Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0574%/8h= −62.8% APRpaid last 24h −0.120%

Price spread now: BloFin against Phoenix+0.155%7-day average −0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$540.540% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.515%−$51 on $10k

Price spread, last 4 days (all we have)−0.268%−$27 · spread now +0.155%, 7d avg −0.170%

Together, before fees−0.783%−$78 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.325% dearer against Phoenix than usual: you sell high and buy low (spread +0.155% now, against its 7-day average of −0.170%): +$32 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 7 days (−0.515% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.4521	0.0794	pay 0.0099% / 1h	40m 44s	$1.8M	$2.8M	10x
Short	BloFin NEAR-USDT	4.4590	0.0220	get 0.0220% / 8h	4h 40m	$14.1M	$33.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.155%Rate

Funding earned: −$120.51
Price spread: +0.155% → −0.170%: $32.46
Slippage, 4 orders: −$35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$142.05
Costs to cover: 0.540%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; BloFin: 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 Phoenix live order book, 3 min ago	0.90 bp	12.3 bp −$12	51.3 bp −$513	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	8.96 bp	15.0 bp −$15	18.0 bp −$180	39.8 bp −$3,983	107.3 bp −$53.6K

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	4.4532	+0.025%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4653	+0.296%	$2.2M	$15.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4566	+0.101%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4637	+0.261%	$626K	$21.9M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4583	+0.140%	$166K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.988%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4550	+0.065%	$117K	$517K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4565	+0.100%	$426K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4590	+0.155%	$272.7M	$1.11B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4534	+0.029%	$223.0M	$423.3M	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	4.4530	+0.020%	$63.4M	$302.1M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4550	+0.065%	$254K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4562	+0.092%	$32.3M	$63.1M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4580	+0.133%	$75.2M	$148.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4570	+0.110%	$55.3M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4536	+0.034%	$73.2M	$130.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4570	+0.110%	—	$147.4M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4567	+0.103%	$8.7M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4571	+0.112%	$267K	$976K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4375	−0.329%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4230	−0.654%	$170K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4594	+0.164%	$240K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4612	+0.204%	$57K	$236K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4650	+0.290%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4585	+0.144%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4670	+0.335%	$465K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4620	+0.222%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4529	+0.017%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4607	+0.192%	$207K	$40K	3x	as long as short
Hyperliquid NEAR	+0.0190%	1h	4.4650	+0.290%	$368.7M	$327.1M	10x	as long as short
Extended NEAR-USD	+0.0192%	1h	4.4522	+0.002%	$4.0M	$19.6M	25x	as long as short
BloFin NEAR-USDTshort	+0.0220%	8h	4.4590	+0.155%	$14.1M	$33.3M	75x
Backpack NEAR_USDC_PERP	+0.0224%	1h	4.4619	+0.220%	$1.4M	$6.6M	20x	as long as short
01 Exchange NEARUSD	+0.0240%	1h	4.4538	+0.038%	$13K	$7K	10x	as long as short
Aster NEARUSDT	+0.0300%	8h	4.4649	+0.286%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0339% / S −0.0217%	1h	4.4582	+0.136%	$249K	—	100x	as long as short
Lighter RH NEAR	+0.0488%	1h	4.4606	+0.191%	$1.6M	$7.2M	10x	as long as short
Nado NEAR-PERP	+0.0507%	1h	4.4511	−0.023%	$1.9M	$3.1M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0580%	1h	4.4614	+0.209%	$2.0M	$6.8M	25x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4670	+0.335%	$221K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0582%	1h	4.4612	+0.205%	$8.3M	$40.1M	50x	as long as short
Lighter NEAR	+0.0760%	1h	4.4634	+0.255%	$18.0M	$26.2M	15x	as long as short
Phoenix NEARlong	+0.0794%	1h	4.4521	long leg	$1.8M	$2.8M	10x
RISEx NEAR/USDC	+0.0926%	1h	4.4523	+0.004%	$565K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1551%	1h	4.4619	+0.221%	$6K	$12K	10x	as long as short