Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0363%/8h= −39.8% APRpaid last 24h −0.158%

Price spread now: BingX against Phoenix−0.369%7-day average −0.211% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.787%−$79 on $10k

Price spread, last 7 days+0.218%+$22 · spread now −0.369%, 7d avg −0.211%

Together, before fees−0.568%−$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and BingX is 0.158% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.211%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.2828	0.0463	pay 0.0058% / 1h	1m 10s	$1.8M	$2.7M	10x
Short	BingX NEAR-USDT	4.2670	0.0100	get 0.0100% / 8h	1m 10s	—	$140.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.369%Rate

Funding earned: −$76.29
Price spread: −0.369% → −0.211%: −$15.81
Slippage, 4 orders: −$20.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$130.08
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; BingX: live order book, 13 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, 2 min ago	0.93 bp	12.3 bp −$12	51.2 bp −$512	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	1.17 bp	6.2 bp −$6	11.2 bp −$112	23.0 bp −$2,305	48.6 bp −$24.3K

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	4.2671	−0.366%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2742	−0.201%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2701	−0.296%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2718	−0.257%	$391K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2695	−0.311%	$202K	—	150x	as long as short
Variational Omni NEAR	+0.0024%	8h	4.2669	−0.371%	$7.8M	$18.5M	—	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.311%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0037%	8h	4.2660	−0.392%	$217.0M	$421.8M	75x	as long as short
01 Exchange NEARUSD	+0.0056%	1h	4.2700	−0.299%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2690	−0.322%	$110K	$495K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2692	−0.318%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2694	−0.312%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2716	−0.261%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2711	−0.274%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2671	−0.367%	$252.9M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2660	−0.392%	$60.6M	$285.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	−0.299%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2757	−0.165%	$244K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2668	−0.374%	$30.8M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2690	−0.322%	$79.0M	$142.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2700	−0.299%	$55.7M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2669	−0.371%	$70.7M	$126.1M	75x	as long as short
BingX NEAR-USDTshort	+0.0100%	8h	4.2670	−0.369%	—	$140.3M	—
edgeX NEARUSDC	+0.0100%	4h	4.2825	−0.007%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2826	−0.005%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2800	−0.065%	$179K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2702	−0.294%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2750	−0.182%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2679	−0.348%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2690	−0.322%	$3.8M	$8.5M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2651	−0.413%	$3.8M	$16.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2682	−0.341%	$201K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2703	−0.292%	$7.5M	$37.4M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2670	−0.369%	$12.9M	$29.2M	75x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0242%	1h	4.2723	−0.245%	$1.9M	$2.8M	25x	as long as short
Lighter RH NEAR	+0.0336%	1h	4.2748	−0.187%	$1.6M	$7.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0316%	1h	4.2694	−0.313%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2715	−0.264%	$418K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0447%	1h	4.2727	−0.236%	$1.4M	$5.6M	20x	as long as short
Phoenix NEARlong	+0.0463%	1h	4.2828	long leg	$1.8M	$2.7M	10x
Hyperliquid NEAR	+0.0577%	1h	4.2732	−0.224%	$364.0M	$301.3M	10x	as long as short
Nado NEAR-PERP	+0.0656%	1h	4.2688	−0.327%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0736%	8h	4.2800	−0.065%	$457K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1179%	1h	4.2783	−0.104%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1784%	1h	4.2787	−0.095%	$16.9M	$24.7M	15x	as long as short