Funding you earn now, next payment 22:00 UTC−0.0054%/8h= −5.9% APRnext payment −$0.07 per $10,000 · paid last 24h +0.051%
Price spread now: Backpack against Phoenix+0.719%80s7-day average +0.540% · you sell dearer than you buy
Net, funding: paid 7d − costs−$74as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$390.393% of the position
Funding, last 7 days−0.344%−$34 on $10k
+Price spread, last 7 days−2.163%−$216 · spread now +0.719%, 7d avg +0.540%
=The price spread pays, funding is against you. Backpack is 0.179% dearer against Phoenix than usual: you sell high and buy low (spread +0.719% now, against its 7-day average of +0.540%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.344% in total) that is about 3.6 days. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix NEAR | 4.2966 | 0.0542 | pay 0.0068% / 1h | 58m 01s | $1.8M | $2.6M | 10x |
| Short | Backpack NEAR_USDC_PERP | 4.3275 | 0.0489 | get 0.0061% / 1h | 58m 01s | $1.3M | $5.6M | 20x |
Phoenix NEAR
Backpack NEAR_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$11.29
- Price spread: +0.719% → +0.540%
- $17.9
- Slippage, 4 orders
- −$22.26
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$32.65
- Costs to cover
- 0.393%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 6 min ago; Backpack: live order book, 1 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 Phoenix live order book, 6 min ago | 0.93 bp | 12.3 bp −$12 | 51.1 bp −$511 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 1.28 bp | 6.9 bp −$7 | 16.1 bp −$161 | 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 | 4.3154 | +0.438% | $2K | — | 20x | as long as short |
| Coinbase International NEAR-PERP-INTX | −0.0072% | 1h | 4.3138 | +0.400% | $2.2M | $13.2M | 50x | as long as short |
| dYdX NEAR-USD | 0.0000% | 1h | 4.3128 | +0.378% | $112K | $59K | 10x | as long as short |
| Kalshi KXNEARPERP | 0.0000% | 8h | 4.3183 | +0.505% | $414K | $18.4M | 2.2x | as long as short |
| gTrade (Gains Network) NEAR/USD | L +0.0004% / S −0.0004% | 1h | 4.3173 | +0.481% | $208K | — | 150x | as long as short |
| Injective NEAR/USDC PERP | +0.0033% | 1h | 4.1410 | −3.621% | $578 | $302K | 12x | as long as short |
| Popdex NEARUSDT | +0.0096% | 1h | 4.3120 | +0.358% | $107K | $494K | 50x | as long as short |
| Paradex NEAR-USD-PERP | +0.0100% | 8h | 4.3174 | +0.483% | $31K | $647 | 10x | as long as short |
| Pacifica NEAR | +0.0100% | 1h | 4.3115 | +0.348% | $405K | $1.2M | 10x | as long as short |
| Binance NEARUSDT | +0.0100% | 8h | 4.3239 | +0.635% | $253.1M | $1.07B | 75x | as long as short |
Reya NEARRUSDPERP
Coinbase International NEAR-PERP-INTX
dYdX NEAR-USD
Kalshi KXNEARPERP
gTrade (Gains Network) NEAR/USD
Injective NEAR/USDC PERP
Popdex NEARUSDT
Paradex NEAR-USD-PERP
Pacifica NEAR
Binance NEARUSDTShow all 45 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit NEARUSDT | +0.0100% | 8h | 4.3250 | +0.661% | $222.8M | $420.6M | 75x | as long as short |
| OKX NEAR-USDT-SWAP | +0.0100% | 8h | 4.3250 | +0.661% | $61.4M | $287.8M | 50x | as long as short |
| Arcus NEAR-USD | +0.0100% | 1h | 4.3170 | +0.475% | $198K | $1.8M | 10x | as long as short |
| Bulk NEAR-USD | +0.0100% | 1h | 4.3063 | +0.225% | $245K | $2K | 10x | as long as short |
| Gate NEAR_USDT | +0.0100% | 8h | 4.3211 | +0.570% | $30.6M | $58.2M | 75x | as long as short |
| MEXC NEAR_USDT | +0.0100% | 8h | 4.3250 | +0.661% | $82.9M | $138.3M | 200x | as long as short |
| KuCoin NEARUSDTM | +0.0100% | 8h | 4.3210 | +0.568% | $56.7M | $43.5M | 75x | as long as short |
| Bitget NEARUSDT | +0.0100% | 8h | 4.3273 | +0.715% | $72.0M | $126.2M | 75x | as long as short |
| BingX NEAR-USDC | +0.0100% | 8h | 4.3210 | +0.568% | — | $6.6M | — | as long as short |
| Variational Omni NEAR | +0.0100% | 8h | 4.3069 | +0.240% | $8.0M | $17.9M | — | as long as short |
| edgeX NEARUSDC | +0.0100% | 4h | 4.2854 | −0.261% | $251K | $1.2M | 20x | as long as short |
| GRVT NEAR_USDT_Perp | +0.0100% | 8h | 4.3088 | +0.284% | $1.4M | $1.3M | 10x | as long as short |
| ApeX Omni NEARUSDT | +0.0100% | 1h | 4.2890 | −0.177% | $179K | $788K | 50x | as long as short |
| Polymarket Perps NEAR-USD | +0.0100% | 1h | 4.3185 | +0.510% | $213K | $3.3M | 10x | as long as short |
| Orderly PERP_NEAR_USDC | +0.0100% | 8h | 4.3187 | +0.514% | $57K | $194K | 20x | as long as short |
| SunX NEAR-USDT | +0.0100% | 8h | 4.3210 | +0.568% | $1K | $1.4M | 20x | as long as short |
| SoDEX NEAR-USD | +0.0100% | 1h | 4.3150 | +0.428% | $5K | $46K | 10x | as long as short |
| Phemex NEARUSDT | +0.0100% | 8h | 4.3150 | +0.428% | $4.0M | $8.1M | 50x | as long as short |
| Aster NEARUSDT | +0.0101% | 8h | 4.3263 | +0.691% | $3.1M | $5.6M | 50x | as long as short |
| Extended NEAR-USD | +0.0104% | 1h | 4.3261 | +0.686% | $4.0M | $14.8M | 25x | as long as short |
| Aevo NEAR-PERP | +0.0104% | 1h | 4.3146 | +0.419% | $208K | $62K | 3x | as long as short |
| Kraken Futures PF_NEARUSD | +0.0117% | 1h | 4.3175 | +0.487% | $7.8M | $36.3M | 50x | as long as short |
| Lighter RH NEAR | +0.0144% | 1h | 4.3266 | +0.698% | $1.5M | $7.0M | 10x | as long as short |
| BloFin NEAR-USDT | +0.0220% | 8h | 4.3120 | +0.358% | $12.8M | $33.2M | 75x | as long as short |
| 01 Exchange NEARUSD | +0.0248% | 1h | 4.3187 | +0.514% | $13K | $7K | 10x | as long as short |
| Deribit NEAR_USDC-PERPETUAL | +0.0352% | 1h | 4.3188 | +0.517% | $1.9M | $2.3M | 25x | as long as short |
| GMX NEAR/USD [ETH-USDC] | L +0.0391% / S −0.0335% | 1h | 4.3173 | +0.482% | $295K | — | 100x | as long as short |
| RISEx NEAR/USDC | +0.0404% | 1h | 4.3166 | +0.465% | $416K | $1.2M | 10x | as long as short |
| Backpack NEAR_USDC_PERPshort | +0.0489% | 1h | 4.3275 | +0.719% | $1.3M | $5.6M | 20x | |
| Phoenix NEARlong | +0.0542% | 1h | 4.2966 | long leg | $1.8M | $2.6M | 10x | |
| Nado NEAR-PERP | +0.0634% | 1h | 4.3139 | +0.402% | $1.9M | $3.4M | 10x | as long as short |
| HTX NEAR-USDT | +0.0916% | 8h | 4.3200 | +0.545% | $461K | $3.6M | 75x | as long as short |
| Aftermath Perps NEARUSD | +0.1095% | 1h | 4.2990 | +0.055% | $5K | $11K | 10x | as long as short |
| Hyperliquid NEAR | +0.1645% | 1h | 4.3324 | +0.833% | $374.2M | $299.4M | 10x | as long as short |
| Lighter NEAR | +0.1704% | 1h | 4.3330 | +0.848% | $16.7M | $23.5M | 15x | as long as short |
Bybit NEARUSDT
OKX NEAR-USDT-SWAP
Arcus NEAR-USD
Bulk NEAR-USD
Gate NEAR_USDT
MEXC NEAR_USDT
KuCoin NEARUSDTM
Bitget NEARUSDT
BingX NEAR-USDC
Variational Omni NEAR
edgeX NEARUSDC
GRVT NEAR_USDT_Perp
ApeX Omni NEARUSDT
Polymarket Perps NEAR-USD
Orderly PERP_NEAR_USDC
SunX NEAR-USDT
SoDEX NEAR-USD
Phemex NEARUSDT
Aster NEARUSDT
Extended NEAR-USD
Aevo NEAR-PERP
Kraken Futures PF_NEARUSD
Lighter RH NEAR
BloFin NEAR-USDT
01 Exchange NEARUSD
Deribit NEAR_USDC-PERPETUAL
GMX NEAR/USD [ETH-USDC]
RISEx NEAR/USDC
Nado NEAR-PERP
HTX NEAR-USDT
Aftermath Perps NEARUSD
Hyperliquid NEAR
Lighter NEAR