Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0553%/8h= +60.6% APRpaid last 24h +0.106%

Price spread now: Kraken Futures against Phemex+0.016%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.016%, 7d avg +0.025%

Together, before fees+0.225%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.248% in total (about 12.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.4660	0.0100	pay 0.0100% / 8h	1h 46m	$3.7M	$8.3M	50x
Short	Kraken Futures PF_NEARUSD	4.4667	0.0653	get 0.0082% / 1h	46m 11s	$7.4M	$38.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.016%Rate

Funding earned: $116.17
Price spread: +0.016% → +0.025%: −$0.87
Slippage, 4 orders: −$59
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $34.31
Costs to cover: 0.810%
Break-even: 4.9 days

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: 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	3.35 bp	25.0 bp −$25	87.1 bp −$871	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	8.92 bp	20.0 bp −$20	23.5 bp −$235	46.6 bp −$4,657	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	4.4678	+0.040%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4668	+0.018%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4645	−0.034%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.277%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4690	+0.067%	$110K	$496K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4700	+0.090%	$230.0M	$428.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4680	+0.045%	$63.1M	$299.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−0.658%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4673	+0.029%	$34.8M	$60.0M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4680	+0.045%	$53.3M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4675	+0.034%	$73.9M	$126.5M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4568	−0.207%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4914	+0.569%	$262K	$966K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4700	+0.090%	$281K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4700	+0.090%	$58K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4750	+0.202%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4770	+0.246%	$467K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.4660	long leg	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0107%	8h	4.4685	+0.057%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0122%	8h	4.4641	−0.042%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.4720	+0.134%	$208K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0176%	8h	4.4690	+0.067%	—	$143.9M	—	as long as short
MEXC NEAR_USDT	+0.0181%	8h	4.4710	+0.112%	$85.7M	$145.1M	200x	as long as short
Binance NEARUSDT	+0.0182%	8h	4.4700	+0.089%	$271.3M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0217%	1h	4.4705	+0.101%	$5K	$52K	10x	as long as short
ApeX Omni NEARUSDT	+0.0253%	1h	4.4940	+0.627%	$169K	$805K	50x	as long as short
Kalshi KXNEARPERP	+0.0300%	8h	4.4687	+0.060%	$1.1M	$24.9M	2.2x	as long as short
BloFin NEAR-USDT	+0.0301%	8h	4.4780	+0.269%	$13.5M	$33.0M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0316% / S −0.0201%	1h	4.4642	−0.040%	$239K	—	100x	as long as short
Aster NEARUSDT	+0.0341%	8h	4.4670	+0.022%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0352%	1h	4.4680	+0.045%	$3.7M	$18.9M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4735	+0.168%	$2.3M	$16.4M	50x	as long as short
01 Exchange NEARUSD	+0.0528%	1h	4.4685	+0.056%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0535%	1h	4.4665	+0.011%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0590%	1h	4.4705	+0.101%	$1.3M	$6.5M	20x	as long as short
Kraken Futures PF_NEARUSDshort	+0.0653%	1h	4.4667	+0.016%	$7.4M	$38.3M	50x
Hyperliquid NEAR	+0.0655%	1h	4.4716	+0.125%	$367.8M	$308.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0848%	1h	4.4688	+0.063%	$1.9M	$12.3M	25x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4700	+0.090%	$227K	$1.6M	10x	as long as short
Lighter NEAR	+0.0976%	1h	4.4758	+0.219%	$17.6M	$24.7M	15x	as long as short
Phoenix NEAR	+0.1003%	1h	4.5001	+0.764%	$1.9M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1040%	1h	4.4731	+0.159%	$1.5M	$6.6M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4684	+0.053%	$412K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1202%	1h	4.4665	+0.012%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4691	+0.070%	$678K	$1.4M	10x	as long as short