Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0442%/8h= −48.4% APRpaid last 24h −0.163%

Price spread now: Bybit against Phoenix−0.099%45s7-day average −0.227% · 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—prices read too far apart to compare

costs, in and out, $10k−$420.423% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.751%−$75 on $10k

Price spread, last 7 days−0.074%−$7 · spread now −0.099%, 7d avg −0.227%

Together, before fees−0.824%−$82 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.128% dearer against Phoenix than usual: you sell high and buy low (spread −0.099% now, against its 7-day average of −0.227%): +$13 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 23 hours. The two prices were read 45 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	4.1571	0.0542	pay 0.0068% / 1h	36m 34s	$1.7M	$2.7M	10x
Short	Bybit NEARUSDT	4.1530	0.0100	get 0.0100% / 8h	1h 36m	$211.6M	$422.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$92.91
Price spread: −0.099% → −0.227%: $12.83
Slippage, 4 orders: −$24.32
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$122.4
Costs to cover: 0.423%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Bybit: 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, 2 min ago	0.96 bp	12.4 bp −$12	51.2 bp −$512	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.21 bp	9.2 bp −$9	13.9 bp −$139	33.5 bp −$3,354	146.7 bp −$73.4K

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	4.1467	−0.249%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0032%	1h	4.1467	−0.250%	$2.1M	$12.6M	50x	as long as short
Injective NEAR/USDC PERP	−0.0002%	1h	4.1410	−0.387%	$578	$302K	12x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1566	−0.012%	$108K	$58K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1541	−0.072%	$419K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1524	−0.113%	$206K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0049%	1h	4.1560	−0.028%	$7.6M	$36.8M	50x	as long as short
01 Exchange NEARUSD	+0.0056%	1h	4.1544	−0.065%	$12K	$7K	10x	as long as short
Lighter RH NEAR	+0.0096%	1h	4.1603	+0.077%	$1.4M	$6.9M	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1520	−0.123%	$111K	$482K	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	4.1540	−0.075%	$53K	$155K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1552	−0.045%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1567	−0.009%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.1576	+0.012%	$360K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1527	−0.106%	$237.4M	$1.07B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.1530	−0.099%	$211.6M	$422.3M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1480	−0.219%	$57.0M	$274.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1540	−0.075%	$308K	$1.6M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1500	−0.171%	$236K	$4K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1537	−0.082%	$29.8M	$57.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1560	−0.026%	$81.8M	$141.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1580	+0.022%	$54.8M	$44.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1483	−0.212%	$68.9M	$125.3M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1500	−0.171%	—	$136.8M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1460	−0.266%	$7.7M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1467	−0.251%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1454	−0.281%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1510	−0.147%	$182K	$789K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1525	−0.111%	$199K	$3.1M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1540	−0.075%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1529	−0.101%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1520	−0.123%	$3.8M	$8.1M	50x	as long as short
Lighter NEAR	+0.0104%	1h	4.1607	+0.086%	$15.3M	$22.5M	15x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1493	−0.188%	$3.8M	$14.7M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1520	−0.123%	$200K	$62K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1510	−0.147%	$12.3M	$33.3M	75x	as long as short
Hyperliquid NEAR	+0.0268%	1h	4.1598	+0.065%	$350.1M	$297.7M	10x	as long as short
RISEx NEAR/USDC	+0.0364%	1h	4.1544	−0.064%	$408K	$1.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0379% / S −0.0327%	1h	4.1522	−0.118%	$279K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0418%	1h	4.1609	+0.091%	$1.2M	$5.7M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0496%	1h	4.1569	−0.005%	$1.8M	$2.2M	25x	as long as short
Phoenix NEARlong	+0.0542%	1h	4.1571	long leg	$1.7M	$2.7M	10x
Nado NEAR-PERP	+0.0560%	1h	4.1481	−0.217%	$1.8M	$3.5M	10x	as long as short
Aftermath Perps NEARUSD	+0.0854%	1h	4.1521	−0.121%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.0990%	8h	4.1640	+0.166%	$449K	$3.6M	75x	as long as short