Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Phemex+0.188%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.337%−$34 · spread now +0.188%, 7d avg +0.003%

Together, before fees−0.300%−$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.186% dearer against Phemex than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3570	0.0100	pay 0.0100% / 8h	5h 59m	$3.8M	$8.2M	50x
Short	Polymarket Perps NEAR-USD	4.3652	0.0100	get 0.0013% / 1h	59m 02s	$204K	$3.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.188%Rate

Funding earned: $0
Price spread: +0.188% → +0.003%: $18.56
Slippage, 4 orders: −$27.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$28.73
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 5 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, 5 min ago	2.29 bp	14.9 bp −$15	35.5 bp −$355	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	1.49 bp	8.3 bp −$8	12.6 bp −$126	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	4.3599	+0.066%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.3453	−0.269%	$2.2M	$14.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3708	+0.316%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3634	+0.147%	$555K	$19.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3614	+0.102%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.958%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3640	+0.161%	$114K	$489K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3701	+0.301%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3660	+0.207%	$264.8M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3645	+0.172%	$219.8M	$416.8M	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	4.3630	+0.138%	$62.0M	$288.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3670	+0.230%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	−0.034%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3590	+0.046%	$31.4M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3670	+0.230%	$75.7M	$139.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3660	+0.207%	$53.9M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3685	+0.264%	$71.7M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3630	+0.138%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3517	−0.121%	$8.4M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3545	−0.058%	$269K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3541	−0.068%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3520	−0.115%	$194K	$778K	50x	as long as short
Polymarket Perps NEAR-USDshort	+0.0100%	1h	4.3652	+0.188%	$204K	$3.6M	10x
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3627	+0.131%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3680	+0.252%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3605	+0.080%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3700	+0.298%	$456K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3570	long leg	$3.8M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3612	+0.096%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3669	+0.227%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3620	+0.115%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0177%	8h	4.3655	+0.195%	$3.0M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0243%	1h	4.3608	+0.088%	$255K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3662	+0.211%	$13K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0415%	1h	4.3638	+0.156%	$1.9M	$4.3M	25x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3584	+0.032%	$1.8M	$2.5M	10x	as long as short
Hyperliquid NEAR	+0.0621%	1h	4.3655	+0.195%	$367.5M	$306.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0677%	1h	4.3625	+0.126%	$1.5M	$6.3M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0706%	1h	4.3624	+0.124%	$8.2M	$41.1M	50x	as long as short
Nado NEAR-PERP	+0.0716%	1h	4.3616	+0.106%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0840%	1h	4.3625	+0.126%	$1.6M	$6.9M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.3671	+0.233%	$551K	$1.3M	10x	as long as short
Lighter NEAR	+0.1376%	1h	4.3643	+0.167%	$17.4M	$25.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1709%	1h	4.3682	+0.256%	$5K	$12K	10x	as long as short