	49m 59s	$370.1M	$325.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.135%Rate

Funding earned: $47.68
Price spread: +0.135% → +0.119%: $1.58
Slippage, 4 orders: −$41.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.58
Costs to cover: 0.628%
Break-even: 9.0 days

Slippage from Phemex: live order book, 4 min ago; Hyperliquid: live order book, 4 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	5.58 bp	21.6 bp −$22	48.7 bp −$487	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.12 bp	9.0 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	4.4633	+0.075%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4683	+0.186%	$2.2M	$15.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4694	+0.211%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4626	+0.058%	$611K	$22.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4688	+0.198%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.152%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4670	+0.157%	$117K	$517K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4740	+0.315%	$425K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4598	−0.005%	$273.5M	$1.11B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4571	−0.065%	$223.3M	$425.6M	75x	as long as short

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	4.4560	−0.090%	$63.8M	$303.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5100	+1.121%	$257K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4582	−0.040%	$32.1M	$62.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4620	+0.045%	$76.7M	$146.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4610	+0.022%	$55.2M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4570	−0.067%	$73.3M	$130.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4590	−0.022%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4797	+0.442%	$8.7M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4912	+0.700%	$269K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4926	+0.730%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4950	+0.785%	$173K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4645	+0.101%	$245K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4685	+0.191%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4760	+0.359%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4655	+0.123%	$8K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4700	+0.224%	$465K	$4.0M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.4600	long leg	$3.8M	$8.4M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4730	+0.291%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4711	+0.248%	$208K	$40K	3x	as long as short
Extended NEAR-USD	+0.0208%	1h	4.4560	−0.090%	$4.0M	$19.6M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4840	+0.538%	$14.2M	$33.6M	75x	as long as short
Backpack NEAR_USDC_PERP	+0.0236%	1h	4.4639	+0.087%	$1.4M	$6.7M	20x	as long as short
01 Exchange NEARUSD	+0.0296%	1h	4.4687	+0.195%	$13K	$7K	10x	as long as short
Aster NEARUSDT	+0.0307%	8h	4.4644	+0.099%	$3.1M	$5.6M	50x	as long as short
Hyperliquid NEARshort	+0.0327%	1h	4.4660	+0.135%	$370.1M	$325.2M	10x
GMX NEAR/USD [ETH-USDC]	L +0.0338% / S −0.0216%	1h	4.4688	+0.197%	$249K	—	100x	as long as short
Nado NEAR-PERP	+0.0513%	1h	4.4626	+0.059%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0544%	1h	4.4701	+0.226%	$1.6M	$7.1M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4730	+0.291%	$221K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0581%	1h	4.4678	+0.174%	$8.3M	$40.3M	50x	as long as short
Lighter NEAR	+0.0696%	1h	4.4730	+0.292%	$18.0M	$26.2M	15x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0757%	1h	4.4737	+0.307%	$2.1M	$6.6M	25x	as long as short
Phoenix NEAR	+0.0794%	1h	4.5018	+0.937%	$1.9M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4722	+0.275%	$565K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1577%	1h	4.4863	+0.591%	$6K	$12K	10x	as long as short